Sunday, July 14, 2024

Zambia is not hiding its debts-Mwanakatwe



Finance Minister Margaret Mwanakatwe has strongly denied assertions that the Zambian government is hiding the true extent of the country’s debt stock.

In a statement, Mrs Mwanakatwe maintained that Zambia’s external debt was US$8.7 billion while domestic debt stood at K48.4 billion and domestic arrears were at K12.7 billion as at December 2017.

Mrs Mwanakatwe said members of the public or any creditor who feels that debt stock has been under reported are encouraged to submit verified and audited information to the Ministry of Finance.

On Chinese loans, Mrs Mwanakatwe stressed that the issue of Chinese debt has been grossly misrepresented by some members of the public.

She said Zambia has contracted both concessional and commercial debt from China and that the country has never defaulted on any of the Chinese debts.

“Restructuring is an option that is open to us and will be undertaken as and when the need arises. We cannot foretell market conditions in the period 2021 to 2027, however, we are keen to put in place a more robust and smoothened cash flow in our debt sustainability strategy,” Mrs Mwanakatwe said.

Below is the full statement from Mrs Mwanakatwe



We would like to reaffirm that following the recent exercise in reconciling and updating our debt information, Zambia’s debt stock as at end December, 2017, is as follows:

1) External Debt was US$8.7 billion;

2) Domestic Debt was K48.4 billion; and;

3) Domestic arrears stood at K12.7 billion.

As Government, these are the loans that we have contracted. To this extent, we wish to state that every contracted loan is published in the Government’s Mid-Year and Annual Economic Reports that are laid before the National Assembly as required by law. The Economic Reports are widely distributed both to our electronic and print media audiences.

The 2017 Annual Economic Report has been published and can be accessed on the Ministry of Finance website [] and data portal. The report contains creditor by creditor numbers.

Members of the public or any creditor who feels that debt stock has been under reported are encouraged to submit verified and audited information to the Ministry of Finance.

All of Zambia’s debt payments are provided for in the audited Financial Report and cross checked against debts in the data base. The information is also laid before the National Assembly as required by law.

We have no incentive as Government to engage in debt misreporting to the National Assembly and the public as such an act has adverse legal implications.

We appeal to stakeholders to resist the temptation of transforming feelings and perceptions into unverified, unaudited, and speculative information which has the devastating effect of eroding confidence in the economy.


There have been insinuations in some quarters that the IMF requested the Zambian Government to carry out an independent audit of its debt. WE ARE NOT AWARE OF SUCH A REQUEST. Suffice to say, WE HAVE NEVER BEEN REQUESTED BY ANY ENTITY, INCLUDING THE IMF, TO CONDUCT SUCH AN EXERCISE.

We have been conducting Debt Sustainability Analysis [DSA] exercises annually and this is done with credible international partners, including the IMF, World Bank, and the Macroeconomic and Financial Management Institute [MEFMI] of Eastern and Southern Africa. The last DSA was conducted with the full participation of IMF and published in August 2017. Government is currently finalizing the 2018 DSA.

We appeal to members of the public that may not be clear with economic data and information to ALWAYS CONTACT THE MINISTRY OF FINANCE and obtain clarity to ensure balanced, factual, and credible reporting. On our part we will continue with stakeholder engagements on a regular basis to provide factual information and avoid speculation.


Our engagement with the IMF has been based on the home grown Economic Stabilisation and Growth Programme. Key among others is the development and implementation of the Medium-Term Debt Strategy. The strategy defines a sustainable debt management path.

Going forward, we will continue to engage the IMF on various reforms including debt management.

We will engage the IMF on similar lines as we have done on policy and structural reforms with a view to agreeing on a path that reduces Zambia debt levels from a high risk of debt distress to a moderate and then low risk of debt distress over the medium to long term.

