IMF process calls for openness – Wholley

British high commissioner to Zambia Nicholas Whoolley says the IMF agreement for an extended credit facility of about $1.4 billion provides Zambia an opportunity to address the huge economic challenges the country is facing.

The IMF team has reached a staff-level agreement with the Zambian government on a three-year program that could be supported by an arrangement under the extended credit facility (ECF) in the amount of about $1.4 billion.

Mr Whoolley says the ongoing IMF process calls for openness and transparency on the part of government.

He says the IMF has the potential of putting Zambia on the trajectory of addressing debt sustainability issues as well as pave the way for new and increased investment as clinching an imf deal gives confidence to investors.