LUSAKA – Zambia has achieved a historic economic milestone, with gross international reserves (GIRs) rising to an unprecedented US$5.2 billion, the highest level ever recorded in the nation’s history.
Finance Minister Dr. Situmbeko Musokotwane announced the development in Parliament during a Ministerial Statement on Zambia’s recent sovereign credit rating upgrades. He noted that the record reserve position reflects renewed global confidence in the country’s economic reform agenda.
Gross international reserves are foreign currencies and related assets held by the Bank of Zambia, serving as a critical buffer to support the kwacha, meet external payment obligations, and protect the economy against international shocks. The surge in reserves strengthens Zambia’s external position at a time when global markets remain volatile.
Dr. Musokotwane said the achievement demonstrates the positive impact of the government’s fiscal and monetary reforms, supported by improved debt restructuring progress and increased foreign inflows.
“This record reserve level is a sign that our economy is stabilizing and that the international community is regaining trust in Zambia’s economic direction,” he told lawmakers.
Economists say the milestone enhances Zambia’s resilience, boosts its creditworthiness, and provides room for stronger currency stability and sustainable growth. It also positions the country to better navigate future uncertainties in global commodity markets and financing conditions.
The government has pledged to continue implementing reforms aimed at consolidating macroeconomic stability, stimulating investment, and safeguarding the gains made in its external sector.
