IMF Completes High-Level Staff Visit to Zambia

IMF News, December 9, 2020

Source details

Press Release No. 20/365
Date: December 9, 2020
Visit dates: December 7 to 9, 2020
Delegation: Mr. Abebe Aemro Selassie, Director of the IMF’s African Department; Mr. Alex Segura-Ubiergo, mission chief for Zambia
Purpose: High-level discussions with the Zambian authorities on their Economic Recovery Plan and their request for a Fund-supported program

The team met with H.E President Edgar Lungu, Finance Minister Bwalya N’gandu, Governor of the Central Bank Christopher Mvunga, as well as other senior government officials and representatives from civil society and the donor community.

Welcomed the opportunity to discuss the broad elements of the authorities’ Economic Recovery Program, which seeks to:
- restore macroeconomic stability
- attain fiscal and debt sustainability
- restore growth
- safeguard social sector spending
Noted that given the deep-rooted challenges faced, policies would need to be calibrated to:
- restore sustainability while protecting the vulnerable
- create more inclusive growth
Reported authorities’ reiterated intentions to:
- restore the credibility of the budget
- increase debt transparency
- strengthen public financial management
- improve governance
- preserve financial stability
Stated: “We look forward to the presentation of the government’s home-grown economic strategy, and will be assessing in the coming weeks how the IMF could support the authorities’ reform efforts through a possible Fund program.”

International Monetary Fund. Press Release No. 20/365. December 9, 2020.