At a Glance - Zambia and the IMF

IMF Resident Representative
Office in Zambia

At a Glance - Zambia and the IMF
last updated: June 2003

Zambia joined the IMF on September 23, 1965.
For Zambia's Governor, quota, and voting power in the IMF, see http://www.imf.org/external/np/sec/memdir/members.htm
For Zambia's Executive Director in the IMF and constituency, see www.imf.org/external/np/sec/memdir/eds.htm
Zambia's currency is the Zambian kwacha, an independently floating currency.

Financial Assistance

From 1973 to 1999, Zambia has used IMF resources on 10 occasions (detailed below) in support of the Government's economic adjustment program; Zambia has also benefited from the IMF's Compensatory Financing Facility on account of export shortfalls.

For updated information, see table on Zambia's financial position in the Fund

Type of Arrangement	Approval Date	Expiration or Cancellation Date	Amount Aprd. (SDR Million)	Amount Drn. (SDR Million)
Stand-by	05/04/73	05/03/74	19.00	19.00
Stand-by	07/30/76	07/29/77	62.00	8.50
Stand-by	04/26/78	04/25/80	250.00	250.00
Stand-by	04/18/83	04/17/84	211.50	144.00
Stand-by	07/26/84	02/07/86	225.00	80.00
Stand-by	02/21/86	05/15/87	229.80	35.00
Extended Arrangement	05/08/81	07/03/82	800.00	300.00
Structural Adjustment Facility	12/06/95	12/05/96	181.75	181.75
Enhanced Structural Adjustment Facility	12/06/95	12/05/98	701.68	661.68
PRGF¹	03/25/99	03/28/03	278.90	237.52

Technical Assistance

The IMF has provided technical assistance to Zambia in a number of areas, including public expenditure, tax and customs, monetary accounting system, bank supervision, central banking, monetary policy and central bank organization, and in the statistical area.

The IMF Institute has provided training to Zambian officials in several areas, including financial programming and policy, external sector policies, public finance, monetary and exchange operations, and various statistical areas.

¹On November 22, 1999, the Enhanced Structural Adjustment Facility (ESAF) was renamed the Poverty Reduction and Growth Facility (PRGF), and its objectives were changed to support programs to strengthen substantially and in a sustainable manner balance of payments positions, and to foster durable growth, leading to higher living standards and a reduction in poverty. The PRGF is a concessional IMF facility; PRGF loans carry an interest rate of 0.5% and are repayable over 10 years with a 5 ½ year grace on principal repayments .