Lusaka 2 September, Lusaka : Zambia’s President Hakainde Hichilema has said that the decision of the International Monetary Fund (IMF) to approve a financing program for the southern African nation was an expression of faith in the administration. “The world community has acknowledged the achievements we have made as well as our determination to revitalizing the economy of our country and becoming an responsible part of the family of nations,” he added on his Facebook page on Thursday.
The President of Zambia, who expressed his appreciation to the lender from the world, stated that the program will result in jobs and a lower cost of living and better opportunities for development, Xinhua news agency reported.
On Wednesday the IMF approved $1.3 billion under the new credit facility extension to aid in restoring macroeconomic stability and promote greater, more resilient and inclusive development in Zambia.
In an announcement the IMF stated that the aid will also help the country’s own reform plan to bring the sustainability of debt, and make fiscal space for needed social spending as well as improve the governance of the economy.
The statement states that the extended 38-month credit facility program will help to attract much-needed financial aid from development partners.It will enable immediate payment of around $185 million.
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