LUSAKA, Sept. 16 (Xinhua) -- The Zambian government has welcomed the decision by the International Monetary Fund (IMF) Executive Board to approve the country's request for an extension of the Extended Credit Facility (ECF) arrangement.

On Monday, the Executive Board granted Zambia a three-month extension of the ECF program, shifting the end date to Jan. 30, 2026. The move is intended to provide time to complete the sixth review of the program and prepare the ground for future engagement.

Finance and National Planning Minister Situmbeko Musokotwane confirmed the approval, saying it reflects the IMF's confidence in Zambia's reform efforts.

"This development demonstrates their confidence in working with Zambia in completing the sixth review of the ECF arrangement and laying the groundwork for future program engagement," he said in a statement released late Monday.

In July, Zambia's Cabinet authorized the minister to seek an extension of the program.

The current ECF program, approved in August 2022, had been scheduled to conclude in October this year. ■