Obbligazione Zambie 8.5% ( XS1056386714 ) in USD

Zambie

100 USD ▲

Zambia

XS1056386714 ( in USD )

8.5% per anno ( pagato 2 volte l'anno)

13/04/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Zambia XS1056386714 in USD 8.5%, scaduta

200 000 USD

1 000 000 000 USD

La Zambia è uno stato dell'Africa australe ricco di risorse naturali, tra cui rame, cobalto e acqua, con una biodiversità significativa e un'economia in via di sviluppo.

Si è conclusa con successo l'emissione obbligazionaria con codice ISIN XS1056386714, emessa dalla Repubblica dello Zambia, che ha raggiunto la sua scadenza il 13 aprile 2024 ed è stata integralmente rimborsata agli investitori al 100% del suo valore nominale. La Repubblica dello Zambia, nazione dell'Africa meridionale con Lusaka come capitale e principale risorsa economica nelle esportazioni di rame, è storicamente un paese emergente che ha affrontato complesse sfide legate al debito sovrano, rendendo il regolare adempimento di questa obbligazione un segnale significativo nel contesto della gestione del suo profilo finanziario. Questa specifica obbligazione, denominata in Dollari Statunitensi (USD), presentava un tasso di interesse fisso dell'8.5% e prevedeva pagamenti semi-annuali delle cedole, con una frequenza di due volte all'anno. L'ammontare totale dell'emissione era di 1.000.000.000 USD (un miliardo di dollari), con un lotto minimo di acquisto fissato a 200.000 USD, indicando un target di investitori istituzionali o ad alto patrimonio netto. Il rimborso di questo bond a scadenza, nonostante le recenti vicende di ristrutturazione del debito sovrano del paese, sottolinea la volontà dello Zambia di onorare i propri impegni finanziari.

IMPORTANT
You must read the following before continuing. The following applies to the Prospectus following this
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controls any such persons, or any of their respective directors, officers, employees, agents or affiliates accepts

any liability or responsibility whatsoever in respect of any difference between the Prospectus distributed to
you in electronic format and the hard copy version available to you on request from Barclays Bank PLC or
Deutsche Bank AG, London Branch.

THE REPUBLIC OF ZAMBIA
US$1,000,000,000
8.500 per cent. Notes due 2024
Issue Price: 99.174 per cent.
The issue price of the US$1,000,000,000 8.500 per cent. Notes due 2024 (the "Notes") of the Minister of Finance acting for and on behalf of
the Republic of Zambia ("Zambia" or the "Issuer") is 99.174 per cent. of their principal amount. Unless previously redeemed or cancelled,
the Notes will be redeemed at their principal amount on 14 April 2024.
The Notes will bear interest from 14 April 2014 at the rate of 8.500 per cent. per annum payable semi-annually in arrear on 14 April and 14
October in each year commencing on 14 October 2014. Payments on the Notes will be made in US dollars without deduction for or on
account of taxes imposed or levied by the Republic of Zambia to the extent described under "Terms and Conditions of the NotesTaxation".
This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the "FCA"), which is the United Kingdom
competent authority for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and relevant implementing
measures in the United Kingdom as a prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in
the United Kingdom for the purpose of giving information with regard to the issue of the Notes. Applications have been made for the Notes
to be admitted to listing on the Official List of the FCA and to trading on the Regulated Market of the London Stock Exchange plc (the
"London Stock Exchange"). The Regulated Market of the London Stock Exchange is a regulated market for the purposes of Directive
2004/39/EC on markets in financial instruments.
The Notes are expected to be rated B by Fitch Ratings Ltd ("Fitch") and B+ by Standard & Poor's Credit Market Services Europe Limited
("Standard & Poor's"). A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or
withdrawal at any time by the assigning rating organisation. Each of Fitch and Standard & Poor's is established in the European Union and
registered under Regulation (EC) no 1060/2009 (the "CRA Regulation"). A security rating is not a recommendation to buy, sell or hold
securities and may be subject to suspension, reduction, or withdrawal at any time by the assigning rating agency.
AN INVESTMENT IN THE NOTES INVOLVES CERTAIN RISKS. PROSPECTIVE INVESTORS SHOULD CONSIDER THE
FACTORS DESCRIBED IN "RISK FACTORS" BEGINNING ON PAGE 8.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act")
or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold
within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act and in compliance with any applicable state securities laws. Accordingly, the Notes are being offered, sold or
delivered: (a) in the United States only to qualified institutional buyers ("QIBs") (as defined in Rule 144A under the Securities Act
("Rule 144A")) in reliance on, and in compliance with, Rule 144A ("Rule 144A Notes"); and (b) outside the United States in offshore
transactions in reliance on Regulation S under the Securities Act ("Regulation S") ("Regulation S Notes"). Each purchaser of the
Notes will be deemed to have made the representations described in "Subscription and Sale" and is hereby notified that the offer and
sale of Notes to it is being made in reliance on the exemption from the registration requirements of the Securities Act provided by
Rule 144A. In addition, until 40 days after the commencement of the offering, an offer or sale of any of the Notes within the
United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities
Act if the offer or sale is made otherwise than in accordance with Rule 144A.
Neither the Prospectus nor the Notes are required to be registered or cleared under the regulations of the Zambian Securities and Exchange
Commission (the "Zambian SEC").
The Notes will initially be represented by two global certificates in registered form (the "Global Certificates"), one of which will be issued
in respect of the Notes offered and sold in reliance on Rule 144A (the "Restricted Global Certificate") and will be registered in the name
of Cede & Co., as nominee for The Depository Trust Company ("DTC") and the other of which will be issued in respect of the Notes
offered and sold in reliance on Regulation S (the "Unrestricted Global Certificate") and will be registered in the name of a nominee of a
common depositary for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg").
It is expected that delivery of the Global Certificates will be made on 14 April 2014 or such later date as may be agreed (the "Closing
Date") by the Issuer and the Joint Lead Managers (as defined under "Subscription and Sale").

