• Zambia expects a $190 million IMF disbursement, pending board approval of the latest Extended Credit Facility reviews.
• The government targets a primary surplus of 2.2% of GDP in 2025 on higher non-mining revenue and lower spending.
• IMF financing under the program would total $1.7 billion, with growth projected to average 5.6% from 2026 to 2031.

Zambia could receive a new disbursement of $190 million from the International Monetary Fund, subject to approval by the IMF’s executive board of the latest assessments of economic reforms under the Extended Credit Facility. Mercedes Vera Martin, the IMF mission chief for Zambia, disclosed the information in a statement released on Thursday, December 18, 2025.

The IMF said it reached a staff-level agreement with Zambian authorities following the sixth review of the ECF-supported program. The 38-month program aims to restore macroeconomic stability, strengthen public finances, and support inclusive economic growth.

On the fiscal front, the Zambian government tightened budget discipline. Authorities expect the primary surplus to reach 2.2% of gross domestic product in 2025, driven mainly by higher non-mining revenues and lower spending that reflects reduced external disbursements. At the same time, the government increased social spending in line with its stated priorities.

The IMF said the authorities must accelerate structural reforms to support inclusive growth, adding that stronger governance remains critical, particularly through the creation of a transparent, merit-based process to appoint the board of the Anti-Corruption Commission, which would reinforce accountability and enable the private sector to play a larger role in the economy.

The IMF also highlighted ongoing reforms in the energy sector. The Fund emphasized the importance of consistent and transparent implementation of guidelines governing open access to the Tazama pipeline, based on increased private sector participation, to ensure that the reforms deliver the expected gains.

With the expected disbursement, total IMF financing to Zambia under the Extended Credit Facility would reach $1.7 billion. According to the Fund’s updated projections, Zambia’s economy should grow at an average rate of 5.6% over the 2026–2031 period.

This article was initially published in French by Ingrid Haffiny (intern)

Adapted in English by Ange Jason Quenum