By NATION REPORTER
THE International Monetary Fund (IMF) has completed the second review of the Extended Credit Facility for Zambia, which has resulted to the disbursement of US187 million.
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Secretary to the Treasury, Felix Nkulukusa, said the completion of the second review of the extended credit facility would see Zambia receive US$187 million.
Mr Nkulukusa said this was the second successful review following the approval of the first review in July, 2023 which enabled the disbursement of US$188 million.
He said the total disbursement now stands at US$561 million out of the US$1.3 billion fund.
Mr Nkulukus said the IMF fund was based on the Zambia’s home-grown economic reforms that aim to restore economic stability, achieve fiscal and debt stability, and foster higher resilient and more inclusive growth.
He said the facility would run up to October, 2025, which meant that the country would continue with the reform programme based on agreed objectives, annual budget and Eighth National Development Plan. Mr Nkulukusa said the next review was expected in April, 2025.
And Minister of Finance and National Planning, Dr Situmbeko Musokotwane, welcomed the decision by the board.
He said despite the considerable challenges the country’s economy is showing remarkable resilience.
Dr Musokotwane reiterates that Government remained committed to meeting the facility’s programme objectives.
He has since called upon the citizens and the international community to continue supporting the reform process.
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