Govt,IMF in agreement

Mutati explainsThe Zambian Government and the International Monetary Fund (IMF) have agreed on the need to review and redefine the macroeconomic framework that anchors a path towards debt sustainability.

This follows a number of meetings between the two parties on the sidelines of the IMF/World Bank annual meetings in Washington DC, at which discussions were held on the way forward following the completion of the Article IV (four) review by the IMF board.

In a statement made available to Q-News, Ministry of Finance Permanent Secretary for Economic Management Mukuli Chikuba says the government has agreed to provide data on recent developments in the economy, the 2018 budget and the borrowing plans.

He says once this data has been reviewed and validated, the IMF would field a staff visit to Zambia with the objective of redefining the macroeconomic framework.

Mr Chikuba says both the IMF and Government are generally in agreement with the outcomes of the Article IV consultations, particularly the concerns raised with respect to the rising debt risks and the recommendations made on fiscal consolidation and the need to lower debt risks.

He adds that the two sides discussed the need to redefine Zambia’s borrowing plans going forward in view of the risks associated with high levels of debt, the need to continue fiscal consolidation and reassessment of the priorities of the 2018 budget.

Mr Mukuli adds that the IMF Director-Africa Department Abebe Selassie and the newly appointed Mission Chief to Zambia Brileau Loko will soon conduct a short outreach mission to Zambia to meet with authorities to discuss recent economic developments and policies.

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