The Government has announced that it will not extend Zambia’s current IMF-supported Extended Credit Facility (ECF) programme, opting instead to conclude the sixth and final review and immediately negotiate a new, full-term successor programme focused on economic growth, investment and job creation.
Finance and National Planning Minister Dr. Situmbeko Musokotwane says the decision follows successful completion of all programme reviews since the ECF began in 2022 and reflects a transition, not disengagement, from the IMF.
He has stressed that Zambia remains firmly committed to reforms and continued cooperation with the Fund.
The Minister has explained that the current ECF programme, originally due to end in November 2025, is now expected to conclude in mid-January 2026 following a short technical extension to allow assessment of performance as of end-October. A staff-level agreement on the sixth and final review has already been reached and is awaiting approval by the IMF Executive Board.
Dr. Musokotwane says Zambia’s strong implementation record has delivered macroeconomic stabilisation, with primary fiscal surpluses exceeding 2 percent of GDP, improved public financial management, and strengthened debt sustainability.
Looking ahead, Dr. Musokotwane says the successor IMF programme will address remaining debt restructuring issues while shifting focus toward growth-oriented structural reforms, investment mobilisation, value addition and inclusive economic expansion.
By Rachel Mumba
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