{
  "title": "Zambia: Ex Post Assessment of Longer-Term Program Engagement: Update",
  "publication": "IMF Staff Country Reports, July 20, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072",
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  "summary": "Despite improved economic growth, poverty in Zambia remained formidable and called for fiscal consolidation to contain the domestic debt and interest payments that jeopardized macroeconomic stability and social spending. Macroeconomic outcomes during ECF-2 were particularly strong.",
  "publishDate": "2011-07-20",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Despite improved economic growth, poverty in Zambia remained formidable and called for fiscal consolidation to contain the domestic debt and interest payments that jeopardized macroeconomic stability and social spending.\n- Macroeconomic outcomes during ECF-2 were particularly strong.\n- The global financial crisis significantly affected copper prices.\n- A well-articulated medium-term economic program would help Zambia to strengthen resilience and raise growth rates."
    },
    {
      "heading": "Key findings",
      "content": "- Poverty remained a major challenge in Zambia despite gains in economic growth.\n- Domestic debt and interest payments posed risks to macroeconomic stability and to social spending.\n- Macroeconomic performance under the ECF-2 arrangement showed particularly strong outcomes.\n- External shocks—specifically the global financial crisis—had significant effects on copper prices, influencing Zambia’s economy."
    },
    {
      "heading": "Priority areas for future programs",
      "content": "- Laying the groundwork to sustain low inflation.\n- Infrastructure development.\n- Mobilizing domestic revenues.\n- Financial sector development."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Fiscal consolidation to contain domestic debt and interest payments and protect social spending.\n- Design and implement a well-articulated medium-term economic program to strengthen resilience and raise growth rates.\n- Prioritize measures that support low inflation, infrastructure expansion, enhanced revenue mobilization, and deeper financial sector development."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subject: Capital spending, Expenditure, Financial markets, Financial sector development, Inflation, Prices, Public financial management (PFM), Revenue administration\n- Keywords: banking sector, Capital spending, central bank, CR, debt relief, Financial sector development, FINScope Zambia, GDP, Global, IMF staff, Inflation, interest rate, ISCR, monetary policy, revenue performance, spending, Sub-Saharan Africa, Zambia\n\nZambia: Ex Post Assessment of Longer-Term Program Engagement: Update — July 20, 2011; IMF Staff Country Reports 2011, 197; Pages: 21; DOI: https://doi.org/10.5089/9781462315345.002\n\n---\n\n Content in this bundle\n\n- 1. Zambia: Cross Country Comparison, 2000–10\n  - 1. Zambia: Cross Country Comparison, 2000–10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Zambia: Cross Country Comparison, 2000–10 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072"
    }
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    "Published: July 20, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781462315345.002",
    "Despite improved economic growth, poverty in Zambia remained formidable and called for fiscal consolidation to contain the domestic debt and interest payments that jeopardized macroeconomic stability and social spending.",
    "Macroeconomic outcomes during ECF-2 were particularly strong.",
    "The global financial crisis significantly affected copper prices.",
    "A well-articulated medium-term economic program would help Zambia to strengthen resilience and raise growth rates.",
    "Poverty remained a major challenge in Zambia despite gains in economic growth.",
    "Domestic debt and interest payments posed risks to macroeconomic stability and to social spending.",
    "Macroeconomic performance under the ECF-2 arrangement showed particularly strong outcomes.",
    "External shocks—specifically the global financial crisis—had significant effects on copper prices, influencing Zambia’s economy.",
    "Laying the groundwork to sustain low inflation.",
    "Infrastructure development.",
    "Mobilizing domestic revenues.",
    "Financial sector development.",
    "Fiscal consolidation to contain domestic debt and interest payments and protect social spending.",
    "Design and implement a well-articulated medium-term economic program to strengthen resilience and raise growth rates.",
    "Prioritize measures that support low inflation, infrastructure expansion, enhanced revenue mobilization, and deeper financial sector development.",
    "Subject: Capital spending, Expenditure, Financial markets, Financial sector development, Inflation, Prices, Public financial management (PFM), Revenue administration",
    "Keywords: banking sector, Capital spending, central bank, CR, debt relief, Financial sector development, FINScope Zambia, GDP, Global, IMF staff, Inflation, interest rate, ISCR, monetary policy, revenue performance, spending, Sub-Saharan Africa, Zambia",
    "**1. Zambia: Cross Country Comparison, 2000–10**"
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