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
IMF Staff Country Reports, September 6, 2022
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- 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
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Bibliographic details
- Published: September 6, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400218224.002
Background and macroeconomic challenges
- 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.
Debt situation and arrears
- As a result, Zambia is in debt distress, defaulting on its Eurobonds in November 2020 while also accumulating arrears to other creditors.
Recent external shocks and pressures
- The war in Ukraine has increased prices of fuel and fertilizer, amplifying pressures further.
Publication scope and focus
- IMF Staff Country Reports
- Subject tags included in the source: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt
- Keywords included in the source: Arrears, Bank of Zambia's mandate, Debt sustainability, Debt sustainability analysis, Global, growth outlook, mining expansion plan, price development, staff appraisal
Content in this bundle
- 1zmbea2022001