The Debt Sustainability Analysis that the Government is currently conducting is an important part of this engagement. This is an annual exercise whose results will inform us of alterations to the strategy, if any. The results will be shared with our cooperating partners.

We also wish to state that we will continue to strengthen the process of debt contraction in the context of broader public financial management reforms. These reforms are being supported by various cooperating partners.

We will also continue to implement the home grown Economic Stabilisation and Growth Programme. This is an official Government assurance.


A competent team of officials from the Ministry of Finance and Bank of Zambia are working on modalities of handling Eurobond obligations when they fall due. ZAMBIA HAS NOT DEFAULTED ON ANY OF THE EUROBOND INTEREST PAYMENTS.

Work has commenced early to allow for time to set our actions in motion.

No bond holder will be coerced into selling off their position. Zambia will follow market-based processes in handling the bonds. This is an official Government assurance.


The issue of debt from China has been grossly misrepresented by some members of the public.

Zambia has contracted both concessional and commercial debt from China. WE HAVE NOT DEFAULTED ON ANY OF THE DEBTS FROM CHINA. Restructuring is an option that is open to us and will be undertaken as and when the need arises.

We cannot foretell market conditions in the period 2021 to 2027, however, we are keen to put in place a more robust and smoothened cash flow in our debt sustainability strategy.

Zambia stands ready to cooperate with partners who are ready and willing to work with us for the development of a better Zambia.

Margaret D. Mwanakatwe, MP
Chimanga Road


    • This is the way GRZ should be responding. With facts. GRZ has been slow to respond in the past so that their adversaries have been using local & international agents to pump fake news into market & public to extent that disgraced agents like Cambridge Analytica have been hired to manipulate Zambians & the market. At end of day if someone can bring facts to table showing GRZ is wrong we’ll take GRZ to task. Without facts let’s be united & protect our country & be vigilant. We have only 1 Zambia & perceptions can be damaging even if short lived. God Bless Zambia

    • It used to be “Don’t Mess With Texas” now it’s “Don’t Mess With Margaret!!” This is one of the most hard working women I ever met.

      She is going to put the entire record straight; anyone wanting to trade and parade in commodities of lies on Zambian debt better be ready to come up with facts.

      In America we say, let’s roll; and in Zambia we say, fake speedie Margaret!!! Show the world what kind of material you are made of and keep working as per usual.

      The smart people of the Zambian Enterprise deserve facts not international concerted propaganda aimed at destabilizing our geo-political strata.

      Great job once more, proud of you … faka speedie and God speed!!

    • Iwe Ka Gay Gay … have you even verified data from wwwdotmofdotgovdotzm that Margaret referred to.

      You are not only a gay supporter but one of nincompoops Ba Mushota referred to above. Bring me credible evidence to the contrary as to what Margaret posted above, then I will at least have some respect and change your name to Jay Jay.

      If you don’t, going forward I will always refer to as Gay Gay. Also, what happened this week???

      I gave you 2 of my busiest days and I was ready to meet you anywhere in the UK at your convenience while I was in Kent working at my expense.

      You excuse??!! I can’t down tools and come to Heathrow … who the heck told you I was at Heathrow?? Nothing reasonable comes out of you.

      Always assuming … assumption is the lowest level of knowledge, you…

    • Continued…

      Always assuming sh1t … please note that assumption is the lowest level of knowledge, you dimwit dope!! And every time you yap without facts you give everyone a public display of how low your IQ is.

      Just continued lying that you have no time to down tools, when everyone knows you down them all the time to comment a whole lot of hogwash all the time at LT.

      Anytime anywhere any day you have the most hogwash here than any reasonable bystander can comprehend.

      Your buddy, Spaka fimo fimo didn’t even want to either accept or excuse himself for the lunch invitation, you sorry son of a gun!!!

    • Magret is part of a lying GRZ ….we all remember the bweengwa kidnapping, the lilayi killing of a PF , the K5/l of fuel , the GBM training UPND comandos to use golf clubs to attack Zambia defense forces, lungus 500,000 jobs, opening mulungushi textiles…..all lies .

