Zambia: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria, and Financing Assurances Review

International Monetary Fund

No 2010/208, IMF Staff Country Reports from International Monetary Fund

Abstract: Zambia’s strong performance continues under the Extended Credit Facility-supported program. All but one of the quantitative performance criteria were met, and structural reforms are progressing. In the aftermath of exchange rate and copper price fluctuations, the financial sector’s recovery has been slow. The main macroeconomic policy challenge in future is to increase growth further by creating fiscal space for expenditures that would enhance economic diversification and reduce Zambia’s dependence on copper exports. Monetary policy appropriately targets a further reduction in underlying inflation.

Keywords: ISCR; CR; ECF augmentation; equivalent; restructuring debt management operations; SDR; cost-recovery tariff; IMF staff estimate; revenue performance; loan pledge; Credit; Real effective exchange rates; Capital spending; Inflation; International reserves; Global (search for similar items in EconPapers)
Pages: 60
Date: 2010-07-13
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