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Zambia’s External Debt Stands At $3 billion
Finance Minister, Alexander Chikwanda has observed that despite a positive economic growth recorded in 2013, higher growth and greater job creation will require continued investment in economic infrastructure as well as in the health and education sectors.
Preliminary statistics indicate that the country recorded a real GDP of 125.9 billion kwacha in 2013 compared to 106 billion kwacha recorded in 2012.
Mr. Chikwanda says the GDP growth recorded in 2013 represents a 6.5 percent economic growth and the average real GDP over the past 3 years from 2011-2013 being 6.9 percent.
Speaking this afternoon when he hosted journalists for an interaction meeting at his office, Mr. Chikwanda cited the key contributors to the country’s GPD growth in 2013 as transport, storage and communication which contributed 27. 1 percent while construction contributed 24 percent.
He says community, social and personal service contributed 17.4 percent, financial institutions and insurance 13.7 percent with manufacturing contributing 8.2 percent while mining contributing 5 percent.
The Minister also noted that the investment in the country’s economy is currently estimated at 29.7 percent of GPD in 2013 with average investment over the past three years being at 27.1 percent.
And Mr. Chikwanda has further disclosed that domestic revenues in 2013 are estimated at 20 percent of the GDP.
He says in the same year expenditures were at 26.7 percent of the GDP with wages and salaries taking approximately 9.5 percent of GDP, with government investments representing 6.0 percent of the GDP.
Mr. Chikwanda has further disclosed that the total debt as a percentage of the GDP stood at 28 percent in 2013.
He says in the same year the country’s external debt stood at 3.1 billion US dollars which represents a13.7 percent of the GDP while domestic debt stood at 17.6 billion kwacha which is represents approximately 14 percent of the GDP.
Posted by Editor
on January 21, 2014. Filed under LATEST NEWS.
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Ganja Man
January 21, 2014 at 7:04 am
Nayo nayo. Very soon we’ll be at $4 billion, then $6 and $7 billion. After that we’ll be messed up beyond redemption. Then we’ll ask Jubilee to come but this time around there won’t be forgiveness because we’re borrowning from individuals this time around. This country will be sold
Maano
January 21, 2014 at 8:07 am
This Govt is slowly dragging this nation back into debt trap! This is irresponsible. They know that they wont be there when time comes to redeem this debt. We are already at half of what was forgiven us under Mwanawasa and Magande! I am very worried.
Ken
January 21, 2014 at 9:46 am
How much do you owe your bank?
Maano
January 21, 2014 at 9:57 am
Zero, naught, none! I live within my means – no kaloba! One needs to borrow according to capacity to pay. Borrowing is not a mal in se, but eccess borrowing is criminal – a fraud, obtaining money by false pretences negligently or knowing that you won’t be able to repay, and hoping for debt forgiveness, as it has happened to Zambia before.
S M
January 21, 2014 at 8:57 am
sddfgg
Chinyanta
January 21, 2014 at 11:39 am
Awe mwandi.
Trixy
January 21, 2014 at 11:49 am
I only hope things will improve….they just have to improve.
CMJS
January 21, 2014 at 12:33 pm
At least It toke unip 27 yrs to live zambia with $7 billion debt,but what is scaring is the fact that it has taken these powerful fools(PF) only 730 days to give zambia a $3 billion debt!!Zambians please watch this space or else you will be messed up (2016).
nshilimubemba
January 21, 2014 at 12:47 pm
USA is the greatest debtor in the world infact every one in the world is in debt you included as individual the most debted nations are those which are developed
DEBT ANALYST
January 21, 2014 at 1:28 pm
THAT IS NOT BAD,ONLY $3BILLION.USA HAS A DEBT OVER $14TRILLION.SO IF WE ARE ABOUT 14 MILLION CITIZENS THEN EACH PERSON OWE 3BILLION/14MILLION= US$214.29(ZMW1,2OO) WHICH I CAN AFFORD TO PAY.
kayula
January 21, 2014 at 3:07 pm
imagine there are places in our country where pipo cover 200km on foot or bicycle becoz no vehicle can go there and PF thru debts is constructing roads in such areas so that a vehicle can go there
RSM
January 21, 2014 at 3:32 pm
where are these guys taking US?
katuta lukaka
January 21, 2014 at 3:41 pm
The debt contracted is not for consumption my fellow zambians.I last saw infrustructure development in kaunda time and when mmd came in office it was just stealing , stealing i reapeat, as we continue see them appearing in courts of law.I mean we were sent 20 year back in primitive era.lets give these guys support and I urge zambians to read in between lines and understand the readings.i see light at the end of the tunnel.
Edward Snowden
January 21, 2014 at 6:22 pm
Hey where is my comment!
EAT ZAMBIA CLEAN
January 21, 2014 at 10:35 pm
Awe mwandi nipamaka. tinazigon’ga teka.
wisdom
January 22, 2014 at 4:49 am
Where is my Comment imwe ba Tumfweko?
wisdom
January 22, 2014 at 4:54 am
Tumfweko! tumfweko! rubbish.
Trixy
January 22, 2014 at 3:52 pm
@ wisdom…Ive also noticed that certain comments are not shown here..
@Debt Analyst…the selfishness of some of you people is what is not helping matters much. Most of us can also afford to pay this money comfortably, but that doesn’t mean we should accept things even when they are wrong. We should learn to look at a broader picture of things putting in mind the less privileged. If you can afford not everyone can. The issue at hand is that PF has accumulated a $30 billion debt in a very short period of time…you understand? SHORT PERIOD OF TIME… and that should concern any well meaning Zambian.
jjc
January 22, 2014 at 7:37 pm
3billion dollers represents 13.7% of our GDP which means its payable n its nothing to complain about and on the other hand the borrowed money is being used to build schools,universities,clinics,hospitals and roads meaning the moneys is not being abused but being used for something ur children and childrens children can enjoy.