Source: International Monetary Fund (IMF) |

Coronavirus - Zambia: International Monetary Fund (IMF) Statement on Zambia

Imperative that central banks’ operational independence and credibility is maintained, particularly at this critical time when economic stability is threatened by COVID-19

“In response to media inquiry regarding the recently announced change in leadership at the central bank of Zambia, an IMF spokesman made the following statement: “We note the change in leadership announced over the weekend at the Bank of Zambia before the end of the previous Governor’s mandate. The macroeconomic…

Source: International Monetary Fund (IMF) |

Coronavirus - Zambia: IMF Staff Completes Virtual Mission to Zambia

Discussions focused on the economic policies needed to respond to the fallout from the COVID-19 pandemic. Discussions will continue on the fiscal stance and policies in order to move forward with the request for Fund support

Discussions centered on the Government of Zambia’s request for emergency support under the Rapid Credit Facility to support the government’s efforts to address the social and macroeconomic impact of the COVID-19 pandemic: The COVID-19 shock has significantly impacted economic prospects—growth this year will be negative, poverty has likely increased, and…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to Zambia

The IMF staff met with H.E. President Lungu, Minister of Finance Bwalya Ng’andu, Bank of Zambia Governor Denny Kalyalya, other senior government and Bank of Zambia officials

An International Monetary Fund (IMF) staff team led by Dhaneshwar Ghura visited Lusaka during November 13–19, 2019 to discuss recent economic developments and the economic outlook for 2020 and the medium term. At the conclusion of the visit, Mr. Ghura issued the following statement: “Macroeconomic outcomes have weakened as a…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff completes 2019 Article IV visit to Zambia

Zambia’s development strategy targeting a rapid scaling up in infrastructure spending has resulted in large fiscal deficits, financed by nonconcessional debt

IMF staff and Zambian authorities took stock of recent economic developments and the future outlook and prospects as part of the 2019 Article IV consultation; large fiscal deficits and rising debt service have resulted in domestic expenditure arrears, taking a toll on growth; discussions focused on policy options to lower debt-related…

Source: International Monetary Fund (IMF) |

Sustaining High Growth in Sub-Saharan Africa

Speech by Abebe Aemro Selassie, Director, African Department, IMF The London School of Economics, London, November 6, 2017

As prepared for Delivery Good evening. It is a pleasure to be with you all this evening and my thanks to the LSE and International Growth Centre for inviting me to speak. I would like to take this opportunity to set out the significant strides that have been achieved by…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Zambia

The near-term outlook for the economy has improved in recent months, driven by good rains and positive sentiments in the financial markets as evidenced by increased foreign investor participation in the government securities market

An International Monetary Fund (IMF) staff team led by Tsidi Tsikata visited Zambia during May 31-June 10, to continue discussions on the 2017 Article IV consultation and the authorities’ request for an IMF-supported program. At the end of the visit, Mr. Tsikata issued the following statement: “IMF staff and the…

Source: International Monetary Fund (IMF) |

IMF Hosts Conference on “Managing Capital Flows: Challenges for Developing Countries” in Zambia

The conference provided a forum for policy makers to share experiences on how best to reap the benefits from capital flows, while managing the risks

Participants agreed that capital flows to developing countries are generally beneficial—particularly in the current context of a much leaner environment—by providing an important source of financing for investments and by helping to maintain foreign exchange reserves. Participants agreed that (i) the composition of capital flows matters for financial stability and…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Zambia

The mission projects real GDP growth in Zambia to improve slightly from about 3 percent last year to 3.5 percent this year, reflecting good rains which are expected to boost agricultural output and domestic electricity generation

Fund staff and Zambian authorities made progress regarding economic program that could be supported by an IMF arrangement Economic growth is expected to improve slightly to 3.5 percent in 2017. Sustaining high inclusive growth in the future requires sound policies & reforms to improve competitiveness. IMF team welcomed the government’s fiscal…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Zambia

The Zambian economy continues to be under stress from the impact of external and domestic shocks and an unbalanced policy mix

At the invitation of the authorities, an International Monetary Fund (IMF) team led by Tsidi Tsikata visited Zambia during October 19-31 to help assess the current economic situation and provide policy advice to restore macroeconomic stability and promote broad-based economic growth. At the end of the mission, Mr. Tsikata issued…

Source: International Monetary Fund (IMF) |

Commodities, Rainfall, Instability Biggest Challenges —African Ministers

Rising inflation, drops in currency due to political instability Low commodity prices adding to fiscal pressures Help from international community “paramount” Low commodity prices, climate change, and insecurity are forcing many countries to make significant fiscal adjustments, African finance ministers said during the IMF-World Bank Spring Meetings in Washington D.C.…