The International Monetary Fund says it would like the signing of a Memorandum of Understanding over Zambia’s debt restructuring to be done faster.
IMF Director of Communications Julie Kozack said during a press briefing that there is need for speed on the matter.
“So, as you know, the IMF Executive Board approved a program, an ECF, with Zambia in August of 2022. It was for $1.3 billion. Most recently, Zambia reached an agreement with its official creditor committee on a debt treatment on June 22nd, providing sufficient financing assurances for our Executive Board to consider at the first review; and that review was completed in July of, just 2023, just a couple of months ago,” she said.
Ms. Kozack said the completion of the review reflected Zambia’s strong performance in implementing its Fund-supported program, including meeting all quantitative performance criteria, reducing inefficient public spending and creating space for increased social spending and investment in human capital.
“We are calling for advancing the debt restructuring properly, and we hope that a Memorandum of Understanding is completed soon so that the implementation of the debt treatment can proceed quickly,” she added.
