By Ollus Ndomu
Zambia’s central government external debt rose by six percent to $15.43 billion as of December 2024, up from $14.57 billion the previous year, the Ministry of Finance and National Planning has announced.
Secretary to the Treasury Felix Nkulukusa attributed the increase to continued disbursements for social sector projects, primarily from multilateral institutions under the International Monetary Fund’s Extended Credit Facility.
Despite the rise in external obligations, Zambia’s overall Public and Publicly Guaranteed Debt Stock recorded a slight decline by the end of 2024. This, according to Nkulukusa, was driven by adjustments in both guaranteed and domestic debt.
Publicly guaranteed external debt dropped by 4 percent, standing at $1.36 billion in December 2024 compared to $1.41 billion the previous year.
Domestic debt also saw a marginal dip, declining by 1 percent to 229.37 billion Kwacha from 232.6 billion Kwacha in December 2023.
The figures were released during a town hall forum in Lusaka focused on Zambia’s 2025 first quarter budget and economic outlook.
Zambia, one of Africa’s most heavily indebted nations, has been seeking to manage its debt burden while still funding key development projects. The government continues to face pressure to strike a balance between debt sustainability and economic recovery.
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