The Policy Monitoring and Research Center (PMRC) maintains that the importance of International Monetary Fund package to Zambia cannot be overemphasized because it is a requirement of a homegrown economic recovery plan.
According to the PMRC 2018 yearly analysis report the 2019, PMRC recommends that Zambia needs an IMF package.
PMRC Executive Director Bernadette Deka says IMF bailout policy focuses on measures such as economic adjustments, austerities and consolidation of the fiscal position should be prioritised.
Ms Deka adds that another opportunity that exists is for Zambia to tap into the US$60 billion (cooperation commitment to Africa) pledged by China at the Forum on China–Africa Cooperation (FOCAC) as this would complement current efforts by Government to develop the economy.
The center also says the 2019 National Budget has been formulated against the framework of austerity measures being implemented by Government to deliver fiscal consolidation.
Ms Deka says the 2019 national budget provides a firm foundation for the country to return to moderate debt levels, entrench overall macroeconomic stability and promote sustained and inclusive growth.
The report shows that the 2019 National Budget is aligned to the Economic Stabilization and Growth Programme, the Seventh National Development Plan (7NDP), and the vision of becoming a prosperous middle-income country by 2030.
“The National Budget intends to actualise poverty reduction through proportional investments to sectors as outlined in the 7NDP. The Economic Stabilisation and Growth Programme is aimed at fiscal consolidation, reduction of the budget deficit and management of debt while stimulating growth,” she said.

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