Zambia to Borrow Extra $624 Million from Domestic Market in 2025

Zambia will borrow an additional 14.8 billion kwacha ($624 million) from the domestic market to cover a bigger-than-expected shortfall in this year’s budget, Finance Minister Situmbeko Musokotwane said.

The copper-rich southern African nation will also raise 4.9 billion kwacha in additional taxes, most of which will come from unspecified new revenue measures, he told lawmakers on Thursday.

The International Monetary Fund flagged on June 9 that the nation had committed to revise the budget to include additional revenue measures and re-prioritize spending, mainly because of higher debt-servicing and social-spending costs. Zambia is still waiting for the lender’s board to sign ...