      Even her seat in parliament is subject to court cases…..however the elephant in the room is ……we expect and are waiting for lungu to deny that he is a corrupt theif and for lungu to sue those saying so , if it is not true…

    • How can you be live anything from a GRZ whose leader is being accused of being a corrupt theif …….the man does not even deny it….

    • Up close, she is almost as agree as Jean Kapata. There is nothing Margaret bring to the table other than a deviated mouth and a fake accent. The woman was fired at all her previous jobs. She and her husband are both drunks and they borrowed from CEEC and defaulted. They were struggling to pay school fees before she was appointed Minister….don’t believe the BS BR.Mumba Sr is spewing

    • Up close, she is almost as ugly as Jean Kapata. There is nothing Margaret bring to the table other than a deviated mouth and a fake accent. The woman was fired at all her previous jobs. She and her husband are both drunks and they borrowed from CEEC and defaulted. They were struggling to pay school fees before she was appointed Minister….don’t believe the BS BR.Mumba Sr is spewing

    • Spaka fimo fimo … give us evidence to the contrary on these figures posted. The same figures are attested to by the IMF and the World Bank.

      By the way did you know that the World Bank actually has an Annex Office at the Bank of Zambia on Cairo Road and they are part of the team that produces and verified those numbers??? Again, don’t deny facts without offering alternatives!!!

      Fact is you have nothing to show for that’s why both you and Gay Gay didn’t show up to meet with me for 2 days in England this week.

      Next time I will give you a whole week so we can compare facts face to face.

      Abena Obatala … there you go!!! Personal attacks!!! You ain’t anything else? No numbers, stats or something other than looks and history???

      You sorry son of a gun!!!

    • Really laughable…there is absolutely nothing of substance in that report above waste of time and paper in fact most of those loans she has highlighted the repayments dates are not yet due..the question is how much has she put aside for them not stating that they have not defaulted.
      BR Mumba JR who are you to give us your busiest time…we don’t want anything from you, you jog along…why do you want to meet people in person? You want take down names and report to your “Zambian Enterprise” and the “smart people” …its no surprise there is an audio recording on social media of Zambian minister of culture had called a Facebook blogger and started quizzing him as to why he had left those comments imagine this kaponya minister had the audacity to call a taxpayer who pays his…

    • Yes I support rights for LGBT so what does that make me a homosexual? No were in England, did any LGBT man try to get in your pants? Your homophobia will take you nowhere, our country has bigger problems than that rubbish

      PS: We DONT want to meet you BR Mumba JR…eat the whole buffet for all we care!!

    • There goes Gay Gay again … all hat and no cattle ranting like a kid with a snake bite.

      Low energy, low IQ, low self-esteem, low libido, low on patriotism and the list of lows continues … what a sorry son of a gun this dimwit dope is!!!

      Ain’t shown us anything yet … just the regular BS.

      Again, give me alternative numbers that are factual and credible and we will talk. Get a life … Life Is A Serious Enterprise ~ B R Mumba, Sr.

      Original Content, No Copyrights Reserved.

    • BR Mumba JR spewing make believe clap trap and waving car keys is not our trademark…you dingbats no absolutely nothing about patriotism you think procuring Ambulances that cost £70K in Europe for $288K in Zambia is patriotism….really sad.
      Wake up!!!

    • Gay Gay lishilu … bondate! Yaba oh yaba ati buffet!!! You don’t get no fine dining at buffets, buffets are usually for the gluttonous who can’t afford fine dining.

      Elyo lwanya bane … again give me factual and credible data to the contrary otherwise stop hiding behind the keyboard, let’s meet.

      I want to meet you, I am concerned about you. You don’t sound normal and so I want to figure you out in person.

      You can homophobe me all you want but I am clean and don’t believe in your agenda for backsides. That’s dirty and stinky hogwash.

