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The International Monetary Fund (IMF) may grant Zambia up to 1.3 billion dollar to help plug a budget deficit of around 7 per cent, the lender’s mission chief said on Saturday.
Tsidi Tsikata told a joint news conference with the Zambian Finance Ministry in Lusaka that a decision would be made by the IMF board in August.
Tsikata said the three-year credit facility would halve the deficit to around 4 per cent of Gross National Product by 2019.
He said Zambia needed to take concrete steps to achieve fiscal consolidation targets outlined in the 2017 budget, which include improving revenue collection, limiting borrowing and scaling back on new capital projects.
“We aim to reach understanding in the coming weeks that would form the basis for presenting the authorities’ request for an ECF (Extended Credit Facility) arrangement and report on the 2017 Article IV consultation to the IMF board in August 2017,” he said.
The government relied on external financing as revenues failed to keep pace with spending.
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The International Monetary Fund (IMF) may grant Zambia up to 1.3 billion dollar to help plug a budget deficit of around 7 per cent, the lender’s mission chief said on Saturday.
Tsidi Tsikata told a joint news conference with the Zambian Finance Ministry in Lusaka that a decision would be made by the IMF board in August.
Tsikata said the three-year credit facility would halve the deficit to around 4 per cent of Gross National Product by 2019.
He said Zambia needed to take concrete steps to achieve fiscal consolidation targets outlined in the 2017 budget, which include improving revenue collection, limiting borrowing and scaling back on new capital projects.
“We aim to reach understanding in the coming weeks that would form the basis for presenting the authorities’ request for an ECF (Extended Credit Facility) arrangement and report on the 2017 Article IV consultation to the IMF board in August 2017,” he said.
The government relied on external financing as revenues failed to keep pace with spending.
, We Love to know U COMMENTS ................. THOUGHTS? ... spill TEA.... gently Easy on Shade #jaiyeorie
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