By Amos Sikaonga 
By Cecilia Chiluba
Finance and National Planning Minister says the International Monetary Fund (IMF)’s support through the Enhanced Credit Facility (ECF) Programme has transformed the economy from the debt-induced deterioration that it was subjected to between 2015 and 2021, to the current positive upward trajectory.
Speaking to the media shortly after a meeting with visiting IMF Deputy Managing Director Dr. Nigel Clarke, Dr. Musokotwane noted that the economic transformation is evidenced by the 4% Gross Domestic Product (GDP) growth rate registered in 2024 and the 6.6% projected for 2025.
Dr. Musokotwane thanked the IMF for the tremendous good working relationship, and support rendered to Zambia in the last three and a half years.
“Three, four years ago, our country was in dire straits, it was saddled with unsustainable debt. The economy was hardly growing. Investments, especially in the mining sector, were either stagnant or investors were threatening to leave.”
“But through the economic reform programme that was designed by the current Zambian Government administration and for which we requested support from the IMF, we have made tremendous progress, the economy continues to grow,” Dr. Musokotwane noted.
He said most of the debt has been restructured and that Government has done some adjustments to the budget, shifting resources from areas that were less critical to provide for the needs of the common- man.
Dr. Musokotwane stated that by realigning the budget, government has made sure that there are teachers in schools, health workers hospitals and clinics, while rendering support to those who were gravely affected by the drought.
“All these were possible because of the reform programme that we embarked upon, supported by the IMF and other Cooperating Partners.”
“I want to emphasize that the initiative was that of the current Zambian Government administration, upon realizing that the situation was unsustainable and needed to change, and the change has been implemented and the future looks bright. We want to thank the IMF for that. So once again, Dr. CLARKE, welcome to Zambia,” he added.
Meanwhile, Dr. Clarke said Zambia is a beautiful country with abundant natural wealth.
“It is a country of tremendous potential and we are happy at the IMF to be in partnership with the Zambian Government on its own homegrown reform program, which is designed to improve the Zambian economy to the benefit of the Zambian people,” he stated.
Dr. Clarke’s visit comes 2 years after the visit of the IMF Managing Director Kristalina Georgieva, in 2023.
As part of his three day tour of duty, Dr. Clarke will call on President Hakainde Hichilema, and holding consultative and information exchange meetings with University of Zambia students, civil society, the private sector and other cooperating partners.
Cecilia Chiluba