BARCLAYS
JOINT LEAD MANAGER
DEUTSCHE BANK
AND

JOINT BOOKRUNNERS
8 April 2014

RESPONSIBILITY STATEMENT
The Issuer accepts responsibility for the information contained in this Prospectus and declares that,
having taken all reasonable care to ensure that such is the case, the information contained in this
Prospectus to the best of its knowledge is in accordance with the facts and does not omit anything
likely to affect the import of such information.
To the best of the knowledge and belief of the Issuer, having taken all reasonable care and made all
reasonable enquiries to ensure that such is the case, this Prospectus contains all information regarding
the Issuer and the Notes which is (in the context of the issue of the Notes) material; such information
is true and accurate in all material respects and is not misleading in any material respect; any
opinions, predictions or intentions expressed in this Prospectus on the part of the Issuer are honestly
held or made and are not misleading in any material respect; this Prospectus does not omit to state any
material fact necessary to make such information, opinions, predictions or intentions (in such context)
not misleading in any material respect; and all proper enquiries have been made to ascertain and to
verify the foregoing.
The Issuer has not authorised the making or provision of any representation or information regarding
the Issuer or the Notes other than as contained in this Prospectus or as approved for such purpose by
the Issuer. Any such representation or information should not be relied upon as having been
authorised by the Issuer or the Joint Lead Managers or any of their respective affiliates.
None of the Joint Lead Managers or any of their respective affiliates have independently verified or
authorised the whole or any part of the information contained herein. Accordingly no representation,
warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by
the Joint Lead Managers or their respective affiliates as to the accuracy or the completeness of the
information contained in this Prospectus or any other information provided by the Issuer in
connection with the Notes. No Joint Lead Manager or its respective affiliates accepts any liability in
relation to the information contained or incorporated by reference in this Prospectus or in any other
information provided by the Issuer in connection with the offering of the Notes or their distribution.
IMPORTANT NOTICES
Neither this Prospectus nor any other information supplied in connection with the offering of the
Notes constitutes an offer of, or an invitation to subscribe for or purchase, any Notes.
Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any
circumstances create any implication that there has been no adverse change, or any event reasonably
likely to involve any adverse change, in the condition (financial or otherwise) of the Issuer since the
date of this Prospectus, or that the information contained herein concerning the Issuer is correct at any
time subsequent to the date hereof, or that any other information supplied in connection with the
offering, sale or delivery of Notes is correct as of any time subsequent to the date indicated in the
document containing the same. The Joint Lead Managers and their respective affiliates expressly do
not undertake to review the financial condition or affairs of the Issuer during the life of the Notes nor
to advise any investor in the Notes of any information coming to their attention.
The distribution of this Prospectus and the offering, sale and delivery of Notes in certain jurisdictions
may be restricted by law. Persons into whose possession this Prospectus comes are required by the
Issuer and the Joint Lead Managers to inform themselves about and to observe any such restrictions.
For a description of certain restrictions on offers, sales and deliveries of Notes and on distribution of
this Prospectus and other offering material relating to the Notes, see "Subscription and Sale".
Generally, investment in emerging markets such as Zambia is only suitable for sophisticated investors
who fully appreciate the significance of the risks involved in, and are familiar with, investing in
emerging markets. Investors are urged to consult their own legal and financial advisers before
making an investment. Such risks include, but are not limited to, higher volatility and more limited
liquidity in respect of the Notes, a narrow export base, budget deficits, lack of adequate infrastructure

