The Zambian government said on Friday that it held progressive talks with the International Monetary Fund (IMF) towards an anticipated extended credit facility.
Minister of Finance Situmbeko Musokotwane, who held bilateral talks with Abebe Selassie IMF Director of Africa Department and IMF Mission Chief in Zambia Allison Holland, said the bilateral talks also centered on timeliness and immediate steps that both sides need to take to advance the process and reach staff-level agreement for the program, according to a finance ministry release.
The Zambian minister told the IMF delegation that the economic stabilization thrust of the new government and the government’s desire to restore economic stability and improve the quality of life of the people.
The finance minister has accompanied President Hakainde Hichilema for the 76th United Nations General Assembly.
Recently, the Zambian president said attaining debt sustainability was critical for his government, saying the current debt was unsustainable as most of the funds were going towards debt service.
He said attaining an IMF program was crucial to unlocking the debt crisis as it will allow the government to engage other creditors. Enditem