President Hakainde Hichilema, Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, MP, Bank of Zambia Governor Dr. Denny Kalyalya have discussed Zambia’s reforms and potential for economic growth with the IMF Managing Director Kristalina Georgieva and her delegation during their two-day visit to Lusaka.
The Government held several discussions with the IMF delegation that covered the progress made by Zambia on its ambitious reform program and the steps that are being taken to reach a debt restructuring deal acceptable to all creditors.
We are glad that the IMF has acknowledged the progress in reform implementation and praised Zambia’s resolve to continue transforming the economy and investing in the social sector.
Dr Musokotwane thanked Ms. Georgieva for her visit and continued support and said, “we are grateful to all our partners for their continued, constructive discussions and work towards reaching an agreement on our debt restructuring. Finding a resolution to our debt burden as quickly as possible is essential for Zambia. It will help us achieve our medium-term ambitions of providing economic opportunities to all Zambians and becoming a middle-income country that is at the forefront of supporting the global energy transition. Reaching an agreement with creditors will help ensure that our economy rebounds and achieves sustained growth. This is in the interest of both our creditors and the Zambian people.”
In a separate IMF statement at the conclusion of the visit, Ms. Georgieva said, “Zambia is making tremendous progress on reforms, at what is a particularly a challenging time for the world economy.”
She added, “Zambia also needs a swift resolution of its debt situation to complement these reform efforts and preserve the positive growth momentum. We recognize that these are complex and challenging discussions, but it is clear from my visit that Zambia is doing its part, so I strongly encourage creditors to move forward and reach an agreement on a debt treatment as soon as possible.”