LUSAKA, Dec. 19 (Xinhua) -- Zambia has welcomed the completion of the sixth and final staff-level agreement with the International Monetary Fund (IMF) and the final review under the country's Extended Credit Facility (ECF) program.

The IMF said Thursday that the agreement paves the way for a final disbursement of about 190 million U.S. dollars, subject to approval by its executive board, bringing the total IMF support under the program to 1.7 billion dollars.

IMF Mission Chief for Zambia Mercedes Vera Martin said in a statement that the lender is encouraged by the country's progress and resilience despite both external and domestic shocks.

Zambian Minister of Finance and National Planning Situmbeko Musokotwane said the IMF decision is both an affirmation of fiscal discipline and a signal of renewed opportunity, which confirms Zambia's reform momentum and strengthens its path toward job creation, investment, and stable growth.

"This agreement is not just a technical milestone with the IMF. It confirms that the difficult reforms undertaken by the Zambian people are working, stability is being restored, and the economy is once again becoming predictable and investable," Musokotwane said in a statement released Thursday.

Zambia's ECF program, initially approved in August 2022 with a value of 1.3 billion dollars, was later increased to 1.7 billion dollars.

In July this year, the government applied for a 12-month extension of the program. Enditem