February 3, 2023

IMF chief Kristalina Georgieva ‘hugely impressed’ by Zambia’s ‘enormous potential’ and ‘tremendous progress on reforms’

Managing Director Kristalina Georgieva visits a recipient of a Social Cash Transfer initiative in her household in Chongwe, Zambia

IMF Photo/Kim Haughton
23 January 2023
Lusaka, Zambia
Photo ref: KEH06120.ARW
Managing Director Kristalina Georgieva visits a recipient of a Social Cash Transfer initiative in her household in Chongwe, Zambia IMF Photo/Kim Haughton 23 January 2023 Lusaka, Zambia Photo ref: KEH06120.ARW

The managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, says she is “hugely impressed by Zambia’s enormous potential,” and that the landlocked country at the crossroads of Central, Southern and East Africa is making “tremendous progress on reforms.”

Managing Director Kristalina Georgieva participates in bilateral meeting with President of Zambia Hakainde Hichilema at the State House in Lusaka, Zambia. IMF Photo/Kim Haughton 23 January 2023 Lusaka, Zambia Photo ref: KH230123058.jpg

“I came out of these interactions hugely impressed by Zambia’s enormous potential given its rich endowment of natural resources, and a dynamic and entrepreneurial young population,” Georgieva said in a statement in Lusaka on Tuesday at the conclusion of her January 22-24 visit to Zambia.

“Zambia is making tremendous progress on reforms, at what is a particularly challenging time for the world economy. More, of course, needs to be done, especially to deliver the jobs Zambia’s youth need, but these reforms are critical to strengthen Zambia’s resilience and seize its’ opportunity – especially in the agricultural, energy, and tourism sectors – for climate-resilient, more inclusive, and more vibrant growth,” said Georgieva.

“I want to especially highlight Zambia’s efforts to improve the use of public resources by reallocating resources from poorly targeted and inefficient spending and redirecting them to much-needed spending on education and health, a critical investment in Zambia’s most precious resource—its people.  I also want to commend the government’s efforts to improve transparency and tackle corruption, vital steps to help protect public resources for the benefit of all Zambians and create a better environment for investors and businesses,” she added.

Managing Director Kristalina Georgieva participates in a meeting with Minister of Finance Situmbeko Musokotwane and Governor of the Bank of Zambia Denny Kalyalya at the Ministry of Finance in Lusaka, Zambia. IMF Photo/Kim Haughton 23 January 2023 Lusaka, Zambia Photo ref: KH230123054.jpg

Thanking President Hichilema, Minister of Finance and National Planning Musokotwane, and Central Bank Governor Kalyala for their gracious hospitality and constructive discussions, Georgieva, however added that Zambia needs swift resolution of its debt situation to complement these reform efforts and preserve the positive growth momentum.

“We recognize that these are complex and challenging discussions, but it is clear from my visit that Zambia is doing its part, so I strongly encourage creditors to move forward and reach an agreement on a debt treatment as soon as possible. That would ensure we can move forward with the first review of the Fund-supported economic program and resolve a key source of uncertainty weighing on the outlook,” she said.


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