Zambia just secured a $1.47 billion IMF lifeline — 'from a position of strength'

The International Monetary Fund has reached a staff-level agreement with Zambia on a new 36-month Extended Credit Facility worth about $1.47 billion (1,076 million Special Drawing Rights), following an IMF mission to Lusaka from September 29 to October 9 led by Edward Gemayel. Zambia enters the program from what Gemayel called 'a position of strength': real GDP is projected to grow 5.6% in 2026, inflation fell to 6.1% in September, and gross international reserves reached $6.1 billion. It follows the country's previous $1.7 billion IMF program, which helped Zambia emerge from Africa's first COVID-era sovereign default in 2020. The agreement is subject to IMF Executive Board approval.