WORLD Bank Senior Country Economist for Zambia Albert Pijuan Sala has warned that Zambia is likely to face budget risks if financing for domestic debt does not materialise. Speaking during the PwC Budget Bulletin recently, Sala noted that a significant risk to the budget was the domestic debt. “I think to us or to me, one issue that was raised earlier on is probably domestic debt at K21 billion, issuance 2.3 percent of GDP. We saw that in 2024 there were tight financing conditions and under-subscription. The banks are already quite exposed; the non-resident holders at 25 percent are probably where they want to be, given the risk-adjusted returns. So, really if that financing doesn’t materialise, we see that as...