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By ZamChro Correspondent

The International Monetary Fund (IMF) has approved US$81.2 million for Zambia’s poverty reduction programmes under the Poverty Reduction and Growth Facility (PRGF) arrangement.

The immediate release of the funds will bring the total disbursements to US$262.5 million this year. This follows the executive board’s completion of the third review of the country’s economic performance under the PRGF arrangement.

This is contained in a statement issued in Lusaka by first secretary for press at the Zambian embassy in Washington DC, Ben Kangwa.

IMF deputy managing director and acting chairman of the executive board, Murilo Portugal, commended the Zambian government for the country’s solid economic performance under the PRGF-supported programme.

“Their prudent macroeconomic management was demonstrated by the Zambian economy’s resilience to the global economic crisis,” Mr Portugal said.

He said Zambia’s 2010 budget is well-balanced and that authorities are aiming at creating fiscal space for poverty reducing expenditure and infrastructure investment to sustain robust and diversified growth. Mr Portugal said there is need for further reforms to enhance efficiency in Government spending.

He said the floating exchange rate regime and reserve money-based monetary programme have served the country well and that Government’s plan to transition an inflation targeting framework should be premised on the establishment of necessary preconditions.

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