Zambia’s external debt has swelled to over USD 2 billion following Zambia’s hugely successful Eurobond issue.
Ministry of Finance Acting Director for Investments and Debt Management Fortune Kamusaki told Journalists in Lusaka that the USD 750 million bond forms part of the already existing USD 1.5 billion external debt.
Dr. Kamusaki explained that the external debt is mainly made up of concessional and non-concessional loans.
He however assured that Zambia’s foreign debt stock remains highly sustainable obtained a huge debt relief under HIPC.
Dr. Kamusaki noted that the Zambian government has been prudent in its borrowing and there is no risk that the country could slip back into a debt trap.
Dr. Kamusaki said the foreign debt stock has been building up steadily from the time the country got debt relief under HIPC .