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.