Zambian President Hakainde Hichilema says he is optimistic that the International Monetary Fund’s (IMF) Executive Board will approve the country’s sixth review under its Extended Credit Facility, a decision that could unlock fresh financial support.

The IMF board is set to consider the review and related financing assurances later this Tuesday. If approved, Zambia would receive the next tranche of funds under the programme it entered into in 2022 to stabilise the economy and restore debt sustainability.

The government says steady progress has been made on key reforms, including tightening public finances, restructuring debt and improving the management of state resources. A major breakthrough was reached last year when Zambia secured a debt restructuring deal with official creditors, easing pressure on the budget and helping to rebuild confidence.

Authorities argue that the IMF programme has contributed to a more stable currency, slowing inflation and a clearer economic outlook, despite ongoing challenges linked to high debt levels, climate shocks and global uncertainty.

Approval by the IMF would be widely seen as a vote of confidence in Zambia’s reform path and could also open the door to additional support from other international lenders and development partners.

–ChannelAfrica–