Zambia - Public Finance Review : Strengthening Fiscal Governance for Transformative Public Sector Investments (English)

Table of Contents

• 1.4 Transforming how Zambia grows 29
• 1.2 From a mining boom to fiscal gloom – Zambia’s shifting drivers of growth 19
• 1.3 Nothing new under the sun – limitations of Zambia’s current model for achieving sustained and inclusive growth 23
• chapter 2 52
• 2.1 Zambian agriculture: High unrealized potential and declining productivity 39
• 2.2 Agronomic causes of declining agricultural productivity 44
• 2.3 The role of public policies and institutions in agricultural stagnation 49
• 2.4 Policy recommendations 59
• Annex 2. Underlying data and figures 65
• chapter 3 85
• 3.1 Harnessing Zambia’s private sector for better jobs 70
• 3.2 Exploring formal firms and jobs in Zambia 71
• 3.3 Falling labor productivity in the formal sector 78
• 3.4 What’s driving productivity decline? 86
• 3.5 Policy recommendations 93
• REFERENCES 142
• Acknowledgements 4
• Acronyms 6
• Executive Summary 8
• Recommendations 13
• CHAPTER 1 16
• Public Finance Developments, Challenges, and Opportunities 16
• 1.1 Introduction 17
• 1.2 Revenue 21
• 1.3 Expenditure 34
• 1.4 Recommendations and Fiscal Sustainability Implications 46
• chapter 2 52
• PUBLIC INVESTMENT MANAGEMENT 52
• 2.1 Introduction 55
• 2.2 Profile of Public Investments 56
• 2.3 PIM Institutional Challenges at the Central Level 62
• 2.5 Policy Recommendations 83
• STATE-OWNED ENTERPRISES 85
• 3.1 Introduction 87
• 3.2 SOE Landscape 88
• 3.3 Assessment of SOEs’ Fiscal Costs and Risks 92
• 3.4 Corporate Governance and Accountability 99
• 3.5 Policy Recommendations 108
• Annex 1A. Summary of Zambia’s Tax System 113
• Annex 2A. PIM Legal and Regulatory Framework 116
• Annex 2B. Review of Data Sources for Public Investment Budget and Expenditure 121
• Annex 2C. Local Established Committees to Support Central PIM Cycle 125
• Annex 2D. PIM Tasks and Information Produced by MOFNP Organizational Structure 129
• Annex 2E. Detailed PIM Policy Recommendations 131
• Annex 3A. SOE Ownership 135
• Annex 3B. SOE Data Availability and Coverage 137
• Annex 3C. Recent SOE Developments 139
• REFERENCES 142