THE Ministry of Finance has revealed that Zambia’s total public debt stood at $31.74 billion including interest arrears, as at the end of 2021.
In October last year, the Ministry of Finance said Zambia’s total public debt stood at $26.96 billion as at end of June 2021.
But according to a summary of Zambia’s public sector debt as at end of 2021 released on Wednesday, the ministry stated that the total public debt, excluding interest arrears was US$30.93 billion as at the end of 2021.
The ministry stated that external stock, excluding interest arrears, of Central Government debt, guaranteed SOEs loans and non-guaranteed SOEs loans stood at $13.04 billion, $1.53 billion and $136.1 million, respectively.
“As at end 2021, Zambia’s total public debt was USD equiv. 30.93bn excluding interest arrears, and USD equiv. 31.74bn including interest arrears. The end 2021 external stock, excluding interest arrears, of Central Government debt, guaranteed SOEs loans and non-guaranteed SOEs loans, amounted to USD 13.04bn, USD 1.53bn and USD 136.1mn, respectively. The table below provides a comprehensive summary of the total public sector debt. It includes Central Government, guaranteed and non-guaranteed state-owned enterprises liabilities, denominated in both foreign and local currencies,” the statement read in part.
Meanwhile, government still owes Mikalile Trading Corporation a commercial loan of $297,921,797 as well as 44 other creditors, which include; Exim Russia, a bilateral loan which stood at $147,396,680; African Development Bank, a multilateral loan which stood at $264,350,882; Bank of China, a commercial loan which stood at $67,732,492; Government of China, a bilateral loan which stood at $23,546,292; Government of Japan, a bilateral loan which stood at $44,470,650, Government of Iraq, a bilateral loan which stood at $37,088,014; Paramount Ltd, a commercial loan which stood at $10,764,065; Starlite, a commercial loan which stood at 41,591,654, among other creditors.
The statement further revealed that ZESCO had guaranteed debts owed to creditors which included: NORDEA commercial debt stood at $94,366,956; ICBC commercial debt of $268,626,154, EXIM bank of India a bilateral debt of $16,806,487; DBSA a bilateral debt of $ 93,973,660 and EXIM China a bilateral debt of $7,639,261.
Further, the statement revealed that ZAMTEL had guaranteed commercial debt of $22,200,276 owed to ZTE and HUAWEI.