🇿🇲 Zambia
Public Sector Debt · 2026
Total Debt
124.4%
of GDP
Global Rank
#14
of 192
S&P Rating
SD
Credit rating
SOE Debt
+9.5%
4 categories
Where the Debt Sits
Central Government
Central Government: 114.9%Dev Banks: 0.2%Energy SOEs: 8.8%Infrastructure: 0.2%Public Corps: 0.3%
Full Debt Breakdown
Central Government114.9% of GDP
Central GovernmentIMF CG_DEBT_GDP (WEO 2025)
114.9%Energy SOEs8.8% of GDP
ZESCO (electricity)IMF 2024 Article IV / World Bank DSA$1.2B domestic IPP arrears + $100M external
8.8%Infrastructure SOEs0.2% of GDP
Zambia RailwaysAfDB 2023Handles only ~60% of potential mineral exports
0.2%Public Corporations0.3% of GDP
KCM / ZCCM-IH (mining holdings)Mining.com / VedantaKCM returned to Vedanta 2024
0.3%Development Banks0.2% of GDP
Development Bank of Zambia (DBZ)Bank of Zambia / News DiggersDeclared insolvent; BoZ took possession July 2023
0.2%Total Corporate Debt9.9% of GDP
NF corporate debt (est.)WB WDI 2020
9.9%Household Debt5.3% of GDP
Household debt (est.)WB WDI 2020
5.3%All Layers Total139.6%
Credit Ratings
S&P
SD
Moody's
Ca
Fitch
RD
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