Zambia has withdrawn request for a one-year extension of its Extended Credit Facility (ECF) with the International Monetary Fund (IMF), the Fund confirmed on Wednesday with no reason provided for the reversal.
The ECF, agreed in 2022, aimed to help Zambia stabilize its finances after defaulting on international debt in 2023. A one-year extension would have released an additional $145 million and kept IMF monitoring in place.
READ ALSO: IMF, Senegal Continue Debt Talks as Lending Programme Remains on Hold
Instead, Zambia will rely on domestic revenues, markets, and other partners to cover any remaining financial gaps. The country faces double-digit inflation ahead of its August general election, though the government projects that 2026 budget deficits will halve and economic growth will exceed 6%.
The IMF’s sixth and final review of Zambia’s ECF arrangement is scheduled for board consideration later this month.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
