Sovereign Analysis /
Zambia

Zambia: Budget delivers on key reforms but targets will be hard to achieve

  • 2022 budget targets ambitious consolidation from 10.4% of GDP deficit in 2021 to 6.7% deficit in 2022 (in cash terms)

  • Also includes key policy measures that could set IMF and creditor negotiations on a positive path

  • Budget is welcome step in right direction, but targets will be difficult to achieve; retain Sell on eurobonds

Zambia: Budget delivers on key reforms but targets will be hard to achieve
Patrick Curran
Tellimer Research
1 November 2021
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