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
IMF Staff Country Reports, December 20, 2023
Source details
- Canonical URL
- 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
Other formats
Bibliographic details
- Published: December 20, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400263804.002
Executive summary and program status
- Program performance has been satisfactory despite a challenging domestic and global environment.
- All but one quantitative performance criterion for the second review were met.
- The authorities requested a waiver of nonobservance for missing the end-June 2023 net international reserve target and have put in place corrective measures.
- Four out of seven structural benchmarks were met, with two others completed with minor delays.
- The authorities continue to advance on policies and reforms to:
- restore fiscal and debt sustainability;
- raise and safeguard social spending;
- preserve financial stability;
- intensify structural and governance reforms to unlock Zambia’s growth potential.
Key findings and indicators
- Quantitative performance criteria: all but one met for the second review.
- Specific missed target: end-June 2023 net international reserve target (waiver requested).
- Structural benchmarks: 4 of 7 met; 2 completed with minor delays.
- Program assessment: described repeatedly as satisfactory in the face of challenging domestic and global conditions.
Policy priorities and reform agenda
- Restore fiscal sustainability and public debt management.
- Raise and safeguard social spending.
- Preserve financial stability.
- Intensify structural and governance reforms to support growth.
Subjects and keywords
- Subjects: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt
- Keywords: Arrears, Debt sustainability, Debt sustainability analysis, Global, headline inflation, IMF program parameter, Policy discussion, prosecution authority, steadfast effort, Zambian authorities
International Monetary Fund. 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. IMF Staff Country Reports 2023, 439 (2023).
Content in this bundle
- 1zmbea2023004