02347cas a2200241 a 4500 AALejournalIMF015826 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513509884 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Zambia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (107 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This 2019 Article IV Consultation with Zambia highlights that the development strategy has targeted a rapid scale-up of public investment to address infrastructure needs. Recent efforts to adjust the fiscal stance have delivered some improvement in revenues; however, deficits have continued to rise following faster-than-budgeted execution of foreign-financed capital spending. With the anticipated growth dividend yet to materialize, the debt burden has risen sharply, resulting in currency weakness and rising local borrowing costs that have further pushed up the interest bill. A large, frontloaded, and sustained fiscal effort is needed to bring debt down to safer levels. This should include a moratorium on contracting new external non-concessional borrowing, steps to raise revenues, halt the build-up of domestic expenditure arrears, and to better prioritize public investment projects. Decisive steps forward to build confidence and deliver meaningful fiscal adjustment will be essential. Appropriately tight monetary policy also has a role to play in securing stability. Reserves should be replenished over the medium term. Steady attention to the business environment is also needed to support private investment going forward. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/263 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/263/002.2019.issue-263-en.xml IMF e-Library