LUSAKA, Sept. 1 (Xinhua) -- Zambian President Hakainde Hichilema said Thursday that the decision by the International Monetary Fund (IMF) to approve a financing program for the southern African nation was a vote of confidence in the government.
"The international community has recognized progress we have made and our commitment to reviving our economy and becoming a responsible member of the family of nations," he said on his Facebook page.
The Zambian president, who expressed gratitude to the international lender, said the program will culminate in jobs, a more affordable cost of living and enhanced development prospects.
On Wednesday, the IMF approved 1.3 billion U.S. dollars 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 program will also catalyze much-needed financial support from development partners and will enable an immediate disbursement of about 185 million U.S. dollars. ■