Zambia’s current legal framework for public debt management is inadequate. The high level of external debt standing at US$11.2 billion and domestic debt at K80.2 billion due to fast pace of debt contraction; the resulting heightened risk of debt distre …

On 20th September 2022, Zambia’s first Eurobond will mature. The Government will be required to settle its principal payment amounting to US$750 million in full. Twenty months later in April 2024, the Government will have to settle the second Eurobond …

The aim of this paper is to review the ESGP, particularly, its performance in 2018. The paper sets out to understand how well Zambia faired in implementing the ESGP as well as to highlight the broader fiscal trends recently. It ultimately seeks to make …

The tribal wisdom of the Dakota tribe in the United States of America, passed on from one generation to the next, says that “when you discover that you are riding a dead horse, the best strategy is to dismount”. The fiscal authorities have argued that …

There is a growing concern from a number of analysts who believe that the true level of public debt may be higher than what is being reported officially. The cover story in this newsletter strives to provide insights on the growing concern of “hidden d …

This policy brief reviews the performance of the first half (January to June) of the 2018 National Budget, drawing on data from fiscal tables produced by the Ministry of Finance. A descriptive approach is employed in order to analyse the data and in su …

With about a year into implementation of the 2017 to 2019 Medium Term Debt Strategy, this paper gives a synopsis of the strategy. It delves into each of the pillars of the strategy and analyses the pros and cons of each and assesses whether the pillars …

This policy brief provides a review of the performance of the first quarter of the 2018 National Budget. The paper provides context by looking at both the revenue and expenditure trends during the last three years when Government instituted some fiscal …

What is the true size of Zambia’s public debt stock? That is the question on many people’s lips since the International Monetary Fund (IMF) issued a red flag last year, warning that the country was at high risk of debt distress. Zambia has breached one …

During the last five years, the Zambian economy has been slapped by a series of turbulent macroeconomic challenges. The most notable shocks were the steep drop in the global price of copper, Zambia’s main foreign exchange earner, severe electricity sup …

“In recent years, Zambia has been faced with the increased need to plug huge infrastructural gaps. However, the slowing down of bilateral and multilateral financing due to austerity measures in developed economies has made the country diversify its bud …

“In recent years, the Zambian economy has been growing strongly and the country has increasingly been faced with the need to plug huge infrastructural gaps. However, the slowing down of bilateral and multilateral financing due to austerity measures in …

“The Government of the Republic of Zambia, like many other governments in the world, significantly relies on tax revenue to finance both its key infrastructure development and social services. This study investigates the extent and causes of tax evasio …

“Based on the Report “Uncovering the Unknown: An analysis of Tax Evasion in Zambia,” Zambia is currently grappling with issues of reducing high budget deficits. Zambia’s tax revenue-to-GDP ratio dropped to a record low of 13% in the early 1990s from a …

“The middle class is increasingly becoming a topical issue in Zambia. However, the lack of a definitive measure of the middle class in the country makes it difficult to have targeted policies towards this group of people, perceived worldwide to be the …

“The UN’s Creative Economy Report 2010 notes the increasing acceptance of the role of the creative economy as a leading sector in generating economic growth, employment and trade, and that creative industries are among the most dynamic sectors of the w …