ZAMBIA DEBT STOCK SOARS

Zambia’s national debt stock now stands at US$ 2.47 billion, as at end of September this year, up from US$ 1.56 billion last year.

This is inclusive of the recently contracted US$ 750 million, through the Euro-bond.

Finance Minister, Alexander Chikwanda has disclosed this in parliament, during his 2013 budget presentation.

Mr Chikwanda has further allayed fears that the debt stock is unsustainable.

Meanwhile, gross international reserves have soared to US$ 2.6 billion from US$ 2.3 billion, representing 3.5 months of import cover.

The minister has however targeted to maintain international reserves of up to 4 months of import cover in next year’s national budget.