Zambia’s United Nations Youth Delegate, James Muleya, has welcomed the International Monetary Fund’s (IMF) approval of the final review under the Extended Credit Facility (ECF), unlocking the last US$190 million and officially closing the country’s 38-month economic rehabilitation programme.
In a statement, Mr. Muleya said the IMF’s assessment that Zambia’s debt is now sustainable, though still at high risk of debt distress, marks a major shift from previous years when the debt was deemed unsustainable.
He noted that the progress is largely anchored in ongoing debt restructuring efforts and fiscal consolidation measures aimed at restoring macroeconomic stability.
Mr. Muleya emphasized that for citizens—especially young people and vulnerable households—the key measure of success is improved living standards.
Mr. Muleya said inflation exceeding 20 percent in recent years significantly eroded purchasing power.
He added that sustained fiscal discipline, exchange rate stability, and stronger foreign reserves are crucial to easing inflation and stabilizing the cost of essential goods such as mealie meal, fuel, and transport.
Mr. Muleya further said a stronger and more stable kwacha would improve import affordability, boost investor confidence, and support job creation.
By Darius Choonya
