Zambia IMF Deal 2022 And How It Will Help The Economy

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IMF and Zambia president 2022

IMF Executive Board Approves New Extended Credit Facility (ECF) Arrangement for Zambia


Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive. Growth has been too low to reduce rates of poverty, inequality, and malnutrition that are amongst the highest in the world. Zambia is in debt distress and needs a deep and comprehensive debt treatment to place public debt on a sustainable path.
  • The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.
  • The authorities’ program, supported by the ECF-arrangement, will advance the authorities’ homegrown reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and strengthen economic governance.
  • Securing timely restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement.

What does IMF stand for in Zambia?


The Departmental African Paper Series covers research on Sub-Saharan Africa conducted by International Monetary Fund (IMF) staff, particularly on issues of broad regional or cross-country interest.


Who is the IMF representative of Zambia?



Preya Sharma

Washington based lender the International Monetary Fund – IMF has named Preya Sharma as Zambia's resident representative taking over from Alfredo Baldini who was deployed back to the fund two years


Who is the biggest donor of IMF?



The United States

The IMF's largest member is the United States, with a quota (as of April 30, 2016) of SDR 83 billion (about $118 billion), and the smallest member is Tuvalu, with a quota of SDR 2.5 million (about $3.5 million).

How much money does Zambia owe IMF?



In 2020, Zambia became the first African country in the pandemic era to default. The restructuring of its external debt, which amounted to more than $17 billion at the end of 2021, is seen by many analysts as a test case

Does Zambia owe IMF?



The IMF's financial support to Zambia to bail out a massive debt that has put the country in default should be concluded by early September, the financial institution said Wednesday.


When did Zambia join IMF?


1978

In 1978, Zambia turned to the IMF for much more substantial help than it had in the past.

Hope That will help someone to understand the economic status of Zambia and the IMF deal and how it will improve the Zambian economy
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