IMF approval of financing program mark of confidence: Zambian Prez

Lusaka, Sep 2 Zambian President Hakainde Hichilema has said that the decision by the International Monetary Fund (IMF) to approve a financing programme for the southern African nation was a vote of confidence in the government.

"The international community has recognised progress we have made and our commitment to reviving our economy and becoming a responsible member of the family of nations," he added on his Facebook page on Thursday.

The Zambian President, who expressed gratitude to the international lender, said the programme will culminate in jobs, a more affordable cost of living and enhanced development prospects, Xinhua news agency reported.

On Wednesday, the IMF approved $1.3 billion under the new extended credit facility to help restore macroeconomic stability and foster higher, more resilient and more inclusive growth in Zambia.

In a statement, the IMF said the support will also advance the government's homegrown reform plan to restore debt sustainability, create fiscal space for much-needed social spending a well as strengthen economic governance.

According to the statement, the 38-month extended credit facility programme will also catalyse much-needed financial support from development partners and will enable an immediate disbursement of about $185 million.