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
September 6, 2022
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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.
Subject: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt
Keywords: Arrears, Bank of Zambia's mandate, Debt sustainability, Debt sustainability analysis, Global, growth outlook, mining expansion plan, price development, staff appraisal
Pages:
135
Volume:
2022
DOI:
Issue:
292
Series:
Country Report No. 2022/292
Stock No:
1ZMBEA2022001
ISBN:
9798400218224
ISSN:
1934-7685
