IMF Staff Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Zambia

IMF News, December 3, 2021

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Canonical URL: IMF Staff Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Zambia

IMF staff reached a staff-level agreement with the Zambian authorities on a three-year program that could be supported by an arrangement under the Extended Credit Facility (ECF).
The ECF arrangement amount is stated as about SDR 980 million or $1.4 billion.
The program period is 2022-2025.
The agreement is based on the authorities’ plans to undertake “bold and ambitious economic reforms.”
The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances.

A mission led by Allison Holland, Mission Chief for Zambia, conducted a virtual mission with the Zambian authorities during November 4 – Dec 2, 2021.
The press release date is December 3, 2021.
At the end of the mission, Ms. Holland issued the statement summarizing the staff-level agreement.

IMF staff held meetings with:
- Finance Minister Situmbeko Musokotwane
- Bank of Zambia Governor Denny Kalyalya
- Senior government and Bank of Zambia officials
Staff expressed “gratitude to the Zambian authorities for their open, committed and constructive engagement.”

The ECF-supported program aims to help restore macroeconomic stability and provide the foundation for an inclusive economic recovery.
The statement presents the agreement as contingent on further internal IMF approvals and external financing assurances; further details were to be released subsequently.

Source: IMF press release dated December 3, 2021.