, Jan. 8 -- Zambia has decided not to extend its current International Monetary Fund (IMF)-supported Extended Credit Facility (ECF) program for one year, and will instead pursue a new full program, senior officials said Thursday.

Finance Minister Situmbeko Musokotwane told a press briefing that after careful review and consultations, the government chose to conclude the sixth and final review of the current arrangement and negotiate a successor program.

He emphasized that the decision does not signal disengagement from the IMF or a reduction in reform efforts, but reflects the completion of the ongoing program and the transition to a new, comprehensive plan.

The successor program will continue addressing Zambia's debt restructuring obl...