Zambia: Request for Three-Year Arrangement Under the Poverty Reduction and Growth Facility-Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Zambia

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 222

Publication date: July 2004

ISBN: 9781451841220

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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , wage arrears , government , SMP target , broad money growth , Zambian authorities , government operation , Debt relief , Poverty reduction , Budget planning and preparation , Debt service , Southern Africa , Global , Sub-Saharan Africa , East Africa

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Summary

This paper examines Zambia’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Through end-March, most of the key quantitative benchmarks and six of the eight structural benchmarks under the Staff-Monitored Program (SMP) were observed. The PRGF-supported program is based on a strong fiscal adjustment envisaged in the 2004 budget and a modest growth of reserve money. A sharp decline in domestic financing of the budget relies on expenditure restraint. Despite the adjustment, the government targets a significant increase in poverty-reducing spending.