• The basis of the export tracking framework is to make sure that all export earnings come into Zambian banks.
• Unofficial recordings of exports from Zambia, is roughly about US$30 million per day.
• The country will be able to raise the money to begin to service its debt and come out of default.

An Economic Analyst says is optimistic that Zambia will emerge from default on its foreign currency debt this year, following implementation of the Electronic Export Proceeds Tracking Framework, which was launched on 1st January, 2024.
Speaking in an interview with Money FM News, Yusuf Dodia stated that through this framework, Zambian companies will be able to access foreign currency to boost their businesses pay more taxes and employ more people.
Mr. Dodia said by doing so, local firms will be funding the national budget through tax contributions because about 20 percent of the budget is funded by foreign development partners.
“What we need to recognize is that Zambia has implemented a mechanism known as the Export Proceeds Tracking Framework which came into effect on the 1st of January 2024. The basis of this framework is to make sure that all export earnings come into Zambian banks.”
“If we look at the unofficial recordings of exports from Zambia, it’s roughly about US$30 million per day, and so if US$30 million is coming every day to the Zambian banking system, the Kwacha will get stronger and we will see it at K10 to K15 to a dollar, which is very positive for the economy, we will also see inflation and monetary policy rates come down” Mr. Dodia noted.
He added that the Export Proceeds Tracking Framework will enable the country to raise enough money to service its debt in a meaningful way and come out of default.
“At the moment the tax collection that we have is short of funding our budget that is why we call it a deficit budget by about 20 percent. If 20 percent of our budget has been funded by foreign development partners through loans and grants, its means they are telling us in so many ways how we should run our economy and sometimes it is not in the interest of the Zambian people.”
“We need to focus on running the economy for the best interest of Zambian people, so with this kind of development in 2024 it means that we will be able to raise the money to begin to service our debt and come out of default and be in a position as a nation we are not borrowing to clear our debt but we are clearing our debt from resources which we are producing in Zambia mainly through the export industries such as copper, timber, cement, sugar, livestock and agriculture pictures so clearly Zambians are capable of doing this, and we are yet to hear from the government how this framework has performed,” he added.
On 13th November 2020, Zambia became the first African country to default on its Eurobond debt during the Covid-19 pandemic.