Friday, June 14, 2024

The Ministry of Finance has Published the Full list of Government Creditors


Zambia has published a full list of its 44 external creditors that shows the central government owes Chinese lenders more than one-third of its total $13.4 billion of foreign-currency debt stock.

The Finance Ministry revealed on Wednesday that Zambia’s total public debt to foreign and local lenders was just shy of $27 billion at the end of June.

The figure was equal to about 115% of GDP, according to the latest World Bank figures from 2019, and could be more because Zambia’s economy contracted sharply last year.

The figures published by the ministry on its website include $16.86 billion in foreign holdings, of which $520 million is interest arrears.

The figures showed that the remaining $10.1 billion was local currency debt.

The list includes more obscure funding sources, such as a $306 million loan from a local furniture supplier called Mikalile Trading Co.

Zambia, which stopped servicing almost all its foreign loans last year, owes about $3 billion to the Export–Import Bank of China, nearly $3.2 billion to Eurobond holders, and hundreds of millions of dollars to commercial lenders from Israel to Johannesburg-based bank Investec Plc.

“In line with its commitment for greater transparency, the Ministry of National Planning and Finance of Zambia has published a detailed summary of debt figures as of end-June 2021,” a statement from the ministry said.

Zambia’s foreign debt is spread across diverse regions, with a %6 billion chunk owed to China and rest owed to various banks, nations and multilateral institutions.




  1. Jigga Kayama Simangulungwa (formerly Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee) Jigga Kayama Simangulungwa (formerly Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee)

    This is good transparency… you gotta appreciate and applaud this from these new guys. We also need to know the conditions and collateral used against the protection of these loans.
    You wonder what was amount of money used for? Those good for nothing buildings and few uncompleted roads here and there? This is unbelievable!
    And as Chileshe said above, this doesn’t include goods and services debt, it’s just loans.
    That Mikalile holding, I know the dude, he started with buying white goods from Dubai… guy knows how to corrupt politicians and make deals with them.

  2. For mikalile what goods and services did the company supply? Or is it a scenario of a pen costing K5, but it’s invoiced at K30 and the other stuff supplied is just AIR. Most suppliers failed to provide supporting documents when mwanawasa halted payments..It was the same complaint we can’t pay our workers ABCD

  3. If Stephen Mulenga Mikalile can manage to organize such type of money for the govt then our man is the richest in Zambia. Not even Zanaco can manage to arrange such a huge sum of money. This shows that Zambians are capable of syndicating resources. I am simply amazed.

  4. This is what we mean by service. When you are voted into power the peoples’ information does and should not become state secrets. They are entitled to know what you are doing with their affairs. Vioneni vi ma PF vipuwa. Onani! Iwe citeci get out from under the table that someone says you are now hiding under! Tomaso!!!!

  5. Good report and Disclosure A good attempt and report in line with DEMPA policies but even so if it can show marketable and none marketable debt including interest costs and tenures for public disclosure and risk management The report should give all debts Government and those of Gov agencies and entities but again respect the covenants and terms of non public disclosure for certain All guarantees outstanding,contractual,stocks must also be Good well informative but could be better and even more refined to help in restructures and debt management monthly or Bimonthly

  6. Chikwanda as Finance Minister was just borrowing, with no body supervising him and yet he had a boss, Chikwanda accumulated the highest debt. Whilst the universally accepted borrowing is 30 to 40% of GDP, they guy went to over 110% of GDP, and is still revered in the PF circles. Why has he not been summoned to the parliamentary committee on accounts. Don’t we have a debt problem, yes we have, so why are we not holding anybody to account like the way it is in the USA where past and present government officials can be summoned any time, and infact most of the debt was acquired without parliament approval as per constitution.

  7. Investments in Infrastructure Development and public good services is a critical thing to Do and sometimes you achieve much when investing using Bonds and matched securities to revenues over those periods The current Gov will achieve much utilizing the assets that have been created at Present values and discounted in revenues over the years to create further wealthy and assets They should not loose focus and spend on sunk and replacement costs that will reduce rather than add to economic growth in the sectors The values in present value of assets created may exceed the costs if well utilized and maximized in returns and pay backs in those areas of economic potential and locations…

  8. Where is Kaizer Zulu to come and see real governance? Is he hiding under the table too? When Mikalile is arrested, he will ulula many including Kaizer.

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