Minister of Finance and National Planning, Situmbeko Musokotwane has announced government’s extension of the International Monetary Fund (IMF) Extended Credit Facility (ECF) programme by one year.
Dr Musokotwane says the IMF-ECF programme, which commenced in August 2022 and was scheduled to end in October, 2025, has been extended by the government following a recent Cabinet resolution.
He also said the IMF-EFC programme will among other things help build Zambia’s investor confidence and offer financial support of about US$145 million to Zambia.
The Minister was speaking in Lusaka during a media briefing.He also clarified that the export tax on copper concentrate has only been suspended for three months and not abolished as reported by some sections of the media.
Dr Situmbeko explained that the suspension of the said tax was done in agreement with mining companies so as to increase the processing of copper locally.
