After months of delays, the International Monetary Fund Board has approved the US$1.3bn 38-month extended credit facility (ECF) arrangement for Zambia.
The IMF said in a statement released in the early hours of this morning that the ECF-supported programme will help reestablish sustainability through fiscal adjustment and debt restructuring, create fiscal space for social spending to cushion the burden of adjustment, and strengthen economic governance by improving public financial management. The programme will also catalyze much-needed financial support from development partners. The Executive Board’s decision will enable an immediate disbursement of roughly US$185m.