{ZNBC) Zambia’s external debt has risen to US$13.6 Billion Dollars as at September 2022, from US$13 billion in 2021.
Finance and National Planning Minister Situmbeko Musokotwane has attributed the rise to loans which were borrowed for projects Currently running.
Dr. Musokotwane says the projects are significant to the country and they could not be cancelled because Zambia would have lost since they were at an advanced level.
The Minister was speaking at a Town Hall Forum on Economic Performance and Budget Execution in Lusaka this morning.
He revealed that the loans in question were contracted many years ago from multilateral institutions like the World Bank and are highly concessional with interest rates lower than one percent.
Meanwhile, Dr. Musokotwane reiterated his projection that the country’s economy will grow by four percent this year.
Dr. Musokotwane said government targets to maintain inflation between 6 and 8 percent in an effort to reduce prices of essential commodities.
And on mining, the Finance Minister said government wants to resolve issues surrounding Konkola Copper Mines and Mopani Copper Mines which are not performing well.