Zambia’s domestic govt debt rises 14% y/y in July
Zambia saw its domestic government debt grow by 14% on an annual basis to ZMW 60.59 billion for July 2019, CEEMarketWatch reported referring to the latest monthly economic report of the country’s finance ministry. On a monthly basis, the increase was by 0.6%.
Currently, the African country’s debt stock accounts for 20.2% of its annual gross domestic product (GDP) projection. The share is down from 20.8% at the end of 2018. No external debt data for July is available because the finance ministry provides it only on a quarterly basis.
Back in 2017, Zambia’s government announced a series of measures in an attempt to reduce the risk of debt distress to moderate from high. The debt increase was one of the key factors behind the series of sovereign ratings downgrades over the past year, CEEMarketWatch noted.Original source: CEEMarketWatch