## IMF Staff Completes Virtual Mission to Zambia

_IMF News, July 15, 2020_

## Source details

**Canonical URL:** [IMF Staff Completes Virtual Mission to Zambia](https://www.imf.org/en/news/articles/2020/07/15/pr20260-zambia-imf-staff-completes-virtual-mission)

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## Bibliographic details
- Published: July 15, 2020

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### Mission overview and timeline
- Press Release No. 20/260
- Date: July 15, 2020
- IMF staff team led by Dhaneshwar Ghura held virtual meetings during June 22–July 10.
- Purpose: To discuss the Government of Zambia’s request for emergency support under the Rapid Credit Facility to address the social and macroeconomic impact of the COVID-19 pandemic.

### Key findings and economic assessment
- Growth is forecast at around ‑5 percent in 2020.
- The number of people living in extreme poverty is expected to increase.
- Fiscal pressures in 2020 have increased due to significantly lower revenue collections and higher spending needs.
- The COVID-19 shock, on top of a severe drought last year, will be heavy.
- Zambia has requested support under the G20 Debt Service Standstill Initiative, which would provide temporary fiscal space this year.

### Policy discussions and priorities
- Discussions focused on the economic policies needed to respond to the fallout from the COVID-19 pandemic.
- Near- and medium-term policies were covered to address the COVID-19 shock and underlying macroeconomic vulnerabilities.
- Discussions included the main elements of the revised 2020 Budget with a focus on spending for the COVID-19 health, social and economic response.
- Discussions will continue as the authorities determine their policies and priorities in the formulation of the revised 2020 Budget, as well as the medium-term fiscal stance needed to restore debt sustainability, revive growth and lower poverty.

### Engagement and stakeholders
- IMF staff held meetings with Finance Minister Bwalya Ng’andu, Bank of Zambia Governor Denny Kalyalya, senior Government and Bank of Zambia officials, and the private sector.
- Staff expressed gratitude to the Zambian authorities for the constructive discussions and look forward to continuing discussions.

*Source: IMF Press Release No. 20/260, July 15, 2020.*

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## References

- [Zambia and the IMF](http://www.imf.org/external/country/ZMB/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/07/15/pr20260-zambia-imf-staff-completes-virtual-mission_