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
IMF Staff Country Reports, July 13, 2023
Source details
- Canonical URL
- 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
Other formats
Bibliographic details
- Published: July 13, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400249761.002
Program performance and compliance
- Zambia’s performance under the Extended Credit Facility (ECF) program “remains strong.”
- All quantitative performance criteria for the first review have been met.
- Nine structural benchmarks have been met; two remaining structural benchmarks experienced “only marginal delays.”
- The authorities have taken steps to:
- restore fiscal sustainability,
- raise social spending,
- strengthen economic governance.
Reform agenda and objectives
- The reform agenda is described as “ambitious” and aims to:
- reverse the impact of past economic mismanagement and shocks, such as coronavirus disease 2019,
- raise growth,
- create jobs,
- reduce poverty.
- Zambia’s reform efforts “since the inception of the ECF have been commendable.”
Debt treatment and creditor engagement
- Zambia reached an agreement with the Official Creditor Committee (OCC) under the G20 Common Framework on a debt treatment “consistent with program parameters.”
- The agreement with the OCC is described as “very welcome.”
- Key implementation priorities:
- 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.
Subjects and keywords
- Subjects: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt
- Keywords: Africa, Arrears, authorities' effort, Debt sustainability, Debt sustainability analysis, ECF arrangement, Global, government system, governments of China, reform effort, Zambian authorities
Miscellaneous
- The IMF eLibrary “offers over 25,000 IMF publications in multiple formats.”
Source: 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 (IMF Staff Country Reports 2023, No. 256).
Content in this bundle
- 1zmbea2023002