Minister of Information and Media, Cornelius Mweetwa says Cabinet has approved a request to seek a 12-month extension of Zambia’s Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) in order to consolidate macroeconomic gains and sustain the government’s ongoing reform agenda.
He noted that the resolutions were made during the 14th cabinet meeting of 2025, at State House chaired by President Hakainde Hichilema on Monday, July 28, 2025.
The Minister of Information and Media, who is also Chief Government Spokesperson has explained that the move is aimed at strengthening Zambia’s financial stability, institutional governance and service delivery across multiple sectors.
He also explained that if approved by the IMF Executive Board, the extension will run until October 31, 2026.
Speaking at a media briefing in Lusaka, Mr Mweetwa stressed that the proposed extension is a demonstration of the government’s commitment to maintaining investor confidence, concluding debt restructuring and mobilising additional financing to support Zambia’s economic recovery and development.
Mr Mweetwa noted that Zambia’s domestic debt stock had risen sharply in past years, escalating by 681 percent from K24.7 billion in 2015 to K192.1 billion in 2021, which increased the debt service-to-revenue ratio from 11 percent in 2011 to 59 percent in 2021.
How has Zambia’s debt changed between 2021 and 2025? We need the numbers for this period aswell so we can judge if we are making progress
Indeed we do need the figures
But again will they be factual ?
“MWEETWA NOTED THAT ZAMBIA’S DOMESTIC DEBT STOCK HAD RISEN SHARPLY IN PAST YEARS, ESCALATING BY 681 PERCENT FROM K24.7 BILLION IN 2015 TO K192.1 BILLION IN 2021, WHICH INCREASED THE DEBT SERVICE-TO-REVENUE RATIO FROM 11 PERCENT IN 2011 TO 59 PERCENT IN 2021”
SURELY, MR MWEETWA SHOULD EXPLAIN HOW THE MASSIVE INCREASE IN DEBT CAME ABOUT
ALSO WHETHER IT IS SUSTAINANLE
ALSO WHETHER WE ARE IN A DEBT TRAP TO BE PASSED ON TO THE NEXT GOVERNMENT AS PF DID?