IMF approves disbursement of US $126 million for Zambia

The International Monetary Fund (IMF) on Tuesday approved a credit disbursement of US $126 million for Zambia to support the country's efforts to sustain economic stability and reduce poverty, AFP has reported. Quoting an IMF statement, the report said Zambian authorities would be able to draw on US $32 million immediately. It said the assistance was part of a three-year loan package worth US $322 million which was approved by the IMF in March 1999 in exchange for Zambia's commitment to an IMF reform programme. According to the report, about US $38 million have been disbursed to date. "Zambia's economic performance improved in 2000 and most of the programme's targets and performance criteria were observed. For the first time in recent years, real per-capita gross domestic product growth was positive. The programme for 2001 aims to achieve macroeconomic stability, accelerate growth and underpin efforts to reduce poverty," IMF Deputy Managing Director Shigemitsu Sugisaki was quoted as saying.