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International Monetary Fund

This Selected Issues paper analyzes sources of growth in Zambia. It assesses domestic debt dynamics and expenditure composition under two scenarios: first, the execution of the fiscal adjustment envisaged in the 2004 budget and in the medium-term framework; and second, the continuation of recent trends. The paper assesses movements in the external value of the kwacha using a number of different approaches. It also looks at developments in the real exchange rate and in differentials in rates of return on financial assets in Zambia and key financial centers.

Mr. Robert A Feldman and Mr. Vincent Reinhart
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
International Monetary Fund. Secretary's Department


The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Lyndon B. Johnson


It is a great pleasure to meet with you, the leaders of international finance, and to bid you Godspeed on your labors for another year.

Pierre-Paul Schweitzer


I should like to begin my remarks by expressing my thanks to the President of the United States for honoring us with his presence this morning, for the gracious words he has spoken on the work of our institutions, and for the encouragement he has given to our future efforts.