Economist Kelvin Chisanga has emphasised that Zambia’s engagement with the International Monetary Fund should be seen as a stabilisation strategy rather than a development solution.
He pointed out that the IMF did not come to design national development but to cushion the economy from deep macroeconomic stress.
In a statement, Sunday, Chisanga explained that the Fund’s interventions helped stabilise the currency, restore fiscal discipline, and unlock concessional financing.
He noted that these measures also neutralised the most damaging effects of the country’s debt overhang.
The Economist observed that the programme prevented a worse economic outcome during the debt stand-off.
Chisanga, however, clarified that stabilisation is not the same as growth.
He stated that while IMF support stops economic bleeding, it does not create jobs or productivity.
Chisanga said Zambia has lacked comprehensive growth models that integrate sector-specific reforms and investment.
He stressed that the IMF is only one tool in a broader policy framework.
Chisanga urged policymakers to focus on an inclusive economic transformation that improves livelihoods.