By Jane Chanda
Ministry of Finance and National Planning (MFNP) Secretary to the Treasury Felix Nkulukusa says Zambia has reached a Staff-Level Agreement with the International Monetary Fund (IMF) on the country’s economic policies and reforms.
He stated that the agreement marked the conclusion of the fourth review of the 38-month Extended Credit Facility (ECF) arrangement, which is expected to provide Zambia with $185.5 million in financing.In a statement today, the MFNP revealed that the agreement was reached after discussions between Zambian authorities and an IMF staff team led by Mercedes Vera Martin.Nkulukusa stated that the team was in Zambia from October 2 to 15, 2024, and later met in Washington DC during the 2024 Annual Meetings of the IMF and World Bank Group.According to him, the agreement was subject to IMF management approval and executive Board consideration, with a Board meeting anticipated by mid-December. 
The IMF has revised Zambia’s 2024 Real GDP growth projection to 1.2 percent, down from 2.3 percent .
