Country · ZMB
Zambia · Finances and debt
Period
Source: IMF, World Economic Outlook (October 2026) · copied on 2026-11-11
Public finances and external accounts
A fiscal deficit of 3.8 % of GDP
Zambia: in 2025, the general government spent 3.8 % of GDP more than it collected, public debt stood at 100.6 % of GDP, the current account showed a deficit of 5.5 % (IMF).
- Fiscal balance · 2025
- −3.8 %
- of GDP · +10.0 pt since 2020
- Public debt · 2025
- 100.6 %
- of GDP · −39.4 pt since 2020
- Current account · 2025
- −5.5 %
- of GDP · −17.3 pt since 2020
Fiscal balance, % of GDP
Negative: a deficit · dashed: estimates and projections
Chart data as a table
| Year | Zambia | Southern Africa |
|---|---|---|
| 2015 | −8.9 % | −4.2 % |
| 2016 | −5.7 % | −4.0 % |
| 2017 | −7.5 % | −4.7 % |
| 2018 | −8.3 % | −3.1 % |
| 2019 | −9.4 % | −4.0 % |
| 2020 | −13.8 % | −7.9 % |
| 2021 | −8.1 % | −4.5 % |
| 2022 | −7.8 % | −2.9 % |
| 2023 | −5.5 % | −5.1 % |
| 2024 | −3.5 % | −4.4 % |
| 2025 · estimate | −3.8 % | −4.9 % |
| 2026 · projection | −5.4 % | −4.2 % |
| 2027 · projection | −4.1 % | −3.9 % |
| 2028 · projection | −2.9 % | −3.9 % |
| 2029 · projection | −1.5 % | −3.8 % |
| 2030 · projection | −1.0 % | −3.7 % |
- Zambia
- Southern Africa
Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)
Current account, % of GDP
Trade, income and transfers with the rest of the world
Chart data as a table
| Year | Zambia |
|---|---|
| 2015 | −2.7 % |
| 2016 | −3.3 % |
| 2017 | −1.7 % |
| 2018 | −1.3 % |
| 2019 | +0.5 % |
| 2020 | +11.8 % |
| 2021 | +11.9 % |
| 2022 | +3.7 % |
| 2023 | −3.0 % |
| 2024 | −4.4 % |
| 2025 · estimate | −5.5 % |
| 2026 · projection | +2.3 % |
| 2027 · projection | +3.9 % |
| 2028 · projection | +3.8 % |
| 2029 · projection | +3.2 % |
| 2030 · projection | +3.0 % |
Source: IMF, World Economic Outlook (October 2026)
Currency
Zambian kwacha
The Zambian kwacha has no fixed peg: its value against the dollar and the euro moves with the market and the central bank's policy.
- Currency
- ZMW
- Zambian kwacha
- Exchange regime
- —
- no fixed peg
- Inflation · 2025
- 13.9 %
- average annual change in consumer prices
Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026)
Debt
A debt owed first to multilateral lenders
At the end of 2025, Zambia owed 16.0 bn$ in public external debt (World Bank). 24.4 % of it was owed to China, 30.4 % to multilateral institutions and 16.1 % to bond holders.
- Public debt · 2025
- 100.6 %
- of GDP · IMF
- External debt · 2025
- 28.6 bn$
- public and private · World Bank
- Public external debt · 2025
- 16.0 bn$
- owed or guaranteed by the State
- Debt service · 2024
- 5.4 %
- of exports of goods, services and income
Risk of debt distress
IMF and World Bank debt sustainability analysis
Latest analysis published on 2026-02-02: high.
Source: IMF, list of debt sustainability analyses of low-income countries, as of 2026-03-31 · imf.org
Public external debt by creditor
Share of the total at the end of each year
- Multilateral (IMF, World Bank, AfDB…)
- 30.4 %
- China
- 24.4 %
- Other countries
- 8.1 %
- Bonds (Eurobonds)
- 16.1 %
- Banks and other private lenders
- 21.1 %
Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation