UK welcomes $1.3 billion IMF support package for Zambia

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THE United Kingdom has welcomed the approval of a $1.3 billion support package for Zambia, announced by the International Monetary Fund (IMF) as a means to help restore Zambia’s macroeconomic stability, and foster economic growth.

UK Minister for Africa Vicky Ford said the success of the IMF deal is a key step toward improving Zambia’s economic prospects.

“Delighted the IMF has agreed a landmark $1.3 billion programme for Zambia. Congratulations to my Zambian friends for this breakthrough agreement which will help get Zambia’s economy back on a path to sustainable growth, unlock investment and strengthen the government’s reform agenda,” Ford said.

And UK High Commissioner to Zambia Nicholas Woolley said the deal supports the government of Zambia’s ambitious reform agenda.

He said the deal includes important reforms to the electricity sector, fuel subsidies and to FISP, which will be delivered in the coming months.

Mr Wooley said the UK in Zambia strongly supports the reforms and commends the IMF for backing thee important domestic agenda.

“I am thrilled that IMF Board has approved $1.3billion program for Zambia. It is a major milestone that paves way for World Bank on-budget support, resolving debt, sustainable economic growth, delivering more jobs and more investment in Zambia’s social sectors and development. I Salute government and all involved,” he said.

Mr Wooley said the reforms have the potential to significantly increase funding available for development and poverty reduction.

He said the UK will remain a steadfast partner for Zambia as it continues this reform journey, building on robust progress over the last 12 months.

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