(ii)

necessary to accelerate economic growth and changes in the political and economic environment.
Emerging markets can also experience more instances of corruption by government officials and
misuse of public funds than do more mature markets, which could affect the ability of governments to
meet their obligations under issued securities.
Investors should also note that emerging markets such as Zambia are subject to rapid change and that
the information set out in this Prospectus may become outdated relatively quickly.
Each potential investor in the Notes must determine the suitability of that investment in light of its
own circumstances. In particular, each potential investor should:
·
have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the
merits and risks of investing in the Notes and the information contained in this Prospectus or
any applicable supplement;
·
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have
on its overall investment portfolio;
·
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Notes, including where the currency for principal or interest payments is different from the
potential investor's currency;
·
understand thoroughly the terms of the Notes and be familiar with the behaviour of any
relevant financial markets; and
·
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear
the applicable risks.
In this Prospectus, unless otherwise specified, references to a "Member State" are references to a
Member State of the European Economic Area, references to "US$", "US dollars" or "dollars" are to
United States dollars, references to "EUR" or "euro" are to the currency introduced at the start of the
third stage of European economic and monetary union, and as defined in Article 2 of Council
Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, as amended, references to
"K", "Kwacha" or "ZMW" are to the rebased Zambian kwacha, references to £ or to Pound Sterling
are to Great British Pounds and references to "RMB" are to the official currency of the People's
Republic of China. References to "billions" are to thousands of millions.
In connection with the issue of the Notes, Barclays Bank PLC (the "Stabilising Manager") (or
persons acting on behalf of the Stabilising Manager) may over allot Notes or effect transactions
with a view to supporting the price of the Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons
acting on behalf of the Stabilising Manager) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the Notes is made and, if begun, may be ended at any time, but it must end
no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of
the allotment of the Notes. Any stabilisation action or over-allotment must be conducted by the
Stabilising Manager (or persons acting on behalf of the Stabilising Manager) in accordance with
all applicable laws and rules.
NOTICE TO PROSPECTIVE UNITED STATES INVESTORS
The Notes have not been approved or disapproved by the United States Securities and Exchange
Commission or any other securities commission, any state securities commission in the
United States or any other regulatory authority in the United States, nor have the foregoing
authorities reviewed or passed upon or endorsed the merits of the offering of the Notes or the

(iii)

accuracy or the adequacy of this Prospectus. Any representation to the contrary is a criminal
offence in the United States.
This offering is being made in the United States in reliance upon an exemption from registration
under the Securities Act for an offer and sale of the Notes which does not involve a public offering.
Each purchaser or holder of interests in the Notes will be deemed, by its acceptance or purchase of
any such Notes, to have made certain acknowledgements, representations and agreements as set out in
"Subscription and Sale" and "Transfer Restrictions".
This Prospectus is being furnished on a confidential basis in the United States to a limited number of
QIBs for informational use solely in connection with the consideration of the purchase of the Notes.
This Prospectus is being furnished only (1) to a limited number of investors in the United States only
to persons reasonably believed to be QIBs and (2) to investors outside the United States. Any
reproduction or distribution of this Prospectus, in whole or in part, in the United States and any
disclosure of their contents or use of any information herein or therein in the United States for any
purpose, other than in considering an investment by the recipient in the Notes, is prohibited. Each
potential investor in the Notes, by accepting delivery of this Prospectus agrees to the foregoing.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION
FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW
HAMPSHIRE REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS
LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE
SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER
CHAPTER 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH
FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A
SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS
PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR
TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Prospectus, as well as written and oral statements that the
Issuer and its representatives make from time to time in reports, filings, news releases, conferences,
teleconferences, web postings or otherwise, are or may be deemed to be forward-looking statements.
Statements that are not historical facts, including, without limitation, statements about the Issuer's
beliefs and expectations, are forward-looking statements. These statements are based on current
plans, objectives, assumptions, estimates and projections. When used in this Prospectus, the words
"anticipates", "estimates", "expects", "believes", "intends", "plans", "aims", "seeks", "may", "will",
"should" and similar expressions generally identify forward-looking statements but are not the
exclusive means of identifying such statements. Therefore, undue reliance should not be placed on
them. The Issuer has based these forward-looking statements on its current view with respect to
future events and financial results.
Forward-looking statements speak only as of the date on which they are made and the Issuer
undertakes no obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. Forward-looking statements
include, but are not limited to: (i) plans with respect to the implementation of economic policy,
including privatisations, and the pace of economic and legal reforms; (ii) expectations about the
behaviour of the economy if certain economic policies are implemented; (iii) the outlook for gross
domestic product, inflation, exchange rates, interest rates, foreign investment, trade and fiscal
accounts; and (iv) estimates of external debt repayment and debt service.

