{
  "title": "Zambia: Staff Report for The 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, June 16, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-staff-report-for-the-2015-article-iv-consultation-42999",
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  "summary": "This 2015 Article IV Consultation highlights that in the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices, and policy uncertainties.",
  "publishDate": "2015-06-16",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- In the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices, and policy uncertainties.\n- Real GDP growth slowed from 6.7 percent in 2013 to 5.6 percent in 2014, driven by a contraction in copper production.\n- The current account has deteriorated, international reserves have fallen, and the exchange rate has been under downward pressure.\n- Growth is projected to average 5.5–7 percent a year over the medium term, reflecting the impact of investments in mining and electricity in recent years."
    },
    {
      "heading": "Macroeconomic developments and drivers",
      "content": "- Fiscal imbalances: Large fiscal imbalances have materially affected macroeconomic stability.\n- External sector: Lower copper prices contributed to a deterioration in the current account and a decline in international reserves.\n- Real economy: Contraction in copper production was a key factor behind the slowdown in real GDP growth between 2013 and 2014.\n- Exchange rate: The exchange rate has been under downward pressure amid the external and fiscal strains."
    },
    {
      "heading": "Projections and outlook",
      "content": "- Medium-term growth projection: Growth is projected to average 5.5–7 percent a year over the medium term, supported by investments in mining and electricity."
    },
    {
      "heading": "Policy themes and focal areas (as listed in the report)",
      "content": "- Expenditure\n- External debt\n- Government debt management\n- Mining sector\n- Public debt\n- Public financial management (PFM)\n- Revenue administration\n- Tax refunds"
    },
    {
      "heading": "Keywords and cross-cutting issues highlighted",
      "content": "- CR, debt, debt management, East Africa, Global, Government debt management, ISCR, mining taxation regime, policy mix, policy uncertainty, real GDP, regime, Southern Africa, Tax refunds, Zambian authorities\n\nSource: Zambia: Staff Report for The 2015 Article IV Consultation (IMF Staff Country Reports 2015, No. 152).\n\n---\n\n Content in this bundle\n\n- cr15152\n  - cr15152 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15152 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-staff-report-for-the-2015-article-iv-consultation-42999"
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    "Published: June 16, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513526898.002",
    "In the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices, and policy uncertainties.",
    "Real GDP growth slowed from 6.7 percent in 2013 to 5.6 percent in 2014, driven by a contraction in copper production.",
    "The current account has deteriorated, international reserves have fallen, and the exchange rate has been under downward pressure.",
    "Growth is projected to average 5.5–7 percent a year over the medium term, reflecting the impact of investments in mining and electricity in recent years.",
    "Fiscal imbalances: Large fiscal imbalances have materially affected macroeconomic stability.",
    "External sector: Lower copper prices contributed to a deterioration in the current account and a decline in international reserves.",
    "Real economy: Contraction in copper production was a key factor behind the slowdown in real GDP growth between 2013 and 2014.",
    "Exchange rate: The exchange rate has been under downward pressure amid the external and fiscal strains.",
    "Medium-term growth projection: Growth is projected to average 5.5–7 percent a year over the medium term, supported by investments in mining and electricity.",
    "Expenditure",
    "External debt",
    "Government debt management",
    "Mining sector",
    "Public debt",
    "Public financial management (PFM)",
    "Revenue administration",
    "Tax refunds",
    "CR, debt, debt management, East Africa, Global, Government debt management, ISCR, mining taxation regime, policy mix, policy uncertainty, real GDP, regime, Southern Africa, Tax refunds, Zambian authorities",
    "**_cr15152**"
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