    • And by the way Margaret Mwanakatwe can barely speak English…just like Dora Siliya and Jean Kapata..i always fail to understand what they’re talking about when they speak English..and these are our Ministers ….i think Zambia can do better than this….dont twist my comment am not saying speaking good English means you are Educated but Mwanakatwe always sounds like she has no clue on what she is talking about

    • BR Mumba JUNIOR we are no foooools to be duped by these empty tins, why all the sudden to reassure people …about the perception of hidden debts; IMF made five trips in the past two years and they still couldn’t balance the books as the numbers were not adding up. There you are on top of an anthill jeering like an excited mouse…if you want to reassure people open your books to auditors!!

    • More assumptions ~ lowest display of knowledge and haven’t answered my real question at hand. I am a carnivore, please give me some meat.

      Again, another public display of your low skill sets, low IQ, low libido, low self-esteem, low energy and a whole lot of other lows.

      Next time I will just show up at your place of work. Look for that ugly face of mine according to Ba Mushota

      Kikikikiki Kikikikiki … and to use your own Gay Gay terminology, really laughable!!!

    • Br mumba you’re just wasting your time with these low life creatures who spend 90% of their day blogging. I wonder what they do for their living. Either cleaning toilets or looking after older people. These are the only jobs which can allow one to be 24/7 on social media.

    • Abena Oval … you rested my case there for me there. Natotela mukwai. You’re the best!!

      Bondate Bo Gay Gay seems like he has been overwhelmed by that stinking stuff from the backside and can no longer think straight.

      Anonymous … you can do better than that. I have faith in you, please don’t prove me otherwise. I speak perfectly excellent English both the Queen’s Way when I am in England and the American way when I am in the States but that’s got nothing to do with delivery.

      Judge people on output not silly trivialities, period.

    • And Gay Gay, as I stated earlier only a f0000lish man with low libido, low energy, low self-esteem with a whole lot of other lows would support backside agendas.

      Why on earth would anyone with the capacity to drill babe drill, drive a woman crazy, let her see stars, take her into convulsions that make her breathless to hold you so tight while spreading her legs so wide for maximum penetration as you both reach that God-ordained climax ever want anything from the backside?

      If that is f0000lish, then count me in … man, you need your brain checked. I am worried about you, mate … I mean seriously worried.

      Heaven help us all …


      Unlike you PF parasitic theives who shamelessly steal tax payers money , some of us have been afforded the luxury, through early dedication , of working part time when we want , not out of nessecity.

      I have told you rats before , most of you I can pay you your monthly salary just from the 2 days a week I chose to work…

    • BR mumba….

      People not supporting the discrimination of gays does not make them gay…..the countries you blog from have full support for gays , who have equal rights , why are you there ?

    • Just look at how empty tins use this homosexuality to distract the masses…here is JUNIOR MUMBA shameless using as red herring fallacy when the topic at hand is creditability the woman entrusted to oversee our economy.
      Its pointless to explain to a dingbat with a brain the size of Geko that support of rights for LGBT does not mean you condone what they do or are gay. There is only black or white in these nincompoops colour vision, its either you are PF or UPND. Its either you clean toilets or you are a Zambian High Commissioner abroad.
      Wake up you sick fooooools!!!

    • Abena Spaka … the IMF thing was a mistake started by Felix and I personally don’t believe in that process.

      We have enough resources to turn the ship around and I still believe if Margaret continues on that path, it will be a waste of her time either.

      As for the backside agenda, I have don’t need an second opinions on my convictions even though I appreciate your input.

      I have every right to stick to my preferences and that too is my human right … thanks a trillion.

    • BR Mumba JUNIOR being a vexatious contender will not take you anywhere…have you met a gay person in a bar in Zambia proposition to you? why should you care about what agenda they have behind closed doors?

    • BR mumba…

      .”….the IMF thing was a mistake started by Felix….”