(iv)

The Issuer cautions that a number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. The information contained in this Prospectus
identifies important factors that could cause such differences, including, but not limited, to the
following adverse external factors, such as:
·
changes in international commodity prices, particularly copper and copper products, foreign
exchange rates or prevailing interest rates, which could adversely affect Zambia's balance of
payments and external reserves;
·
recession, political unrest or low economic growth in Zambia's trading partners or, in the
event that Zambia increases its reliance on external borrowings, changes in the terms on
which international financial institutions provide financial assistance to Zambia or fund new
or existing projects, which could decrease exports, adversely affect Zambia's economy and,
indirectly, reduce tax and other public sector revenues, so adversely affecting Zambia's
budget; or
·
adverse events in other emerging market countries, which could dampen foreign investment
or adversely affect the trading price of the Notes.
and the following adverse domestic factors, such as:
·
any failure to continue to implement reforms in particular industries or economic sectors;
·
changes in the economic or other policies, including monetary policy applicable in Zambia,
which could affect inflation, growth rates and/or other aspects of the Zambian economy;
·
a decline in foreign direct investment, increases in domestic inflation, high domestic interest
rates, exchange rate volatility or an increase in the level of domestic and external debt, which
could lead to lower economic growth, a decrease in Zambia's revenues or an increase in debt
service requirements;
·
socio-economic factors in Zambia such as poverty, unemployment, income inequality and
health-related issues, which could affect political stability;
·
any deterioration in investor perceptions; and
·
the ability of Zambia to adequately address its infrastructure deficiencies, such as those in the
transport and energy sectors, which may affect its ability to achieve the desired growth in the
mining sector and negatively impact the pace of economic growth.
The sections of this Prospectus entitled "Risk Factors", "The Republic of Zambia" and "The
Economy" contain a more complete discussion of the factors that could adversely affect the Issuer. In
light of these risks, uncertainties and assumptions, the forward-looking events described in this
Prospectus may not occur. The Issuer does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise, except
as may be required by law or applicable regulations. All subsequent written and oral forward-looking
statements attributable to the Issuer or to persons acting on its behalf are expressly qualified in their
entirety by the cautionary statements referred to above and contained elsewhere in this Prospectus.
EXCHANGE RATE HISTORY
The Zambian kwacha has been selected as the functional and presentation currency for the purpose of
this Prospectus, as the majority of Zambia's operations are denominated, measured, or funded in
Zambian kwacha.
The following table sets forth, for the periods indicated, the high, low, average and year end official
rates set by the central bank of Zambia (the "Bank of Zambia"), established pursuant to the Bank of
Zambia Act No. 43 of 1996 (the "Bank of Zambia Act"), in each case for the purchase of the

(v)

Zambian kwacha, all expressed per US dollar. These translations should not be construed as
representations that Zambian kwacha amounts actually represent such US dollar amounts or could be
converted into US dollars at the rate indicated as of any of the dates mentioned in this Prospectus or at
all.

Period End
Average(1)
High
Low

(Zambian kwacha/US dollar)
Month

January 2014 ..................................................................................
5.58
5.53
5.58
5.49
February 2014 ................................................................................
5.81
5.69
5.81
5.58

Period End
Average(1)
High
Low

(Zambian kwacha/US dollar)
Year

2008 ................................................................................................
4.83
3.82
5.19
3.18
2009 ................................................................................................
4.64
5.06
5.73
4.60
2010 ................................................................................................
4.80
4.83
5.22
4.41
2011 ................................................................................................
5.12
4.86
5.14
4.69
2012 ................................................................................................
5.14
5.15
5.34
4.70
2013 ................................................................................................
5.41
5.39
5.60
5.15
____________
Source: Bank of Zambia
(1) The average rate is calculated based on the rate on each business day of the month for monthly averages, and on the last
business day of each month for annual averages.
The following graph sets out the real effective exchange rate ("REER") against the copper price for
the periods indicated. Zambia's REER is calculated using the US dollar, Pound Sterling, Euro,
Chinese Renminbi, Swiss Franc and South African Rand.
10000
3
9000
3.5
8000
7000
4
6000
MT
5000
4.5
D/
US
4000
ZMW/USD
5
3000
2000
5.5
1000
0
6
7
8
9
9
1
2
3
-0
-08
-09
-11
-1
-13
-14
n-07
r-0
p
b
l-0
c-0
t-10
r-1
g
n-12
r-1
p
b
Ja
Jun-07
Ju
Nov
Ap
Se
Fe
De
Ja
May-10
Oc
Ma
Au
Jun-12
Nov
Ap
Se
Fe
Copper price (Left Axis)
ZMW/USD (Right Axis)

