IMF Staff Country Reports

Zambia: 2025 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia

August 5, 2025

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Format: Chicago

International Monetary Fund. African Dept. "Zambia: 2025 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia", IMF Staff Country Reports 2025, 225 (2025), accessed August 7, 2025, https://doi.org/10.5089/9798229019378.002

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Summary

Zambia’s economy has stabilized, with average per capita income growth of about 2 percent over 2022–24, supported by continued reform efforts. Inflationary pressures are gradually subsiding. In 2024, real GDP growth is estimated at 4 percent—well above earlier projections—underpinned by stronger mining and services performance and prioritizing electricity access to productive sectors. The authorities’ commitment to reform is yielding dividends: macroeconomic stability is improving, fiscal consolidation is progressing, and reserve buffers are strengthening. However, poverty and inequality remain high, and the economic outlook is vulnerable to external shocks, climate events, and domestic political pressures ahead of the 2026 elections.

Subject: Arrears, Debt service, Debt sustainability, Debt sustainability analysis, Expenditure, External debt, Fiscal policy, Fiscal stance, Government debt management, Public debt, Public financial management (PFM)

Keywords: Arrears, Debt service, Debt sustainability, Debt sustainability analysis, Fiscal stance, Government debt management, Revenue administration

Publication Details

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