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Mr. R. B. Johnston and Ceyla Pazarbasioglu

to very high positive levels. In addition, the financial crises were associated with a reversal of financial deepening, as measured by the ratio of credit to the private sector and M2 to GDP. The fact that the ratio of credit to GDP exceeds the ratio of M2 to GDP may reflect official support operations in the wake of financial crisis. The indicators of financial intermediation efficiency worsened during the post reform period in response to the banking crisis. The crisis countries experienced a sharp reduction in real economic growth in the post reform period

International Monetary Fund. African Dept.
This Selected Issues paper presents an analysis of change in Zambia’s mining fiscal regime. Foreign investment has revived Zambia’s mining sector. However, its mining sector’s direct contribution to government revenues has been low. Reflecting persistent concerns about the low contribution of the mining sector to budget revenues, the government has amended the fiscal regime many times over the last seven years. The 2015 budget introduced major changes to the mining fiscal regime. The authorities estimate that the change would boost budget revenues from the mining sector by about 1 percent of GDP, based on an assumption that the change would have no adverse impact on production.