Stuart Culverhouse Head of Sovereign & Fixed Income Research
May 1 2019
Zambia: IMF concludes Article IV mission, but no programme in sight
The IMF published a press statement last night following the conclusion of the long-awaited staff mission to conduct the 2019 Article IV consultation.
The statement notes the (still) difficult economic situation, with large fiscal deficits, rising debt service and pubic debt, the accumulation of domestic reserves, and low reserve coverage. Staff expect real GDP growth to slow to 2.3% this year, from 3.7% in 2018, due to weaker agricultural production caused by drought, although it does suggest medium-term growth prospects are brighter. Inflation, which is close to the upper band of the central bank's inflation target, is projected to rise over the course of 2019.
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