      That is the point some of us are making….the whole GRZ blindly supporting a mistake by one man….or a whole GRZ wanting to borrow blindly seeing that bail out was not needed after all…how much money was used pursuing that bailout ?

    • Abena Spaka … axiomatic!!! It will be wrong to pursue a path whose input resources are a sunk cost like Felix took us on a rabbit trail. Margaret should avoid it and focus on resource mobilization using home grown means.

      Anything short of that would be unnecessary input into a counter productive measure taking time and resources from what is emergent … I could not have said it better.

      The difference between Felix and Margaret is that the woman is a workaholic and she will not rest until she finds a workable solution while Felix would rather spend 16 hours one way on a flight to Washington DC pretending to be working.

      Thanks a trillion.

    • Gay Gay … go talk to your mother kwa haye first before you talk to me about your backside nonsense. And News Flash for you!!! I don’t do bars …

      Go hang if you want to and this world won’t miss a bit of your hogwash … you still have not given me what I asked for.

      Factual and credible counter party information to justify your claim as to why Margaret’s Report above shouldn’t be relied upon

      Ta mwaishibafye uku lopola kasoswe bane. History has proven that sympathizers have either been there done that or are current practitioners mu fya ifi.

    • Mr mumba….there you go….a whole GRZ wanting to borrow needlessly , why to steal ? A whole GRZ blindly following one mutati ?

      Waiste of space this whole pf enterprise for those reasons…

    • Abena Spaka … done told you before!!! You go present your plan on how you would make the difference among the smart people of the Zambian Enterprise and if it better than what is currently obtaining, you will have both my dollars and support to the next President.

      I run this country, I want you to run it with me whether at State House or on remote access but you denigrating everything else without you offering solutions ain’t helping mate. You can do better than that and I know you know it.

      So, through your hat in the ring and if your policies are better, as UNIPist as I am, I will throw my weight behind you.

      Best of luck …

    • meant to say “So, throw your hat in the ring … ” and not “through”.

      I thought I had fixed this autocorrect nonsense.

    • BR MUMBA

      How can I throw my hat in the ring when I don’t have the arms of GRZ to use to brutalise my opponents like lungu has ?

    • Like I said these dingbats have brains the size of Gekos …they only know how to spew braggadocio and showboating!!

    • Abena Spaka … that’s the beauty of democracy. You rise by making yourself available working within the right system by starting somewhere.

      KK was not born with the levers of power in his hands, FTJ was not born with the levers of power in his hands, LPM was not born with the levers of power in his hands, RB was not born with the levers of power in his hand, MCS was not born with the levers of power and neither was ECL.

      They all became our presidents, how? By working within a democratic system, KK started in Chinsali as a Teacher while gerrymandering found ANC. Had problems with his friends left and formed UNIP.

      FTJ started in Ndola as ZCTU President, then Akashambatwa woke him at night to ask him to come and run his newly formed MMD. LPM started as an activist in UNIP and when…

    • Continued…

      LPM started as an activist in UNIP and when he saw no future left and joined the MMD at inception.

      RB was initially UNIP and even through the initiations of the 2nd Republic as he and Gray Zulu helped Eastern Province to remind a UNIP stronghold, Levy bought him out because without Eastern Province he was going to lose. RB switched and was VP who took over from LPM.

      MCS always thought he would be the rightful heir after FTJ and when he was sidelined for LPM, he left the MMD and formed PF, he was in the wilderness for 10 years but his persistence paid off in 2011 and took over the reins.

      ECL started in UPND and when he realized that the party was not democratic, he saw an opportunity to join MCS at inception and was one of the first counselors in PF, then MP…

    • Continued…

      ECL started in UPND and when he realized that the party was not democratic, he saw an opportunity to join MCS at inception and was one of the first counselors in PF, then MP.

