The Zambian economy is expected to grow by just 2.7% in 2023 from 4.7% in 2022, as contractions in mining and energy drag on growth, a budget plan released by the ministry of finance showed on Sunday.
Zambia has concluded a long-delayed debt restructuring plan with the International Monetary Fund after being the first African nation to default on its sovereign debt in 2020.IMF said in a reportThe budget plan envisages the Zambian economy growing by 4.8% in 2024, 4.3% in 2025 and 5.0% in 2026 based on improvements in macroeconomic conditions and the implementation of reforms.
The country's overseas debt had reached $20.9 billion at the end of 2022. Budget figures show debt service payments of 117.4 billion kwacha or 16.5% of GDP over the medium term.
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