IMF Praises Zambia’s Economic Transformation Amid Climate Struggles

The IMF’s Managing Director, Kristalina Georgieva, said that Zambia must maintain the momentum of economic transformation despite short-term setbacks caused by drought and climate change. This statement was made during a meeting with Finance Minister Situmbeko Musokotwane in Washington DC, where the IMF and World Bank are holding their annual spring meetings.

Georgieva said that policy reforms in the country are working to push Zambia in the right direction. She further congratulated the country on reaching a deal with bondholders, praising it as a milestone in the country’s economic recovery.

Minister Musokotwane expressed thanks on behalf of President Hichilema to the leadership of the IMF, whose aid and support bolstered the country during economic challenges. He appealed to the IMF to continue its help in transforming Zambia’s economy. He added that the economy grew in the fourth quarter of 2023, resulting in 5% annual GDP growth.

Meanwhile, at a meeting regarding Zambia's economy at the US Chamber of Commerce, Kendra Geither, President of the US-Africa Business Centre, emphasised the importance of good leadership for making Zambia an attractive country for investment. She also noted that, while many countries globally are struggling with economic performance, Zambia’s economy has shown resilience, with the debt restructuring deal setting a strong foundation for further progress.