{"id":30934,"date":"2022-09-10T19:27:24","date_gmt":"2022-09-10T19:27:24","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best"},"modified":"2022-09-10T19:45:35","modified_gmt":"2022-09-10T19:45:35","slug":"hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best","title":{"rendered":"HH May Just Rule Zambia For The Next 50 Years, He Is Just The Best"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations. The IMF said in a statement that the 38-month extended credit facility is based on Zambia\u2019s \u201chomegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

IMF Executive Board Approves New Extended Credit Facility (ECF) Arrangement for Zambia August 31, 2022 \u25cf The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

\u25cf The authorities\u2019 program, supported by the ECF-arrangement, will advance the authorities\u2019 homegrown reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and strengthen economic governance.<\/p>\n

\u25cf Securing timely restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement.<\/p>\n

Washington, DC: The Executive Board of the International Monetary Fund (IMF) approved a 38-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 978.2 million (around US$1.3 billion, or 100 percent of quota). The program is based on the authorities\u2019 homegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive. Growth has been too low to reduce rates of poverty, inequality, and malnutrition that are amongst the highest in the world. Zambia is in debt distress and needs a deep and comprehensive debt treatment to place public debt on a sustainable path.<\/p>\n

The ECF-supported program will help reestablish sustainability through fiscal adjustment and debt restructuring, create fiscal space for social spending to cushion the burden of adjustment, and strengthen economic governance, including by improving public financial management. The program will also catalyze much needed financial support from development partners. The Executive Board\u2019s decision will enable an immediate disbursement equivalent to SDR 139.88 million (about US$185 million).<\/p>\n

Following the Executive Board discussion on Zambia, Ms. Kristalina Georgieva, Managing Director, issued the following statement: \u201cZambia continues to face profound challenges reflected in high poverty levels and low growth. The ECF-supported program aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

\u201cRestoring fiscal sustainability will require a sustained fiscal adjustment. The authorities\u2019 adjustment plans appropriately focus on eliminating regressive fuel subsidies, enhancing the efficiency of the agricultural subsidy program, and reducing inefficient public investment. Domestic revenue mobilization also needs to support the medium-term adjustment. The adjustment creates fiscal space for increased social spending to cushion the burden on the most vulnerable, help reduce poverty, and to invest in Zambia\u2019s people. The ongoing expansion of the authorities\u2019 Social Cash Transfer program and their plans to increase public spending on health and education are particularly welcome. Together with the fiscal adjustment, Zambia needs a deep and comprehensive debt treatment under the G20 Common Framework to restore debt sustainability.<\/p>\n

A substantial strengthening of fiscal controls is needed to support the fiscal adjustment, as well as address governance and corruption vulnerabilities. Public investment management and procurement practices need to be strengthened to ensure transparency and the efficient use of scarce resources. It will also be important to bolster the framework for monitoring fiscal risks, particularly those related to large state-owned enterprises.<\/p>\n

\u201cThe Bank of Zambia should continue its efforts to reduce inflation and preserve financial stability. International reserves should be replenished as conditions allow and the exchange rate should continue to reflect market conditions. Addressing high NPL levels and ensuring adequate capital buffers will also be important.\u201d<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations. The IMF said in a statement that the 38-month extended credit facility is based on Zambia\u2019s \u201chomegrown […]<\/p>\n","protected":false},"author":84,"featured_media":30933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[234,235,233],"class_list":["post-30934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nHH May Just Rule Zambia For The Next 50 Years, He Is Just The Best - Zambia<\/title>\n<meta name=\"description\" content=\"Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HH May Just Rule Zambia For The Next 50 Years, He Is Just The Best\" \/>\n<meta property=\"og:description\" content=\"Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-10T19:27:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-10T19:45:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/09\/postQueueImg_12-631ce948661b5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"HH May Just Rule Zambia For The Next 50 Years, He Is Just The Best\",\"datePublished\":\"2022-09-10T19:27:24+00:00\",\"dateModified\":\"2022-09-10T19:45:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\"},\"wordCount\":640,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/09\/postQueueImg_12-631ce948661b5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/hh-may-just-rule-zambia-for-the-next-50-years-he-is-just-the-best\",\"name\":\"HH May Just Rule Zambia For The Next 50 Years, He Is Just The Best - 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