Zambia’s external debt at $4.2 billion

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Zambia’s external debt as at end of April, 2014, stood at US $4.2 Billion or 22% of GDP whilst domestic debt stood at K20 Billion or approximately 16.4 % of GDP.

 

Secretary to the Treasury Fredson Yamba in an update on public debt status says both external and domestic debt levels remain below the international thresholds of 40% and 25%, respectively.

Mr Yamba says for the period from January, 2014, total external debt service, principal plus interest payments now stands at US$52.2 Million of which US$2.6 Million is a payment made in April, 2014.

He says according to current projections, the total external debt falling due over the next 12 months stands at US$ 249 Million or 1.3% of GDP.

He says Government has continued to observe international standards of debt management; consistent with the commitment to maintain strong credit worthiness and safeguard macroeconomic stability.

Mr Yamba adds that for the period from January, 2014, total domestic debt service related to Government securities now stands at K3.2 Billion of which K544.6 Million is a payment made in April, 2014.

He states that according to current projections, the total domestic debt falling due over the next 12 months stands at K9.8 Billion or 8% of GDP.

And Mr Yamba says although the economy is steadily gliding out of turbulence, the Treasury is gravely concerned with reports of financial mis-representation in the private sector and the mining industry in particular.

He states that apart from specific actions which will be taken to correct erring players, government is confident that once the programme on monitoring the mineral value chain is fully functional, coupled with its commitments under the Extractive Industry Transparent Initiative [EITI], holes in the system will be plugged and the people of Zambia will begin to get the full value of their interest in natural resources.

QFM

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