Zambia Is Back at the IMF Table. Here Is What Is on Offer and What Has Not Been Said.

ECONOMY
Zambia Is Back at the IMF Table. Here Is What Is on Offer and What Has Not Been Said.
LUSAKA, September 30, 2026. The government has started talks with the International Monetary Fund on a new funding programme under the Extended Credit Facility. An IMF mission led by Edward Gemayel is in Lusaka, and its talks will run until October 10. The team has already met Finance and National Planning Minister Dr Situmbeko Musokotwane and senior officials at the Ministry of Finance and National Planning. The mission will also meet the Bank of Zambia, the Zambia Revenue Authority and other public institutions. Those talks will cover economic and structural policy, including the 2027 National Budget and the 2027 to 2029 Medium-Term Budget Plan. That makes this the first budget round since the August general election, so the negotiating table and the budget table are now the same table. Mr Gemayel said the aim is to protect the macroeconomic and debt stability achieved under the last programme. He said the new programme would line up with the government's Grow Zambia Agenda, with support for private investment, exports, diversification and jobs. Dr Musokotwane said the next phase will keep fiscal and macroeconomic stability but put more weight on growth, investment and employment. According to ZNBC, he said the growth strategy rests on four areas: export-led growth, foreign direct investment, human capital development, and a stronger regulatory and governance environment. Diamond TV Online reported that he also said Zambia must attract more investment and build skills to tackle unemployment, especially among young people. Zambia Monitor reported that the government will step up direct engagement with investors. The government has set itself a deadline. In July, Dr Musokotwane told Reuters he wants a new programme agreed before the end of the year. He said Zambia needs to do more than get out of the debt crisis, and that some investors are more comfortable when an IMF programme is in place. The previous programme was a 38-month Extended Credit Facility approv