      He was the only one trusted by MCS to run 3 ministries at one time, the only one who acted more than any other member of the party as Acting President whenever he was out of the country.

      He was never born with the levers of power just like all of the above. They simply threw their hats in the ring and through patience, hard work and keeping their noses clean, they won the confidence of their peers, eventually the entire citizenry and the rest is history.

      The secret is belief in oneself … I have watched your postings. You love your native homeland, you seem levelheaded and you seem to have…

    • Continued…

      The secret is belief in oneself … I have watched your postings. You love your native homeland, you seem levelheaded and you seem to have the will to want to make things right. You seem to be one of the first to identify what’s wrong and even want to make a difference but you always feel hopeless mainly because of what you just said.

      Lungu has the levers of power … what you forgot is that he is just like you. Never born with a silver spoon in his mouth, only difference is he believed in himself and worked the system.

      So, there you have it … I have helped, it’s up to you to make the move. First, identify the vehicle (a party or platform to launch) from. All of the above did that.

      Second, identify and area of opportunity (local government such as counselor,…

    • Continued…

      Second, identify and area of opportunity (local government such as counselor, trade union or mayor of your hometown for instance) all of the above did that.

      Third, be loyal within, earn the trust of your peers. One of the best training I ever had was when I joined Citigroup as an MT (Management Trainer for Executive Leadership).

      One of the first and best lessons was that, your subordinates are your bosses. They are the only ones capable of promoting you. Once your subordinates promote you, your peers would notice and eventually your superiors will elevate your status because they will always have a backing supporting your capacity to deliver.

      This system works within developed democracies, candidates know how to get this done. That’s why in the US for instance,…

    • Continued…

      This system works within developed democracies, candidates know how to get this done. That’s why in the US for instance, you have 2 major parties, in France you have 3 and in the UK you have 2 or 3 calling shots, in Germany the same.

      You’re a pretty smart guy/gal and that’s one reason I wanted to excogitate with you in person anywhere in the UK this past week. I don’t waste my time for nothing … remember that, if something really irritates you, it’s probably yours to fix.

      If the present status quo among the smart people of the Zambian Enterprise really irritates you, you are probably the next President to correct it … that’s a mark of leadership.

      Throw your hat in the right and present your manifesto … if it’s better than the status quo, you have my dollars…

    • Continued…

      Throw your hat in the right and present your manifesto … if it’s better than the status quo, you have my dollars and my support because Zambia Is Greater Than Any Single One Of Us ~ B R Mumba, Sr.

      God speed.

    • Guy pimp from Atalanta says:
      “…Judge people on output not silly trivialities, period….”
      Sr Mr. Guy Pimp, what is your output? Crap in, crap out? Are you paid by the depth or by square inch of your deep imbecility, deep troth or arse?
      As to I.Q. level, do you asses yours by the size of your left or right shoe?
      Do you self and the world big favor, follow you crap where both of you belong, pull the chain whilst singing “I am not worth of you”

    • B R Mumba and Jay Jay should start their own quarelling blogs. They would be prolific-with advertising I mean.

  1. Public debt is just that , public debt, and should be available for inspection by any member of the public if they so wish. Does this include what is piling up every month in various municipal authorities? The last time I read about a travel agency that had sued govt because it was taking forever to pay for air tickets issued to various officials. In its business, a travel agency has no such luxury of delaying payments for what it owes. What will this country do since its knowledgeable citizens in politics cannot be relied on to do good? Perhaps the British should come back for a while to show us how to run government so that taxpayers and don’t go crazy.

  2. Only a foooool can trust an individual like Maggie who helped herself to CEEC loans and couldnt payback…there is a reason the humble lazy thief appointed her!!

  3. I said it before and I will say it once more: take it from your own.

    She knows she has to come clean on this and deliver. What has she to gain as Finance Minister by hiding the country’s debts? Answer is: Nothing.

