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In Zambia IMF to provide aid package for Zambia

Zambia has also agreed to adjust its electricity tariffs and fuel pump price, and ensure that austerity measures announced by President Edgar Lungu last November are diligently enforced.

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International Monetary Fund play

International Monetary Fund

Zambia has reached an agreement with the International Monetary Fund (IMF) for a support package to be implemented after the August 11 elections, according to the Secretary to the Treasury, Fredson Yamba.

“Further discussions were held at the just-ended 2016 spring meetings in Washington D.C whereby the Zambian government and the IMF agreed to have some milestones that will eventually lead to the country getting on a programme by the fourth quarter of 2016,” Yamba said.

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“In line with the roadmap, the IMF will be provided with Zambia’s macro and fiscal plans for the 2017 budget and the medium term, in June 2016, in line with the national budget calendar. This is meant to pave way for their input so that once in place, the programme will not be at variance with the budget because a large portion of the programme is executed through budget implementation,” he added.

Zambia has also agreed to adjust its electricity tariffs and fuel pump price, and ensure that austerity measures announced by President Edgar Lungu last November are diligently enforced.

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Yamba added that a team from the IMF will visit the country prior to the 2017 budget reading to finalise budget numbers.

“Further, the Fund will field a mission in September 2016 to finalise budget numbers with Zambia, taking into full account the adjustments that will be required for a programme. This will be followed by programme discussions in October/November 2016 with a view to have board discussions around mid-December 2016,” Yamba added. 

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