Monsurat
The purpose of the, 38-month $1.3 billion dollar grant is to help Zambia restore macroeconomic stability and address more pressing issues in Southern African economy. The IMF says “the program will help restore sustainability through fiscal adjustments; create room for much needed social spending and help strengthen governance as well as reduce risk of corruption while improving public financial management”
The fund-supported program integrates providing access to free education, mitigate food security risks, which in turn increases spending on health and education. Over, 41,000 additional health and education workers will be employed says the IMF.
IMF Managing Director, Georgiva, says that to achieve the set goals would free up fiscal space and increase social spending to ease transition burdens on the most vulnerable. In her congratulatory message to the Zambian president, Hakainde Hichilema, she asserts that the IMF is proud to support Zambia’s homegrown reforms and actions to help build a better future for Zambians.
The fund said the Zambian government should take the next step on how to deliver debt relief. In the form of a memorandum of understanding by the end of 2022.
SOURCE: NEWS AGENCIES.
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