  4. Give me a single truth PF have told us since they came into power? They have been lying all the way from the ballot box, to the logs of the mukula tree, and to the fire that gutted the city market. Is that what it means to be politicians, to lie and never tell the truth; and to steal in broad day light and never get caught?

    • @7.1 Chisenga

      The subject matter I am addressing is being able to tell the truth, not being able to keep a promise. There is a whole world of difference between the two. Our beloved president may have make the promise, and kept it. That doesn’t mean that he told the truth or lied about it. He simply kept his word. Telling the truth means not lying about something. PF are allergic to telling the truth. They lie.

  5. When you begin to delegate your duty as government to provide verified audited report to the general public to make this data available to you as minister of finance, doubts will abound in your credibility. It may be the reason you are hiding the true debt stock numbers to Zambians.

    • Desperation, desperation, desperation. That’s what they call it. We are desperate. This PF government is desperate to entice someone to give them more money.

  6. My concerns are that even some learned people in Zambia don’t take keen interest in reading quiet substantial information published by government. There are a lot of pamphlets, bulletins and other publication in all sectors of our economy, agriculture, tourism, mining, local goverment government to mention butvs few. Very few people read these materials. People are quick to comment negatively on some hearsays by opposition political parties and some online publications. Very sad.

    • You may have a point. However, the public reacts to actual weather, not to fallacious forecasts as put forth by government. Much of the information published by the government is cheap political propaganda. Who wants that? Who wants to in-hail smoke when they can warm yourself by the fire?

    • Most civilized societies prefer an independent press to sifts through and verifies the competency of any information that steps onto the public arena. In Zambia, we don’t have an independent press. Do you know why?

  7. Interesting, Africa Confidential should see this. By the way, I (like) the way B R Mumba, Sr is debating with you guys

  8. At least she has laid the facts on the table. It’s up to those who think othrrwise to undo them. That’s how government should respond. Thumbs up, Maggie


  10. It is good that the govt is informing the public so as to know the economic status.However,the question is why all those credits,does it mean that we don’t have access to our own resources? As far as I know Zambia can not be having such debts.We have plenty of natural resources to support us,for instance Zambia is second producer of emeralds producing 20% of the gemstones and 20% of world riches is produced by emeralds,which means that 2% of world riches is produced by Zambia,let’s talk of copper, zinc,lead and other minerals and farming which supports main.Its high time we revised our schemes,other wise it should us to be lending those large amounts of money.Thank you.

  11. FRICA 15.4.2018 04:10 am
    Fears grow Zambia hiding debt like Mozambique -AFP
    International lenders and markets are growing increasingly concerned about “hidden debt” in Zambia, a situation similar to the one that plunged neighbouring Mozambique into a deep financial crisis.
    For several weeks financiers have demanded answers about the level of the country’s true external borrowing — but officials have rubbished any suggestion of concealed debts.
    Zambia, the second largest copper producer in sub-Saharan Africa, insists that its debt pile stands at $8.7 billion — but there have been suggestions it could be double that.
    The allegations have raised fears among Zambians and foreign investors for whom the memory of Mozambique’s hidden debt fiasco is still fresh in the mind.
    In 2016,…

  12. In 2016, international donors froze fiscal support to Mozambique after it emerged that the country had taken $2 billion of “off-book” loans to finance maritime vessels and military equipment.
    That move plunged the impoverished country into serious economic and financial crisis.
    Maputo has since suspended repayments to creditors and is seeking to renegotiate its debt mountain.
    Japanese finance giant Nomura recently questioned the size of Zambia’s public debt, suggesting the government is concealing a substantial amount of short-term external debt.
    In a note last week, the director of the political risk advisory firm EXX Africa also warned of “mounting evidence of undisclosed loans” and said that Zambia had miscalculated its total debt.
    “Based on documentary evidence, we assess that…

  13. “Based on documentary evidence, we assess that external debt could be as high as $15.6 billion, while local debt seems almost incalculable

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