By Francis Chipalo Zambia’s external debt has dropped by five percent in six months, from US$16.15 billion to US$15.35 billion, following government’s buyback of US$1.36 billion Eurobond B. Finance Minister Dr. Situmbeko Musokotwane announced the development in Parliament on Tuesday, 10th November 2026. The buyback involved Eurobond B, a facility that was scheduled to mature […]

By Francis Chipalo

Zambia’s external debt has dropped by five percent in six months, from US$16.15 billion to US$15.35 billion, following government’s buyback of US$1.36 billion Eurobond B.

Finance Minister Dr. Situmbeko Musokotwane announced the development in Parliament on Tuesday, 10th November 2026.

The buyback involved Eurobond B, a facility that was scheduled to mature in 2053. Government repurchased the bond below its face value, saving the country US$275 million.
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State House Chief Communication Strategist Whitney Mulobela says the move is part of the Grow Zambia Agenda.

Mulobela explained that the savings will be channeled into the Energy Grid Resilience Programme to strengthen the national electricity network that powers homes, farms, mines and factories.

“The bond carried conditions that would have raised costs as the economy improved. That risk is now gone,” Mulobela noted.

He added that reducing debt service frees up resources for social sectors such as schools, health facilities, roads and the Constituency Development Fund (CDF).

Mulobela said prudent debt management will boost investor confidence, attract investment and create jobs, while ensuring a lighter debt burden for future generations.

He stated that in his first term, President Hakainde Hichilema focused on economic recovery and stabilization, and the current term is focused on growth.

“You cannot grow an economy that is choking on debt, and you cannot grow it without power. This transaction answers both,” Mulobela said.

Government is expected to table a special report in Parliament detailing how the buyback was financed and the savings realized, in the interest of accountability.
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