• Discussions were positive and constructive.
• Exchanges will continue in the next few weeks towards an agreement on a policy package and a path to fiscal and debt sustainability.
• Zambia requested a formal IMF program under the Extended Credit Facility window in November 2020 and launched its Economic Recovery Programme 2020 – 2023 in December 2020.

Minister of Finance has described the just ended virtual meeting with the International Monetary Fund (IMF) team as positive and constructive.
In a statement, Dr. Bwalya Ng’andu says Government remains committed to securing a programme with the IMF in support of efforts to strengthen the country’s response to the Covid-19 induced shocks and ensure a solid foundation for a prompt and inclusive economic recovery.
Dr. Ng’andu states that government values the work it has embarked on with the IMF and will pursue discussions on detailed policy measures to return the economy and public finances to a sustainable trajectory.
He expressed optimism that with the help of the IMF and all international partners, government will be able to address its fiscal and economic challenges, return the country to growth and improve the livelihoods of citizens.
“We value the work we have embarked on with the IMF and will pursue our discussions on detailed policy measures to return our economy and public finances to a sustainable trajectory. I am confident that, with the help of the IMF and all of our international partners, we will be able to address our fiscal and economic challenges, return the country to growth and improve the livelihoods of the Zambian people.”
“We thank the IMF team for the very open and constructive discussions we had during the virtual mission,” Dr. Ng’andu said.
And IMF delegation leader David Robinson says resolving Zambia’s macroeconomic challenges will require navigating the need to continue to support citizens and the economy through the pandemic in a constrained fiscal environment.
“Broad agreement was reached on the nature and cause of the underlying macroeconomic imbalances. Resolving the macroeconomic challenges will require navigating the need to continue to support the population and the economy through the pandemic in a constrained fiscal environment, while setting the stage for a sustained recovery as the impact of COVID-19 eases and macroeconomic imbalances are resolved.”
“The recent sharp increase in copper prices should also provide additional resources to help smooth the adjustment. Significant progress has been made and discussions are expected to continue in the next few weeks, following additional technical work on the appropriate policy package,” he said.
A team from the Ministry of Finance of Zambia, led by the Minister of Finance Dr Bwalya Ng’andu yesterday concluded their virtual meetings with the International Monetary Fund (IMF) delegation, led by Mr. David Robinson, in relation to Zambia’s request at the end of last year for IMF support under an Extended Credit Facility (ECF).
The Ministry of Finance and the IMF staff agreed to use Zambia’s recently published Economic Recovery Programme as a foundation for a more detailed policy reform agenda aimed at restoring public finance sustainability, while at the same time securing Zambia’s development objectives, and ensuring social protection for the most vulnerable social groups in the country
The virtual mission was held from 11th February to 3rd March 2021.
According to the Ministry of Finance, Zambia requested a formal IMF program under the Extended Credit Facility window in November 2020 and launched its Economic Recovery Programme 2020 – 2023 in December 2020 to stabilize the economy severely hit by the COVID-19 pandemic.
“The Ministry of Finance continues its engagement with creditors, and in late January 2021, Zambia requested a debt treatment under the Common Framework agreed by the G20 and Paris Club members, which the Ministry hopes will contribute to its goal of restoring Zambia’s public debt sustainability.”