____________
Source: Bank of Zambia

(vi)

The following graph sets out the exchange rate against the copper price for the periods indicated.
10000
3
9000
3.5
8000
7000
4
6000
T
D
/M 5000
4.5
USD 4000
5
ZMW/US
3000
2000
5.5
1000
0
6
7
7
7
8
8
8
9
9
9
0
0
0
1
1
1
2
2
2
3
3
3
0
0
0
1
1
1
1
n-07
r-0
n-08
r-0
n-09
r-0
n-10
r-1
n-11
r-1
n-12
r-1
n-13
r-1
n-14
Ja
Ap
Jul-
Oct-0
Ja
Ap
Jul-
Oct-0
Ja
Ap
Jul-
Oct-0
Ja
Ap
Jul-
Oct-1
Ja
Ap
Jul-
Oct-1
Ja
Ap
Jul-
Oct-1
Ja
Ap
Jul-
Oct-1
Ja
Copper price (Left Axis)
ZMW/USD (Right Axis)

____________
Source: Bank of Zambia

PRESENTATION OF ECONOMIC AND OTHER INFORMATION
Certain figures included in this Prospectus have been subject to rounding adjustments; accordingly,
figures shown for the same category presented in different tables may vary slightly and figures shown
as totals in certain tables may not be the sum of the figures which precede them. Statistical
information reported herein has been derived from official publications of, and information supplied
by, a number of agencies and ministries of the Issuer including the Bank of Zambia, the Ministry of
Finance and the Central Statistics Office. Some statistical information has also been derived from
information publicly made available by third parties such as the International Monetary Fund (the
"IMF"), the International Bank for Reconstruction and Development (the "World Bank") and other
third parties. Where such third party information has been so sourced the source is stated where it
appears in this Prospectus. The Issuer confirms that such information has been accurately reproduced
and that, so far as it is aware, and is able to ascertain from information published by such third parties,
no facts have been omitted which would render the reproduced information inaccurate or misleading.
Similar statistics may be obtainable from other sources, but the underlying assumptions, methodology
and, consequently, the resulting data may vary from source to source. In addition, statistics and data
published by a ministry or an agency of the Issuer may differ from similar statistics and data produced
by other agencies or ministries due to differing underlying assumptions or methodology. Certain
historical statistical information contained herein is based on estimates that the Issuer and/or its
agencies believe to be based on reasonable assumptions. The Issuer's official financial and economic
statistics for previous periods are subject to review as part of a regular confirmation process.
Accordingly, financial and economic information for previous periods may be subsequently adjusted
or revised and may differ from previously published financial and economic information. In
particular, certain estimates of financial and statistical information as at and for the year ended
31 December 2013 in this Prospectus may be preliminary estimates that are expected to be finally
determined in the second quarter of 2014. While the government of the Republic of Zambia (the

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"Government") does not expect revisions to be material, no assurance can be given that material
changes will not be made.
Exchange rates used for import expenditures referenced in this Prospectus are based on the relevant
monthly average interbank rate as published by the Bank of Zambia.
References to gross domestic product ("GDP") are to nominal GDP unless indicated otherwise.
The Government approved the Bank of Zambia's recommendation to rebase the Kwacha from 1
January 2013 with each unit of the currency under the new system equivalent to 1,000 units under the
old system. References to "K", "Kwacha" or "ZMW" are therefore to the rebased Zambian kwacha.
Zambia participates in the IMF's General Data Dissemination System ("GDDS"), which is designed
to guide all member countries in the provision of their economic and financial data to the public. Data
covered includes the real, fiscal, financial and the external sectors as well as socio-demographic data.
By participating in the GDDS Zambia has undertaken to:
·
use the GDDS as a framework for statistical development;
·
designate a country coordinator; and
·
provide metadata to the IMF describing the current practices and plans for short- and
long-term improvements in these practices.
A summary of the methodology under which Zambia prepares its metadata is found on the internet
under the IMF's Dissemination Standards Bulletin Board. Zambia's metadata may be found on the
IMF's website at www.imf.org.
Websites included in this Prospectus and information therein do not form part of this Prospectus.

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