By 
Secretary to the Treasury, Felix Nkulukusa, has said Zambia’s pending debt resolution with the remaining private creditors is delaying a full upgrade in the country’s credit status.
According to Nkulukusa, Zambia would continue to be classified as in default by international credit rating agencies despite successfully restructuring 94 percent of its external debt.
The country’s external debt currently stands at US$15.7 billion.
Nkulukusa was speaking during a symposium on the 2026 national budget in Lusaka on Monday held at the Mulungushi International Conference Centre.
He added that the impact of excessive domestic borrowing between 2015 and 2021 was still being felt, with debt servicing costs limiting government spending in other priority sectors.
Read more: Zambia’s external debt rises to $15.17 billion by Q2, 2024; up by 4.1% from December, 2023
He stressed that the government’s priority was to conclude the external debt restructuring while relying on concessional borrowing to avoid adding further pressure.
“We will continue to engage our creditors in good faith,” he said.
Looking ahead, Nkulukusa projected that Zambia’s economy would outpace its regional peers, supported by rising mining output, restored debt sustainability, and ongoing reforms.
He noted that Gross Domestic Product (GDP) was expected to grow by 6.5 percent in 2027.
Meanwhile, Finance and National Planning Minister, Situmbeko Musokotwane, reaffirmed government’s commitment to driving investments that would accelerate economic growth and improve livelihoods.
“These investments do not come by accident,” Musokotwane said.
He said: “They are a result of correct policies and responsible behaviour from both government and citizens.”
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments