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Zambia adopted a new constitution. General elections were held. Incumbent president Edgar Lungu of the Patriotic Front (PF) polled over the 50% needed for re-election but the results were challenged by the runner-up Hakainde Hichilema, candidate of the United Party for National Development (UPND). Post-electoral violence escalated in UPND strongholds. The PF secured a majority of parliamentary seats for the first time, while the first direct elections for mayors/council chairpersons revealed a clear balance between the PF and the UPND. The referendum on a new Bill of Rights failed. Lungu's international trips intensified with the strategic goals of attracting foreign investors and strengthening bilateral relations with key partners in Africa and the Middle East. Conditions for economic growth remained tough. The electricity supply deficit continued to affect households, mining activities and other business. The currency improved and copper prices increased. ; info:eu-repo/semantics/publishedVersion

Zambia became increasingly authoritarian under Patriotic Front (PF) President Edgar Lungu, who had been elected in a tightly contested presidential election in 2016. The runner-up, the United Party for National Development (UPND), engaged in a series of actions to challenge the validity of the results. The UPND saw 48 of its legislators suspended for boycotting Lungu's state of the nation address and its leader, Hakainde Hichilema, was arrested on charges of treason after his motorcade allegedly blocked Lungu's convoy. Independent media and civil society organisations were under pressure. A state of emergency was declared after several arson attacks. Lungu announced his intention to run in the 2021 elections and warned judges that blocking this would plunge the country into chaos. The economy performed better, underpinned by global economic recovery and higher demand for copper, the country's key export. Stronger performance in the agricultural and mining sectors and higher electricity generation also contributed to the recovery. The Zambian kwacha stabilised against the dollar and inflation stood within the target. The cost of living increased. The country's high risk of debt distress led the IMF to put off a $ 1.3 bn loan deal. China continued to play a pivotal role in Zambia's economic development trajectory. New bilateral cooperation agreements were signed with Southern African countries. ; info:eu-repo/semantics/publishedVersion

This year saw a continuation of the trend of democratic erosion in the country. The Patriotic Front (PF) government, headed by President Edgar Lungu, used selected laws and regulations to demobilise critical voices and institutions. The Constitution Amendment Bill aroused fierce contestation, with several sections of civil society claiming that it undermined basic democratic principles and urging the government to withdraw it. A series of by-elections triggered violence between the PF and the major opposition party, the United Party for National Development (UPND). Incumbent and opposition parties faced increased intra-party polarisation. China played a key role in financing the country's largest infrastructure projects despite mounting resentment against the country. New accords were signed with Russia, India, and Japan. Zambia opened a consulate in Dubai. The economy grew by only 2% due to the severe droughts which impacted electricity generation, agriculture production, mining outputs, and other sectors of activity. The IMF paid visits to the country and warned about the need for reduced external borrowing and sustained fiscal adjustment in order to improve macroeconomic performance. ; info:eu-repo/semantics/publishedVersion

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Reducing Debt-Related Vulnerabilities -- B. Strengthening PFM to Anchor Fiscal Sustainability -- C. Strengthened Debt Management and Market Development -- D. Enhancing Monetary Policy and Operations -- E. Securing Financial Stability -- F. Achieving Higher and More Inclusive Growth -- G. Capacity Building and Statistics -- STAFF APPRAISAL -- BOX -- 1. Impact of Drought and Other Climate-Related Shocks -- FIGURES -- 1. Recent Developments -- 2. Fiscal Developments -- 3. External Sector -- 4. Monetary & -- Financial Developments -- TABLES -- 1. Selected Economic Indicators, 2016-24 -- 2a. Fiscal Operations of the Budgetary Central Government, 2016-24 (Millions of kwacha -- 2b. Fiscal Operations of the Budgetary Central Government, 2016-24 (Percent of GDP) -- 3. Monetary Accounts, 2016-24 (Millions of kwacha) -- 4a. Balance of Payments, 2016-24 (Millions of U.S. dollars) -- 4b. Balance of Payments, 2016-24 (Percent of GDP) -- 5. Financial Soundness Indicators, 2008-18 (Percent) -- ANNEXES -- I. Main Recommendations of the 2017 Article IV Consultation and FSAP -- II. External Sector Assessment -- III. Risk Assessment Matrix -- IV. Macro-Financial Linkages -- V. Mining Sector -- VI. Institutions and Governance -- VII. Capacity Development Strategy Note -- CONTENTS -- FUND RELATIONS -- JOINT WORLD BANK-FUND WORK PROGRAM, 2019-20 -- STATISTICAL ISSUES.

Zambia's strong economic performance continues under the Extended Credit Facility arrangement. With a broadly unchanged macroeconomic outlook, the medium-term policy stance remains appropriate, but vigilance is warranted. The strengthening economy provides an opportunity for more rapid poverty reduction and employment creation. The fiscal program remains appropriate. As the government moves to tap the sovereign bond market, it will be important to strengthen debt and liquidity management capacity. Reforming the pricing and marketing system for maize remains critical. Executive Directors suppor

Edgar Lungu of the ruling Patriotic Front (PF) won the presidential by-elections by one of the narrowest margins ever against the runner-up, Hakainde Hichilema of the United Party for National Development (UPND). The elections were deemed free and fair, but levels of turnout reached a record low. Inonge Wina became the first female vice president and the PF was the major winner in the parliamentary by-elections. Parliament passed the Constitution of Zambia (Amendment) Bill, which changed the formula for winning presidential elections from a simple majority to 50% plus one. Eduard Lungu set himself an intensive travel programme to further and deepen bilateral relations with neighbouring countries in Southern Africa and with China. China remained a key investor, with important agreements reached in the technology, communications and transport sectors. Against falling copper prices, Zambia's currency continued to be devalued, the economy slowed down and unemployment increased in the mining sector. A new mining tax regime was approved. The electricity deficit rose dramatically, generating a severe power crisis, and electricity tariffs increased. The cost of living rose and only two out of the eight MDGs were attained.