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Zambia’s external debt fell by 5% to US$15.36 billion in the first half of 2026 from US$16.15 billion at the end of December 2025, as the government intensified efforts to strengthen debt sustainability and contain fiscal risks, Finance and National Planning Minister Situmbeko Musokotwane said on Friday.
Musokotwane confirmed the figures in a statement issued in Lusaka, saying the decline reflected Zambia’s shift from debt restructuring towards more proactive debt management.
“The decline comes as Zambia shifts from debt restructuring toward more proactive debt management, with emphasis on managing repayment obligations and reducing refinancing risks,” Musokotwane said.
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He said a stronger sovereign debt position was critical to preserving macroeconomic stability and creating greater fiscal space for development expenditure, including infrastructure and essential public services.
“The focus is now on “managing repayment obligations, reducing refinancing risks and meeting Government financing needs at the lowest sustainable cost over the medium to long term,” Musokotwane said.
He added that prudent debt management would remain central to safeguarding Zambia’s economic gains and supporting the Grow Zambia Agenda.
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