Zambia Opens Talks With IMF on New Programme Focused on Growth and Jobs

Zambia has begun talks with the International Monetary Fund on a successor programme under the Extended Credit Facility (ECF). The new deal would build on the stability the country has regained and put more weight on investment, exports and jobs.

The IMF mission, led by Edward Gemayel, opened with a meeting with Finance and National Planning Minister Dr Situmbeko Musokotwane in Lusaka. Talks will run until 10 October. They will also cover the 2027 National Budget and the 2027–2029 Medium-Term Budget Plan.

Zambia's previous 38-month programme, approved in August 2022, ended in January 2026 after six successful reviews. It provided about US$1.7 billion in total and helped restore macroeconomic stability.

Mr Gemayel said the new programme would protect stability and debt sustainability while supporting the Grow Zambia Agenda's focus on private investment, exports, diversification and jobs.

Dr Musokotwane said the Government's priority over the next five years is to keep the economy stable "with a lot of bias towards growth". Youth unemployment remains a major challenge, which makes investment and sustained growth critical.

He set out four pillars for that growth. With a small domestic market, Zambia needs growth led by exports, and it must attract foreign investment more deliberately, which he called a key tool against poverty and unemployment. Skills development will reach beyond university degrees to trades such as mechanics, plumbers and technicians. Finally, regulation and governance must attract investors while helping local businesses start and grow.

"It is also time to broaden our thinking about how we facilitate growth," the Minister said.