DOMESTIC DEBT INCREASES

The government says domestic debt increased from 53-point 3 billion kwacha in January, 2019 to 1-hundred and 98 billion Kwacha at the end of 2021.

Government attributes the rise in domestic debt to increasing recourse to domestic financing; impeded by high debt levels and debt servicing requirements that resulted in the debt standstill from October 2020 amidst reduced fiscal space.

This is according to the latest White paper published by the Ministry of Finance.

On foreign debt, the government says the debt as at September 2021 now stands at 12-point 99 billion dollars.

The government says commercial debt accounts for 45 percent while multilateral and bilateral debt accounts for 24 percent and 30 percent.

Meanwhile, the government’s stock of publicly guaranteed external debt was 1-point 5 billion United States dollars as at end September 2021.

The bulk of the guaranteed debt relates to the state-owned power utility company, ZESCO Limited.

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