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IMF EXECUTIVE BOARD COMMENDS ZAMBIA'S PROGRESS

 WASHINGTON, April 20 /PRNewswire/ -- The International Monetary Fund executive board endorsed Zambia's rights accumulation program for 1993(A) (see Press Release No. 92/57). Executive directors commended Zambia for the continuation of impressive progress in structural reform, most recently with the unification of the exchange rate in 1992, and the introduction of a system of treasury bill tenders in early 1993. Both the exchange and interest rates are now market-determined.
 The board was also encouraged by developments in the implementation of fiscal and monetary policies after two quarters of slippages caused in part by the severe drought in the region. The board agreed with the authorities on the pressing need to reduce inflation sharply and to demonstrate to the public other tangible benefits of the program, including improvements in infrastructure and essential social services.
 (A) Under the rights approach a member with protracted arrears to the IMF can earn rights based on its performance under an IMF-monitored program. The accumulated rights would be encashed under a successor program financially supported by a blend of general resources and concessional SAF and ESAF resources.
 -0- 4/20/93
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/


CO: International Monetary Fund ST: District of Columbia IN: FIN SU:

TW-DC -- DC022 -- 8089 04/20/93 13:00 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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