IMF Commends Zambia’s Economic Growth

Nigel Clarke, deputy managing director of the International Monetary Fund (IMF) is visiting Zambia this week. On Monday, he met with Finance Minister Situmbeko Musokotwane to discuss Zambia’s economic progress and the lasting effects of the IMF’s debt restructuring programme.

Both men shared the view that Zambia’s recent economic growth is grounds for optimism, and is the result of the country’s robust and fruitful partnership with the IMF.

Speaking to press after the meeting, Dr Musokotwane summarised the progress his government has made on the economy:

“Four years ago, our country was in a dire state; saddled with unsustainable debt, the economy was hardly growing, investments were stagnant or threatened to leave. But, through the economic reform programme that was designed for the Zambian government with support from the IMF, we have made tremendous progress”.

Musokotwane attributed this progress to investments geared towards the “common man” – “we make sure there are teachers in school, we hire health workers, we build classrooms, we support the public, those who are affected by drought”.

This would have been unobtainable without support from the IMF, who, at the start of this decade, designed a bespoke reform and debt restructuring package to help Zambia overcome its then-crippling economic problems. Both Musokotwane and Clarke are proud of Zambia’s adherence to the programme, and Musokotwane expressed gratitude for the IMF’s support and assistance.

Mr Clarke also thanked Zambians for their hospitality. “Zambia is a beautiful country of abundant natural wealth”, he said, “we are happy as the IMF to be in partnership with the Zambian government on its homegrown reform programme which is designed to improve the Zambian economy to the benefit of the Zambian people”.

Following on from his meeting with Dr Musokotwane, Mr Clarke is expected to visit the University of Zambia and meet various business leaders before engaging in bilateral talks with President Hakainde Hichilema.