The International Monetary Fund (IMF) on Wednesday approved a three-year, 79-million-U.S.-dollar plan to support Zambia's efforts to alleviate poverty and sustain economic growth.
The new Poverty Reduction and Growth Facility (PRGF) plan succeeds a previous arrangement successfully completed last year, the IMF said in a press release.
Following the IMF Executive Board's discussion, Takatoshi Kato, deputy managing director and acting chairman, said the Zambian authorities are to be commended for "implementing prudent macroeconomic policies, which, in the context of high copper prices and debt relief, contributed to robust economic growth, markedly lower inflation, a reduction of poverty, and a build-up of international reserves."
"The authorities remain committed to maintaining prudent macroeconomic policies and pursuing structural reforms to sustain high economic growth, further reduce poverty, diversify the economy and preserve macroeconomic stability and debt sustainability," Kato said.
The new PRGF arrangement will support the government's objectives of boosting economic growth and enhancing employment and income opportunities, especially for the poor, while maintaining macroeconomic stability.
The PRGF is the IMF's concessional facility for low-income countries. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a five-and-a-half-year grace period on principal payments.
Source:Xinhua
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