## Zambia: Staff Report for The 2015 Article IV Consultation

_IMF Staff Country Reports, June 16, 2015_

## Source details

**Canonical URL:** [Zambia: Staff Report for The 2015 Article IV Consultation](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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## Bibliographic details
- Published: June 16, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513526898.002

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### Executive summary
- 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.

### Macroeconomic developments and drivers
- 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.

### Projections and outlook
- 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.

### Policy themes and focal areas (as listed in the report)
- Expenditure
- External debt
- Government debt management
- Mining sector
- Public debt
- Public financial management (PFM)
- Revenue administration
- Tax refunds

### Keywords and cross-cutting issues highlighted
- 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

*Source: Zambia: Staff Report for The 2015 Article IV Consultation (IMF Staff Country Reports 2015, No. 152).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/zambia-staff-report-for-the-2015-article-iv-consultation-42999_