The Government managed to contain inflation below 10%, but external debt stocks continued to increase, while the country, which had defaulted on the repayment of three Eurobonds at the end of 2020, negotiates a restructuring plan with its creditors.
Zambia's GDP grew by 3.1% in 2022, compared to 3.6% in 2021, as announced on January 13 by the Zambian Minister of Finance, Situmbeko Musokotwane.
Situmbeko Musokotwane also indicated that the Government managed to contain inflation to 9.9% in December 2022, compared to 16.4% in December 2021, indicating that the objective set by the authorities in the medium term continues to be the reduction of the inflation rate. to a range between 6% and 8%.
He also revealed that the country's external debt increased to $13.36 billion at the end of September 2022, up from $13.04 billion on December 31, 2021.
Zambia's economy had grown by 3.6% in 2021, after a contraction of 2.8% in 2020, when Zambia became the first African country to default on its external debt during the Covid-19 pandemic.
Lusaka is negotiating with its bilateral and private creditors the restructuring and forgiveness of part of its debt, which represents 120% of GDP and of which a third is owed to China.