Zambia: Third Review Under the Arrangement Under the Extended Credit Facility, Requests for Augmentation of Access, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Pres

Third Review Under the Arrangement Under the Extended Credit Facility, Requests for Augmentation of Access, 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

Zambia: Third Review Under the Arrangement Under the Extended Credit Facility, Requests for Augmentation of Access, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing Assurances Review-Press Release; Staff Report
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Volume/Issue: Volume 2024 Issue 190
Publication date: June 2024
ISBN: 9798400279997
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Exports and Imports , Economics- Macroeconomics , Public Finance , Taxation - General , Natural Disasters , liability management operation , arrear accumulation , fuel arrears , budget support disbursement , containment effort , Arrears , Debt sustainability , Debt sustainability analysis , Global

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Summary

Zambia faces a severe drought that has significantly impacted agriculture and electricity generation and affected a substantial share of the population, leading the President to declare it a national disaster emergency and plan a revision of the 2024 Budget. Despite these challenges, the government remains focused on supporting macroeconomic stability, restoring fiscal and debt sustainability, and addressing humanitarian needs. The government continues to work with its external creditors to restructure its debt in line with program parameters. While mobilizing external financing, exchange rate flexibility will help manage balance-of-payment pressures. Enhancing regulatory frameworks and financial oversight is crucial for financial stability and inclusion, with efforts to improve governance and advance structural reforms continuing to enhance growth.