ZAMBIA MAINTAINS FISCAL DISCIPLINE AS NOVEMBER TREASURY RELEASES HIT K15.56 BILLION

LUSAKA The Government has reaffirmed its commitment to fiscal discipline and transparent economic management, with the Ministry of Finance and National Planning announcing that K15.56 billion was released in November to support public services, infrastructure, debt obligations, and social programmes.

Finance Minister Dr. Situmbeko Musokotwane, in a detailed statement on Wednesday, said Zambia’s improving credit ratings from Standard & Poor’s and Fitch demonstrate growing international confidence in the country’s financial recovery, stability, and governance.

He noted that these gains are not abstract achievements but meaningful milestones that benefit every citizen.

“These upgrades are for every farmer, every teacher, every entrepreneur whose life improves when the economy is stable and confidence returns,” Dr. Musokotwane said.

Push for Transparency Across Key Economic Institutions

Dr. Musokotwane emphasized that the progress seen so far is a result of coordinated efforts across institutions responsible for monetary policy, investment, procurement, public finance and market oversight.

He challenged statutory bodies under his ministry including the Bank of Zambia, Zambia Revenue Authority, Zambia Public Procurement Authority, Industrial Development Corporation and the PPP Office to adopt a more proactive approach in communicating their performance and impact.

He said institutions handling public welfare, such as the Public Service Pensions Fund, Zambia Credit Guarantee Scheme, and Public Service Micro Finance Company, must also publish timely updates to build trust and ensure accountability.

“Public trust will strengthen when progress is visible, verifiable and conveyed in ways citizens can easily appreciate,” he added.

Strengthening the Railway System: A Strategic Priority

A major highlight of November’s spending was the recapitalisation of Zambia Railways Limited (ZRL), which received K100 million from the Treasury, complemented by a €50 million European Union grant.

The combined investment will modernize key rail infrastructure, improve safety, enhance efficiency and reduce transport costs for industries that rely heavily on logistics.

Dr. Musokotwane described the rehabilitation of ZRL as “a cornerstone of economic transformation,” adding that a reliable rail network is essential for a land-linked nation seeking to position itself as a regional trade hub.

Breakdown of November Treasury Releases

According to the ministry, the K15.56 billion disbursed in November was allocated as follows:

• K4.63 billion for the public service wage bill, ensuring timely payment of salaries and allowances for civil servants, teachers, health workers, security services and diplomats.
• K5.26 billion for debt service and arrears, including K2.62 billion for domestic debt, K2.42 billion for external debt, and K218.23 million for arrears dismantling.
• K2.43 billion for transfers and subsidies, including K700 million for the Farmer Input Support Programme (FISP), K717.37 million for the Constituency Development Fund (CDF), and K817.16 million for grant-aided institutions such as hospitals and universities.
• K139.14 million was paid to retirees, while K55.69 million went toward the Food Security Pack for vulnerable homes.
• K2.04 billion was directed to general Government operations, including K412 million for essential drugs and medical supplies and K400 million for the ongoing voter registration exercise.
• K1.2 billion was allocated to capital expenditure, with K613.42 million invested in road infrastructure and the rest in key sectors such as education, tourism and defence.

Commitment Despite Power Challenges

Dr. Musokotwane acknowledged the hardships citizens are facing due to ongoing power shortages but assured the nation that Government is tackling the crisis while maintaining long-term development momentum.

“Zambia is on a positive growth trajectory. The progress is real, noticeable and internationally recognised,” he said.

He urged citizens to actively monitor public projects and hold institutions accountable, saying shared responsibility strengthens national development.

A Call for Collective Effort

The minister concluded with a call for unity, transparency and consistent implementation across Government and society.

“This is the Zambia we are building: guided by discipline, strengthened through transparency and driven by collective effort,” he said. “Together, we will shape an economy that is stable, inclusive and full of opportunity for every citizen.”