By Suleman Chitera
Zambia has fully settled its outstanding debt obligations with the International Monetary Fund (IMF), marking a significant milestone in the country’s ongoing efforts to stabilize its economy and restore fiscal credibility.
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Foreign Affairs Minister Mulambo Haimbe disclosed the development during the Antalya Diplomacy Forum, where he highlighted Zambia’s commitment to resolving its debt challenges following years of financial strain.
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Zambia’s public debt had surged to approximately $26.29 billion in 2021, contributing to the country’s historic default during the COVID-19 pandemic. Since then, the government has been working with international creditors and financial institutions to restructure its liabilities and regain economic stability.
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Haimbe emphasized that clearing the IMF debt is a crucial step toward rebuilding investor confidence and strengthening Zambia’s position in ongoing negotiations with other creditors. The country has been under an IMF-supported reform program aimed at improving fiscal discipline, enhancing transparency, and restoring sustainable debt levels.
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Meanwhile, the minister revealed that discussions with the United States are still underway regarding a disputed health funding package. While details remain limited, the negotiations are said to be critical for Zambia’s healthcare financing and broader development agenda.
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Economic analysts say the clearance of IMF debt could improve Zambia’s credit outlook and unlock further financial support from international partners. However, they caution that sustained reforms and successful restructuring agreements with all creditors will be key to ensuring long-term debt sustainability.
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Zambia continues to engage bilateral and multilateral partners as it seeks to navigate its recovery path, with authorities expressing optimism that the latest progress will pave the way for renewed economic growth and stability.
