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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Zambia: Third Review Under the Arrangement Under the Extended Credit Facility, Requests for Augmentation of Access, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
International Monetary Fund. African Dept.
This paper discusses Zambia’s Third Review under the Arrangement under the Extended Credit Facility, Requests for Augmentation of Access, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review. A tight monetary stance until inflation declines toward the Bank of Zambia’s target range would help anchor inflation expectations. Reserve accumulation and sustained exchange rate flexibility remain critical to address external shocks. Financial sector reforms are important to foster financial stability and inclusion. The authorities remain committed to supporting macroeconomic stability, restoring fiscal and debt sustainability, clearing arrears, and addressing Zambia’s drought-related humanitarian needs. They are also focused on advancing structural and governance reforms to promote inclusive growth. Governance and structural reforms remain key to promoting private sector activity and economic diversification. Implementing the Access-to-Information Act, reviewing the Anti-Corruption Act in a timely manner, and enhancing transparency and governance in the energy and mining sectors will help reduce policy uncertainty, improve the business climate, and attract greater investments.
Keywords:
liability management operation; arrear accumulation; fuel arrears; budget support disbursement; containment effort; Arrears; Debt sustainability; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Zambia: Second Review Under the Arrangement Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
International Monetary Fund. African Dept.
This paper highlights Zambia’s Second Review under the Arrangement under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review. Program performance has been satisfactory despite a challenging domestic and global environment. All but one quantitative performance criteria for the second review were met, and most structural conditionality completed. The authorities continue to advance on policies and reforms to restore fiscal and debt sustainability, raising and safeguarding social spending, preserving financial stability, and intensifying structural and governance reforms to unlock Zambia’s growth potential. The program performance has been satisfactory despite a challenging domestic and global environment. The authorities requested a waiver of nonobservance for missing the end-June 2023 net international reserve target as they have put in place corrective measures. Four out of seven structural benchmarks were met, with two others completed with minor delays.
Keywords:
steadfast effort; prosecution authority; Zambian authorities; headline inflation; Policy discussion; IMF program parameter; Debt sustainability; Arrears; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Zambia: 2023 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia
International Monetary Fund. African Dept.
This paper highlights Zambia’s 2023 Article IV Consultation, First Review under the Extended Credit Facility (ECF) Arrangement, and Financing Assurances Review. Zambia’s performance under the program remains strong. All quantitative performance criteria for the first review and nine structural benchmarks have been met, with only marginal delays in the remaining two. The authorities have taken bold steps to restore fiscal sustainability, raise social spending, and strengthen economic governance. This ambitious reform agenda aims to reverse the impact of past economic mismanagement and shocks, such as coronavirus disease 2019, and raise growth, create jobs, and reduce poverty. Zambia’s reform efforts since the inception of the ECF have been commendable. Zambia's agreement with the Official Creditor Committee (OCC) under the G20 Common Framework on a debt treatment consistent with program parameters is very welcome. Swift finalization and signature of the Memorandum of Understanding with the OCC will be important. Timely implementation of this agreement, together with agreements with private creditors on comparable terms, should restore Zambia’s debt sustainability over the medium term.
Keywords:
ECF arrangement; Zambian authorities; reform effort; government system; authorities' effort; governments of China; Arrears; Debt sustainability; Debt sustainability analysis; Global; Africa
Cover IMF Staff Country Reports
Zambia: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper focuses on boosting sustainable growth in Zambia. Zambia’s economy is highly dependent on mining and agriculture, but despite its abundant resources, growth has been insufficient to lift its young and growing population from poverty. The new government, which came into power in 2021, adopted a new approach to growth, focusing first on restoring macroeconomic stability as the precondition to sustainable growth. Rule of law and fighting corruption have also been highlighted as key to improving the business environment. Restoring macroeconomic stability and credibility, improving the business climate and governance is the best way to attract new investment. Prompt and clear resolution of the debt restructuring removes the largest obstacle to economic recovery. It would lower uncertainty for foreign and domestic investors and boost the impact of the government’s program to restore macroeconomic stability and fiscal sustainability. Reducing corruption, streamlining bureaucratic procedures, and easing the business environment would attract investment. The focus on education and health is warranted. A simulation of the impact of improved education and health indicators because of government’s investment in health and education show a significant increase in long-term growth rates.
Keywords:
G. agriculture policy; agriculture sector; agriculture sector contribution; Growth dividend; growth potential; Agricultural sector; Systemic risk; Financial sector stability; Commercial banks; Sub-Saharan Africa; Global; Africa
Cover IMF Staff Country Reports
Zambia: Technical Assistance Report-Diagnostic Report on Governance and Corruption
International Monetary Fund. Legal Dept.
This technical assistance report on Zambia discusses the governance and anti-corruption assessment. Acknowledging the need to address corruption, strengthen governance and the rule of law, the President and authorities of Zambia have announced a series of important initiatives. Consistently high fiscal deficits, inefficient public investment and weak controls on spending led to Zambia accumulating large fiscal and external imbalances. In the challenging environment, the authorities sought the IMF’s assistance to analyse governance weaknesses and corruption vulnerabilities and make specific, country-tailored and feasible recommendations to address governance and corruption risks in wide-ranging areas. The report identifies on near-term reform steps and structural policy measures that require more time and resources but are necessary for sustainable change. All recommendations coming out of the diagnostic shall contribute to the formulation of governance and anticorruption policies and programs, improvement of the legal and institutional frameworks, as well as governance and anti-corruption reform measures agreed to in the Extended Credit Facility Arrangement for Zambia.
Keywords:
governance weakness; governance arrangement; governance inefficiency; frameworks of Zambia's Revenue Administration; governance Rating; information framework; IMF resident representative; IMF recommendation; terms and conditions; risk assessment; prudential framework; Corruption; Anti-money laundering and combating the financing of terrorism (AML/CFT); Revenue administration transparency and accountability; Corporate governance; Budget planning and preparation; Southern Africa; East Africa
Cover IMF Staff Country Reports
Zambia: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Zambia
International Monetary Fund. African Dept.
Zambia is dealing with large fiscal and external imbalances resulting from years of economic mismanagement, especially an overly ambitious public investment drive that did not yield any significant boost to growth or revenues. A drought in 2019 and the COVID-19 pandemic exacerbated the acute economic and social challenges facing the country, with poverty, inequality, and malnutrition rates amongst the highest in the world. As a result, Zambia is in debt distress, defaulting on its Eurobonds in November 2020 while also accumulating arrears to other creditors. The war in Ukraine has increased prices of fuel and fertilizer, amplifying pressures further.
Keywords:
growth outlook; mining expansion plan; price development; Bank of Zambia's mandate; staff appraisal; Arrears; Debt sustainability analysis; Debt sustainability; Global
Cover IMF Staff Country Reports