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.
Even 1 day suspension is a problem and has to be reasonably explained and clarified.
Just experimenting now. Beat the PF prices of essential commodities first. I regrett working up early that morning to cast my vote in your favour, I am now searching where I can cast it in 2026. 4 years down the line, our lives are stagnant
Mining companies take their money to their countries of origin. They just leave crumbs here called statutory obligations, salaries and big holes under ground, and you are here cheering big figures ati investments in the mine sector
How nice it used to sound during campaigns that Bally will fix it, just to end up with a flat battery. No clue, just self praise now in total variance to what is on the ground
We don’t believe anything these useful visilu say anymore. IMF always comment when they want to ramp up the process of extraction especially during conflicts. Imagine gold prices are at their highest but these people can’t see any value in this as our way out. Our minerals have been captured together with our state. Now watch out for our land. They are coming for us.