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Georgieva IMF Zambia

Release Date: 23 Jan 2023

IMF Managing Director Kristalina Georgieva kicked off a tour of Africa with a visit to Lusaka, Zambia Monday (January 23):

She arrived Sunday afternoon at the capital and met Monday with Finance Minister Situmbeko Musokotwane to discuss the countries fiscal situation.

Zambia entered in to an IMF-backed reform program last year to help bridge financing while it seeks debt arrangements with its creditors.

Later that day she met with President Hakainde Hichilema. She released a statement that it was a pleasure to reunite with the President.

President Hichilema urged his country’s creditors to accept restructuring of $13 billion in sovereign debt owed.

"If (the debt restructuring is) not concluded soon, it is going to distort all the good efforts that we have been making to reconstruct the economy and bring investment," Hichilema told Georgieva, in remarks with reporters present.

Georgieva welcomed efforts by Zambia under the program to fiscal reforms to build confidence in the African country’s ability to achieve long-term growth and stability.

“Impressed by progress on reforms, so vital to unlock Zambia’s enormous potential,” Georgieva said on Twitter. “What is good for Zambia is good for Africa.”

Later that day the Fund’s chief met with secondary school students, who she urged to follow the path of reform and that educational achievement is the key to development in countries like Zambia.

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