Zambia: 2013 Article IV Consultation

January 9, 2014

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Zambia: 2013 Article IV Consultation, (USA: International Monetary Fund, 2014) accessed December 23, 2024

Summary

This Information Annex highlights that safeguards assessments of the Bank of Zambia (BoZ) were completed in June 2004, January 2009, and October 2010. The 2009 assessment concluded that the bank had adequate safeguards in several areas, but confirmed the existence of certain vulnerabilities in the BoZ’s legal framework and financial reporting. The 2010 update report concluded that the BoZ had made progress in implementing safeguards recommendations. The IMF staff noted improvements in the internal audit and internal control mechanisms. Weak statutory independence remains a substantive safeguards concern. Further, Zambia continues to maintain an exchange restriction, which is subject to IMF approval under Article VIII, arising from limitations imposed by the government on access to foreign exchange for the making of payments and transfers for current international transactions.

Subject: Budget planning and preparation, External debt, Government debt management, Public debt, Public financial management (PFM)

Keywords: Budget planning and preparation, CR, Credit growth, Current account, Debt, Debt management strategy, Global, Government creditor, Government debt management, ISCR, Real GDP, Reform plan, Sub-Saharan Africa, Zambian authorities

Publication Details

Pages:

86
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/005
Stock No:

1ZMBEA2014001
ISBN:

9781484340554
ISSN:

1934-7685

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