IMF Reports Positive Growth in Zambia’s Economy for 2024

The IMF has acknowledged that Zambia’s economy has shown unexpected resilience in 2024, driven by strong performances in both mining and non-mining sectors. This follows a recent visit by an IMF team to assess progress under the supported program. The results will be reviewed in an upcoming mission in May 2025.

The International Monetary Fund (IMF) has reported that Zambia’s economy has demonstrated resilience surpassing prior expectations in 2024. This positive assessment is attributed to better-than-anticipated performance in both the mining and non-mining sectors of the economy. This observation follows an IMF staff team’s recent visit to Zambia, held from February 19 to February 25, 2025, as part of an ongoing engagement with Zambian authorities and stakeholders.

During this visit, the mission, led by IMF Mission Chief for Zambia, Mrs. Mercedes Vera-Martin, engaged in discussions with key government officials such as Finance Minister Situmbeko Musokotwane and Bank of Zambia Governor Denny Kalyalya. The team reviewed the progress that the Zambian government has made in fulfilling critical commitments under the IMF-supported program. They also consulted representatives from various governmental agencies and key stakeholders in Zambia.

In concluding the visit, Mrs. Vera-Martin remarked on the team’s assessment of governmental progress regarding the IMF program. She indicated that the outcomes of these efforts would be formally evaluated during the fifth review of the Extended Credit Facility arrangement, which is anticipated to commence with a mission in early May 2025. This ongoing assessment underscores the IMF’s continued commitment to supporting Zambia’s economic development.

The IMF has expressed confidence in Zambia’s economic resilience, highlighting the successful performance across multiple sectors. The ongoing collaboration between Zambian authorities and the IMF is foundational in addressing economic challenges and promoting sustained growth. The upcoming review of the Extended Credit Facility will further evaluate the government’s commitments and economic strategies.

Original Source: znbc.co.zm