ZAMBIA’S staff-level agreement with IMF to unlock US $900m
Zambian Social Economist Kelvin Chisanga
ZAMBIA’S staff-level agreement with the International Monetary Fund (IMF) will unlock a prospective US$190 million disbursement, marking the final review of the country’s Extended Credit Facility (ECF) programme, says economist Kelvin Chisanga.
The development was disclosed last week by Minister of Finance and National Planning Situmbeko Musokotwane.
In an interview, Mr Chisanga said the agreement represents a critical closure point for the programme, signalling that Zambia has broadly met key macro-economic and structural benchmarks agreed with the Fund.
“The sixth and final review reinforces policy credibility at a sensitive juncture, as the country transitions from programme compliance to post-programme discipline,” Mr Chisanga said.
“From a macro-economic perspective, the disbursement is expected to provide immediate liquidity support and strengthen foreign exchange reserves.”
He said Zambia continues to face external pressures, including high import demand, and ongoing debt service obligations.
The additional inflow is expected to help stabilise the balance of payments and cushion short-term foreign exchange volatility.
Mr Chisanga said that reserve reinforcement is particularly important as Zambia exits the IMF programme, a period often associated with heightened market scrutiny and vulnerability to policy slippage.
Beyond the immediate financial impact, the agreement is also seen as a firm signal to markets and cooperating partners. Zambia Daily Mail (ZDM) December 22, 2025.
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