Off the wire
• East China plans drone production base  • China dominates 1,500m events at 2016 ISU Shanghai Trophy  • Hungarian-Bavarian chiefs back accord with Turkey on migrant issue  • Chinese-Zimbabwe diamond firm takes forced eviction case to court  • 3 Indian security force personnel killed in fighting with leftwing rebels  • 2nd Ld-Writethru: Xi underscores adherence to China's basic economic system  • 1st Ld-Writethru: Chinese leaders confer with political advisors over state governance  • Chinese Super League soccer standings  • Bangladesh anti-crime force arrests 12 foreigners for fraud  • China Focus: Topics to watch for during China's "Two Sessions"  
You are here: 　 Home

IMF team expected in Zambia to review economic situation

Xinhua, March 4, 2016 Adjust font size:

An International Monetary Fund (IMF) delegation is expected in Zambia next week to help review the country's current macroeconomic situation and provide solutions to the economic challenges, a senior government official said on Friday.

The IMF team will be in the country in response to government's decision to pursue an IMF supported program within this year, Secretary to the Treasury Fredson Yamba said.

The forthcoming mission from March 9 to 18 will assist authorities in reviewing the current macroeconomic situation, he added.

"During the mission, the IMF team will not only hear our objectives for the anticipated program, but also its timing and our submissions on some of the proposed key elements in the program," he said.

Among the specific objectives of the mission are to develop a shared understanding of the current economic situation, the near term outlook, and the scale of adjustments needed to stabilize the economy.

Other objectives are to prepare the ground for subsequent program negotiations by discussing key elements of a possible program, IMF arrangement options in light of Zambia's current circumstances, and the country's commitment and capacity to implement an IMF supported program.

Last month, Finance Minister Alexander Chikwanda admitted that the economic situation was not rosy and that the government has agreed to engage the IMF on an economic program within this year.

The minister said the IMF is mandated to assist member countries in the balance of payments, and that all member countries have a right to seek recourse from the financial assistance on terms that are mutually agreed.

The government has since revised the economic growth for this year from around 7 percent to 3.7 percent due to the lower-than-expected outturn on account of the adverse weather conditions, persistent electricity deficit and the challenges associated with the mining sector, which have their origins in depressed commodity prices on the global market. Endit