## Zambia: Ex Post Assessment of Longer-Term Program Engagement: Update

_IMF Staff Country Reports, July 20, 2011_

## Source details

**Canonical URL:** [Zambia: Ex Post Assessment of Longer-Term Program Engagement: Update](https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072/index.json)
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## Bibliographic details
- Published: July 20, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781462315345.002

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### Executive summary and context
- 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.

### Key findings
- 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.

### Priority areas for future programs
- Laying the groundwork to sustain low inflation.
- Infrastructure development.
- Mobilizing domestic revenues.
- Financial sector development.

### Policy implications and recommendations
- 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 tags and keywords (as provided)
- 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

*Zambia: 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*

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## Content in this bundle

- **1. Zambia: Cross Country Comparison, 2000–10**
  - [1. Zambia: Cross Country Comparison, 2000–10 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr11197.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Zambia: Cross Country Comparison, 2000–10 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr11197.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-ex-post-assessment-of-longer-term-program-engagement-update-25072_