Zambia: public finances

What is the public debt of Zambia?

Zambia's general government gross debt was 100.6% of GDP in 2025, according to the IMF World Economic Outlook (October 2026), down from 125.5% in 2024 and 136.8% in 2023. The IMF projects 82.1% for 2026.

The ratio covers domestic and external debt owed by government. The ratio moves with the kwacha's exchange rate, because external debt is owed in foreign currency, and with growth in nominal GDP. Figures for 2025 and 2026 are IMF estimates and projections.

Official sources: IMF DataMapper: General government gross debt, Zambia

What is the budget deficit of Zambia?

Zambia's general government deficit was 3.8% of GDP in 2025, according to the IMF World Economic Outlook (October 2026), after 3.5% in 2024. The IMF projects 5.4% for 2026.

The deficit is the gap between government revenue, including grants, and spending. It was 7.8% of GDP in 2022. The Ministry of Finance's site could not be reached on 15 October 2026, so national budget execution figures are not given here.

Official sources: IMF DataMapper: General government net lending/borrowing, Zambia

What is Zambia's national debt?

According to the IMF, general government gross debt in Zambia was 100.6% of GDP in 2025. Its high point since 2005 was 2020, at 140.0% of GDP; its low point was 2010, at 18.9% of GDP. Across Sub-Saharan Africa the middle value was 53.0% of GDP, and Zambia placed 4th highest of 46. Of 185 countries with 2025 data, 20th highest.

What is Zambia's fiscal deficit?

The latest figure from the IMF, for 2025, is -3.8% of GDP, a deficit. The peak was 16.9% of GDP in 2006 and the low -13.8% of GDP in 2020. Sub-Saharan Africa median: -3.0% of GDP; Zambia is 29th highest of 47. Of 188 countries with 2025 data, 122nd highest.

What is Zambia's government revenue?

In 2025, general government revenue in Zambia was 25.9% of GDP, according to the IMF. Its high point since 2005 was 2006, at 36.6% of GDP; its low point was 2010, at 15.6% of GDP. Sub-Saharan Africa median: 18.4% of GDP; Zambia is 8th highest of 47. World rank, highest first: 99th of 187.

How big is Zambia's government spending as a share of GDP?

In 2025, general government spending in Zambia was 29.7% of GDP, according to the IMF. Its high point since 2005 was 2020, at 34.0% of GDP; its low point was 2009, at 17.8% of GDP. It is 10th highest of 46 in Sub-Saharan Africa, where the median is 20.8% of GDP. World rank, highest first: 98th of 186.

What is Zambia's tax to GDP ratio?

The latest figure from the IMF, for 2024, is 18.8% of GDP. It is the top of the series, which starts in 2005. Across Sub-Saharan Africa the middle value was 14.1% of GDP, and Zambia placed 6th highest of 16. World rank, highest first: 40th of 92.

How much does Zambia spend on its military?

SIPRI puts military spending in Zambia at 1.3% of GDP in 2025. Its high point since 2005 was 2008, at 2.1% of GDP; its low point was 2021, at 1.0% of GDP. Sub-Saharan Africa median: 1.3% of GDP; Zambia is 24th highest of 44. Worldwide: 96th of 149.