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The International Monetary Fund (IMF) has announced that progress on Zambia’s economic reform program supported by the IMF’s Extended Credit Facility has been strong, despite repeated external shocks.
According to the Fund, since the program was approved in August 2022 and augmented in 2024, it has provided critical support—both financial and policy-based—and helped to anchor landmark debt restructuring under the G20 Common Framework and navigate last year’s severe drought.
“Zambia’s remarkable progress has centered on restoring macroeconomic stability, including fiscal and debt sustainability, and implementing reforms.
“Notable reforms include the removal of fuel subsidies, strengthened debt management, and the roll-out of a reformed agricultural input subsidy—the e-voucher system—which increased competition in input delivery, reduced costs, and supported job creation,” said Nigel Clarke, Deputy Managing Director of the MF.
Clarke said the achievements have been particularly impressing given the challenging external and domestic environment.
“Going forward, the policy environment remains challenging. As in many sub-Saharan African economies, Zambia must navigate weaker global trade, elevated uncertainty, and declining external assistance. Continued reform momentum will be essential to build resilience, mobilize domestic revenues, and create fiscal space to support inclusive growth.
“Structural reforms to improve productivity and support private sector activity will help boost inclusive growth, delivering the much-needed jobs for Zambia’s vibrant youth.”
