• It is very exciting for the country because this sets to have the international recognition that Zambia needed.
• This is what the country needed to do to be able to restructure its debt.
• It is the economic recovery that is going to directly benefit the Zambian people.

An Economist says International Monetary Fund (IMF)’s decision to approve US$1.3 billion Extended Credit Facility (ECF) for Zambia will unlock additional bilateral support from G20 partners.
Speaking in an interview with Money FM News, Trevor Hambayi says being a 3 year interest free loan, the Extended Credit Facility will also help the country support implementation of programs aimed at reviving the economy.
Mr. Hambayi states that this is an indication that the country is ready to take the economic recovery path that will directly benefit Zambians in terms of improving the per capita income which is going to mitigate the high cost of living, and employment creation for the youth.
“It is very exciting for the country because this sets to have the international recognition that we needed. The second aspect is that for us as a country this is what we needed to do to be able to restructure our debt so that we can start work towards economic recovery.”
“It is the economic recovery that is going to directly benefit the Zambian people in terms of having to improve the per capita income which is going to mitigate the high cost of living, and employment creation for our youth, which is very important,” Mr. Hambayi stated.
He added that the other aspect of the Extended Credit Facility is that it is aligned to Zambia’s home-grown solution that will allow the country to implement its programs to revive economy.
“The important aspect of the IMF program which we have attained is on two sides, firstly that the Extended Credit Facility that we have achieved the US$1.3 billion is an interest free loan which is for three years and is going to help us do the balance of payment but it is also going to unlock additional bilateral support from the G20 partners, to be able to support us towards having to create a stable macro-economic conditions as well as revive our economy.”
“The other part about this is that it’s a 10 year loan but it is also aligned to our home-grown solution that it is going to allow us to be able to implement our programs as we see them fit to revive our economy,” he added.
International Monterey Fund (IMF) Executive Board approved a 3 year support program for Zambia of US$ 1.3 billion.
The Washington-based lender said in a statement on its website on Wednesday 31st August, 2022 that the 38-month Extended Credit Facility is based on Zambia’s homegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.