Zambia: 2025 Article IV Consultation, Fifth 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, August 5, 2025
Source details
- Canonical URL
- Zambia: 2025 Article IV Consultation, Fifth 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: August 5, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229019378.002
Executive summary
- Program performance has remained broadly satisfactory.
- All end-December 2024 quantitative performance criteria were met.
- Most indicative targets for end-March 2025 were met.
- Six out of fourteen structural benchmarks were met for this review, and four were completed with delays.
- The authorities remain committed to maintaining macroeconomic stability, sustaining social spending, and restoring fiscal and debt sustainability, while advancing structural and governance reforms to foster growth.
Macroeconomic outlook
- Real gross domestic product (GDP) growth is estimated at 4 percent in 2024, underpinned by stronger mining and services performance as electricity access was prioritized to productive sectors.
- Real GDP growth in 2025 is projected at 5.8 percent on the back of continued recovery in agricultural production in the wake of the drought and continued strong performance in mining and services.
- The effects of the historic drought are receding, supporting a positive outlook.
Program performance and targets
- All end-December 2024 quantitative performance criteria: met.
- Most indicative targets for end-March 2025: met.
- Structural benchmarks: 6 out of 14 met; 4 completed with delays.
- Overall assessment: broadly satisfactory program performance.
Policy priorities and reforms
- Maintain macroeconomic stability.
- Sustain social spending.
- Restore fiscal sustainability.
- Restore debt sustainability.
- Advance structural and governance reforms to foster growth, including measures to prioritize electricity access to productive sectors and to support agricultural recovery following the drought.
Content in this bundle
- 1zmbea2025001-source-pdf