By EditorZambia
Zambia’s successful completion of the IMF’s 38-month Extended Credit Facility (ECF) programme is not an accident of timing or luck. It is the product of disciplined leadership, difficult reforms, and sustained hard work under President Hakainde Hichilema.
The IMF Executive Board’s approval of the sixth and final review marks a decisive milestone in Zambia’s economic recovery. With this review, Zambia immediately unlocks about US$190 million, bringing total IMF support under the programme to roughly US$1.7 billion. More importantly, it signals international confidence that Zambia is back on a credible reform path. 
When President Hichilema took office, the economy was fragile, debt was unsustainable, confidence was shattered, and Zambia was locked out of international capital markets. Today, the picture is fundamentally different. Despite global shocks and domestic pressures, Zambia has reduced macroeconomic imbalances, restored fiscal discipline, and advanced one of the most complex debt restructuring processes in recent African history.
The numbers tell a clear story. Real GDP growth was at 5.2 percent in 2025 and projected to rise to 5.8 percent in 2026. Mining has rebounded strongly. Agriculture has delivered record-high maize production. Electricity generation is recovering. Inflation is on a downward path toward the 6–8 percent target band. These are not slogans; they are outcomes of policy consistency.
The IMF explicitly recognizes that Zambia met almost all quantitative performance targets and made substantial progress on structural reforms. Fiscal consolidation has been achieved while safeguarding social spending, a balance many governments fail to strike. Revenue mobilization has improved. Public financial management is being strengthened. The revised Banking and Financial Services Act, aligned with international standards, and the adoption of a deposit insurance framework are concrete reforms that strengthen financial stability and investor confidence.
Debt sustainability remains a challenge, but here too, leadership matters. Five bilateral agreements with official creditors have been signed, and negotiations with commercial creditors are advancing. The IMF now assesses Zambia’s public debt as sustainable, with the prospect of moving to a moderate risk of external debt distress over the medium term, provided fiscal discipline is maintained. That is a powerful endorsement of the government’s strategy.
What stands out is consistency. President Hichilema’s administration has stayed the course on prudent macroeconomic management even when it was politically uncomfortable. It has resisted populism, protected social spending, and focused on long-term national interest rather than short-term applause.
The IMF’s message is unambiguous: Zambia’s outlook is positive, reforms must continue, and policy credibility must be preserved to consolidate hard-earned gains. This is precisely the leadership posture President Hichilema has taken from day one.
In 2026, the task is not to celebrate prematurely but to deepen reforms, crowd in private investment, diversify the economy, and ensure growth is inclusive. Zambia now has something it lacked for years: trust. Trust from international partners. Trust from investors. And growing trust from citizens who can see stability returning.
This IMF milestone is not just a technical review. It is a verdict on leadership. It confirms that under President Hakainde Hichilema’s hard work, Zambia is no longer a cautionary tale but a credible recovery story in motion.
