IMF Expresses Concern at Zambia’s Debt

The International Monetary Fund (IMF) Executive Board has welcomed the recent monetary tightening measures by the Bank of Zambia (BoZ), after concluding its 2019 Article IV consultations with Zambia.

And the IMF has expressed concern at Zambia’s ballooning debt levels now standing at 78 per cent of the country’s gross domestic product (GDP).

Meanwhile, the report commended government’s efforts to deal with various risks in the economy.

IMF has commended BoZ’s actions in its report to have the recommendations of the 2017 Financial Sector Assessment Programme (FSAP) implemented, including strengthening its supervisory capacity and enhancing the crisis preparedness framework.

The report reveals that the Board underscored the important role for forward‑looking monetary policy in securing macroeconomic stability and supporting reserves, in conjunction with a reorientation of the fiscal stance.

IMF has however expressed concern about the total public and publicly-guaranteed (PPG) debt which includes arrears.

The Board has stated that at the end of 2018, the public debt and public guaranteed debt, which included arrears, stood at 78 percent of the national Gross Domestic Product(GDP).

The report has further highlighted that poor weather conditions and the USA-China trade war was having an effect on economic growth of the country.



  1. Clifford Banda

    With your guidance (IMF),we have hope our economy will improve. To our government, continue working hard as you have been always doing to improve our economy and lives.

  2. enock

    only Pan-Afracanism can solve our problems…. Africa as a whole

    • Francis

      Fiscal displine is a necessity at this juncture.public service works must exhibit high levels of honestness .our law enforcers must work according to their terms of reference those cited by auditor general must be prosecuted without any shield element from state House. Otherwise our country can slide into 3g shithole countries as referred by the might Mr Trump.

  3. Jms

    No one will remove Zambia from all its problems neither IMF nor any other organization now your strongnees will determine how you can solve your own issues these organizations are their to advise now you have to know why they have such views

  4. Lol

    Shame. IMF you have choked the world with debt and think you can fool us?

    • Tony

      The IMF are not fooling you, you are fooling yourseves.

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