Finance Minister Margaret Mwanakatwe has revealed that Zambia’s external debt had risen to US$9.51 billion as at August 2018. The rise was from US$9.37 billion recorded at the end of second quarter of 2018.
At 2011 when the PF took over Government, Zambia’s external debt stood at US$ 1.9 billion which was only 8.4 percent of the country’s GDP. Mrs Mwanakatwe also told a news briefing that the country’s reserve position has also fallen further.
The county’s reserves as at end august was US$1.73 billion from US$1.82 billion recorded in June 2018. She said this on Thursday when she addressed Journalists and Zambia’s cooperating partners on the performance of the economic in the third quarter.
Mrs. Mwanakatwe said the country fiscal deficit to be around 7 percent of Gross Domestic Product in 2018. She also revealed that an IMF staff mission is in the country to “exchange information on economic data that will allow the development of a macroeconomic framework that will be used under the upcoming article 4 consultations.”
Mrs Mwanakatwe said Zambia is committed to implementation of austerity measures to limit debt risk distress.
Attached is the full statement