LUSAKA, Sept 28 – Zambia is targeting average economic growth of about 7% over the next three years as the government seeks to build on progress made in restructuring the country’s external debt.
The Finance Ministry’s medium-term macroeconomic framework projects economic growth of 6.0% in 2027, accelerating to 7.5% in 2028 before easing slightly to 7.1% in 2029.
The projections represent an increase from the government’s 6.4% growth forecast for 2026 in the budget presented in September last year. The International Monetary Fund, however, has a more conservative outlook, forecasting Zambia’s economy to expand by 4.3% in 2026.
Finance Minister Situmbeko Musokotwane said the government’s focus was shifting beyond economic stabilisation toward attracting greater investment, expanding exports and creating jobs.
The strategy will place greater emphasis on sectors including mining, energy and agriculture, which the government views as key sources of investment, production and employment growth.
Musokotwane was recently reappointed following last month’s election after overseeing Zambia’s prolonged debt-restructuring process. The copper-producing country defaulted on its external debt during the COVID-19 pandemic, triggering negotiations with creditors that have since reshaped its debt obligations.
The government is now seeking to translate the progress made on debt restructuring into stronger economic activity and increased private-sector investment.
Zambia is also seeking a new programme with the IMF before the end of 2026. Its previous $1.7 billion arrangement ended in January, leaving the government looking to establish a new framework for continued policy support and economic reforms.
The government’s growth targets will depend on its ability to increase investment and productive capacity while strengthening key export sectors, particularly mining, alongside energy and agriculture.
