Zambia debt now over $9 billion
Zambia has gone from a once prosperous economy to one that is facing the economic ruin in under a decade.
The Ministry of Finance has revealed that Zambia’s external debt rose to $9.1 billion through February from $8.7 billion at the end of last year.
According to a report posted on the Ministry’s website, the fiscal deficit for the first quarter of 2018 was 3.7 billion kwacha ($361 million), compared with a target of 16.9 billion kwacha for the year.
And International trade expert Trevor Simumba has warned that the country should expect its foreign debt to rise further.
“Zambia’s external debt now $9.055 billion as of February 2018 and it still preliminary. Expect another change come end of second quarter,” Mr Simumba warned.