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TitleToward Stability and Growth: A Review of Pillar I & II of Zambia’s Economic Stabilisation and Growth Programme 2017-2019
AuthorBanda-Muleya, Florence; Nalishebo, Shebo; Kalikeka, Mbewe ; Mungomba, Nakubyana; Masilokwa, Ignatious; Cheelo, Caesar
SubjectEconomic Growth
Date of Publication201906
PublisherZambia Institute for Policy Analysis and Research (ZIPAR)
Number of Pages36 pages
Geographical CoverageZambia
KeywordsEconomic Stabilisation, Budget Credibility, Fiscal deficit and financing, Food Reserve Agency, Domestic Resource Mobilisation
AbstractThe economic crisis of 2015 destabilised Zambia’s economic performance. The depreciation of the Kwacha and its pass-through effects led to inflation of as high as 22% and growth, at 2.9%, was far below the 5% target. The overall Budget deviation was 15% of Parliamentary appropriations in 2015, disrupting planned activities and attainment of set macroeconomic objectives. There were huge variations between what the consequent national Budgets committed to do and what they actually did. To fix this and nudge the country back towards high sustained economic growth, the Economic Stabilisation and Growth Programme (ESGP) was crafted in 2017. The five-pillar plan aimed to ensure prudent fiscal management by providing a system of accountability and a standard against which results could be measured, among other things. The aim of this paper is to review the ESGP, particularly, its performance in 2018. The paper sets out to understand how well Zambia faired in implementing the ESGP as well as to highlight the broader fiscal trends recently. It ultimately seeks to make recommendations about how Zambia can revive its path to economic stability and growth. The paper focuses tightly on the first two pillars of the ESGP, i.e. (i) restoring budget credibility; and (ii) enhancing domestic resource mobilisation and refocusing public expenditure. The remaining three pillars are slated to be reviewed in the second half of 2019.
Copyright HolderZambia Institute for Policy Analysis and Research (ZIPAR)
Copyright URL
Filesize941376 MB
File FormatPDF
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