The Ministry of Finance has revealed that Zambia’s external debt has increased from 10.05 billion dollars to 10.178 billion dollars in the first quarter of 2019.
Minister in charge Margaret Mwanakatwe says this represents 38 percent of the country’s Gross Domestic Product (GDP).
She was speaking when she gave an update of the country’s economy for the first quarter of 2019.
The Minister adds that domestic debt has decreased from K58.26 billion recorded at the end of 2018 to K58.21 billion representing 21 percent of GDP.
On the budget performance, the, minister says fiscally, domestic revenues were above the government’s target by 4.4% standing at K14.99 billion driven by non-tax collections mainly through dividends.
Mrs Mwanakatwe says domestically financed expenditure accounted for K12.8 billion, 11.5 percent below the budget projection.
Meanwhile the finance minister has revealed that the country’s reserves were at $1.43 billion, 1.6 months worth of import cover from $1.56 billion, representing 1.8 months worth of import cover.
She says this is despite external debt servicing costs amounting to $440 million.