{
  "title": "Zambia: Second Review Under the Arrangement Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia",
  "publication": "IMF Staff Country Reports, December 20, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/12/20/zambia-second-review-under-the-arrangement-under-the-extended-credit-facility-requests-for-542876",
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  "summary": "This paper highlights Zambia’s Second Review under the Arrangement under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assu",
  "sections": [
    {
      "heading": "Executive summary and program status",
      "content": "- Program performance has been satisfactory despite a challenging domestic and global environment.\n- All but one quantitative performance criterion for the second review were met.\n- The authorities requested a waiver of nonobservance for missing the end-June 2023 net international reserve target and have put in place corrective measures.\n- Four out of seven structural benchmarks were met, with two others completed with minor delays.\n- The authorities continue to advance on policies and reforms to:\n  - restore fiscal and debt sustainability;\n  - raise and safeguard social spending;\n  - preserve financial stability;\n  - intensify structural and governance reforms to unlock Zambia’s growth potential."
    },
    {
      "heading": "Key findings and indicators",
      "content": "- Quantitative performance criteria: all but one met for the second review.\n- Specific missed target: end-June 2023 net international reserve target (waiver requested).\n- Structural benchmarks: 4 of 7 met; 2 completed with minor delays.\n- Program assessment: described repeatedly as satisfactory in the face of challenging domestic and global conditions."
    },
    {
      "heading": "Policy priorities and reform agenda",
      "content": "- Restore fiscal sustainability and public debt management.\n- Raise and safeguard social spending.\n- Preserve financial stability.\n- Intensify structural and governance reforms to support growth."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt\n- Keywords: Arrears, Debt sustainability, Debt sustainability analysis, Global, headline inflation, IMF program parameter, Policy discussion, prosecution authority, steadfast effort, Zambian authorities\n\nInternational Monetary Fund. Zambia: Second Review Under the Arrangement Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia. IMF Staff Country Reports 2023, 439 (2023).\n\n---\n\n Content in this bundle\n\n- 1zmbea2023004\n  - 1zmbea2023004 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1zmbea2023004 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 20, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400263804.002",
    "Program performance has been satisfactory despite a challenging domestic and global environment.",
    "All but one quantitative performance criterion for the second review were met.",
    "The authorities requested a waiver of nonobservance for missing the end-June 2023 net international reserve target and have put in place corrective measures.",
    "Four out of seven structural benchmarks were met, with two others completed with minor delays.",
    "The authorities continue to advance on policies and reforms to:",
    "Quantitative performance criteria: all but one met for the second review.",
    "Specific missed target: end-June 2023 net international reserve target (waiver requested).",
    "Structural benchmarks: 4 of 7 met; 2 completed with minor delays.",
    "Program assessment: described repeatedly as satisfactory in the face of challenging domestic and global conditions.",
    "Restore fiscal sustainability and public debt management.",
    "Raise and safeguard social spending.",
    "Preserve financial stability.",
    "Intensify structural and governance reforms to support growth.",
    "Subjects: Arrears, Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary policy, Public debt",
    "Keywords: Arrears, Debt sustainability, Debt sustainability analysis, Global, headline inflation, IMF program parameter, Policy discussion, prosecution authority, steadfast effort, Zambian authorities",
    "**1zmbea2023004**"
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