Zambia keeps more money at home

For many years, Zambia was carrying a debt bill that left less room in the national budget for spending on everything else. Ministry of Information and Media Director Spokesperson, Henry Kapata, says before restructuring, the country was facing external debt service of about…

For many years, Zambia was carrying a debt bill that left less room in the national budget for spending on everything else.

Ministry of Information and Media Director Spokesperson, Henry Kapata, says before restructuring, the country was facing external debt service of about 2.3 billion United States Dollars per year, which translates into roughly 192 million United States dollars every month.

Mr Kapata says after debt restructuring, the Treasury’s figure is about 900 million dollars a year, or about 75 million dollars a month.

He has told the media in Lusaka today that in June 2026, Zambia completed the buyback of its 1.36 billion US dollars bond due in 2053.

Mr Kapata said about 97.85 percent of the bond was tendered, and the remaining bonds were subsequently redeemed, thereby effectively retiring the entire issue.

He explained that the buyback reduced the face value of Zambia’s debt by about 1.36 billion dollars and replaced a costly commercial obligation with more favourable financing, including a 600 million dollars African Development Bank facility.