Zambia's foreign exchange reserves reached a record high of $4.31 billion by the end of December 2024, boosted by multilateral bank project inflows. This was announced by Finance Minister Situmbeko Musokotwane in a parliamentary statement on January 31, 2025, outlining the country's economic performance.

Zambia's Foreign Reserves in High Record of $4.31 Billion Dollars

Increase international reserves to create a buffer to cushion the economy against external shocks

The Zambian and France governments have signed an agreement that paves the way to the signing of similar agreements with the other 15 State creditors and ultimately the actual restructuring of Zambia&rsquo;s debt.

France Signs Debt Restructuring Agreement with Zambia

President Hakainde Hichilema is hoping to agree an International Monetary Fund (IMF) package to stabilise foreign exchange reserves and enhance Zambia&rsquo;s credibility as it seeks to renegotiate with lenders.

Hopes for IMF package

A government audit revealed over 200,000 ineligible individuals, including civil servants and formally employed people, benefited from the 2024/2025 Farmer Input Support Programme (FISP). Minister Mweetwa announced the findings in Lusaka, highlighting irregularities within the subsidy program.

Government Audit Uncovers Over 200,000 Ineligible Beneficiaries in Farmer Input Support Program

Ensure fiscal expenditure rationalization, prudence and discipline

The Zambian government has revealed that it has provided over K9 billion in tax breaks to domestic industries in the past three years. The Minister believes tax incentives attract investments by alleviating the tax burden on local businesses.

Government has given Tax Breaks to Local Industries of upto K9 billion

Maintain a stable economic landscape to reduce cost of doing business

The Zambian government has announced that they are building two gold marketing centers in Mumbwa and Rufunsa districts, costing K19.2 million, and they will be completed this year. He also stated that the ministry's allocation for artisanal and small-scale mining activities has increased from K52.1 million in 2023 to K131.4 million in 2024, a figure that will remain the same in 2025. The government is taking a multi-sectoral approach to support artisanal and small-scale miners, including providing access to finance.

The Zambian Government Constructing Gold Marketing Centres

Extend the copper value chain, and promote exploration and processing of gemstones and industrial minerals

The Ministry of Agriculture reported that 5,445 loans totaling over K428 million were disbursed under the Sustainable Agriculture Financing Facility (SAFF).

Over K428 million in loans disbursed to smallholder farmers under Sustainable Agriculture Financing Facility (SAFF)

Partner with the private sector to ease access to and ensure availability of low-cost finance to farmers

Acting Minister of Small and Medium Enterprises Douglas Syakalima announced the disbursement of 74,392 marketeer booster loans, totaling over K153 million, during 2022 and 2023.

74,392 Marketeer Booster Loans Disbursed in 2022/2023

Develop suitable credit and finance facilities for youth and women

Local Government and Rural Development Minister Gary Nkombo has suspended the Chongwe Mayor and all councillors for 90 days amid allegations of land alienation. He appointed Chelstone Hamulyata as Local Government Administrator to manage the council during this period. Nkombo announced that Hamulyata would form a task force, including the Zambia Police, ACC, DEC, and his Ministry, to investigate the allegations. The government, led by President Hakainde Hichilema, is committed to ensuring development across the country while upholding the rule of law.

Chongwe Mayor and 3 others Suspended over land allegations

Correct the indiscriminate use of land and poor development practices by promoting orderly land management

"The Ministry of Finance and National Planning allocated K15.7 billion to support developmental programs and public service delivery. The distribution of funds included K4.1 billion for debt service, K3.4 billion for transfers, subsidies, and social benefits, K2 billion for various developmental projects and general operations, and K1.4 billion for capital expenditures.

Ministry of Finance outlines expenditure allocations

Improve budget credibility through better planning and adherence to expenditure plans

The Zambian government has officially waived visa requirements for nationals of 53 countries under Statutory Instrument Number 78 of 2024, with the changes set to take effect on January 1, 2025.

Zambia waives Visa requirements for 53 countries to enhance Tourism

Establish public policies and investment strategies for local ownership and operation of tourism service and enterprises

<div data-ccp-timestamp="1739903455702">The Energy Regulation Board (ERB) has approved 21 power supply agreements, 26 power purchase agreements, and 14 agreements related to the importation of power for 2024. ERB plans to review Zesco&rsquo;s emergency tariff application next month, anticipating challenges in implementing a seven-hour power supply. The majority of the approved agreements concern the development of new power plants, which could generate over 5,000MW upon completion.</div>

ZESCO Limited approves 21 Power Supply Agreements

Diversify the geography of large-scale electricity generation sources

The Zambian government has successfully completed the distribution of fertilizers, specifically Urea and Compound D, under the Direct Input Supply model, achieving a full 100% distribution. Additionally, the e-voucher model has seen progress, with current distribution levels at 98.4%. These initiatives illustrate the government's commitment to ensuring agricultural inputs are effectively provided to farmers.

Input Distribution under the Direct Supply Model completed

Provide targeted farm input packages to vulnerable groups of small-scale farmers

The government has installed new equipment at Mulungushi Textiles in Kabwe as part of a plan to revitalize the facility and boost the local economy.

Mulungushi Textiles receives new Equipment

Encourage value chain addition and agro-processing

Government has signed a 110-million-United-States-dollar Concession Agreement with the Ndola-based ZMart Group of Companies for the construction of a One-Stop Border Post at Kasumbalesa and 20 kilometers of township roads in Chililabombwe and Chingola on the Copperbelt.

Govt, ZMart Ink $110 Million Kasumbalesa Development Agreement

Improve the business environment and reduce the cost of doing business for the private sector

After being recalled in an unprecedented move by Speaker of the National Assembly Nellie Mutti, Parliament yesterday met and adjourned sine die for the second time in seven days, only after approving a US$180 million debt. This is inline with the new policy that parliament has to approve the contraction of loans.&nbsp;

Parliament approves more debt for Zambia

Tighten the oversight role of parliament in debt contraction

Over 650 youths that have been trained under the Zambia National Service Programme have received equipment from the Ministry of Community Development. The Youths were trained in various skills such as carpentry, sewing, brickalaying, farming etc in 2023 at ZNS Camps in Chipata, Kasama and&nbsp; on the Copperbelt.

650 Youths graduate with skills from ZNS camps

Educate, motivate and encourage the youth to become successful entrepreneurs

Government has launched the National Public Free Wi-Fi Initiative in three public hubs to bridge the digital divide and empower citizens across the country. The initiative has been launched simultaneously at Intercity Bus Terminus in Lusaka, Chisokone Market in Kitwe and Kapiri Mposhi Bus Station.

Free WiFi launched to bridge digital divide

Promote the digital economy and advance knowledge and skills

The Zambia Meteorological Department has warned that cyclone Cido may indirectly influence the weather patterns in Zambia resulting in heavy rains and flooding

The Meteorological Department warns of heavy rains over Zambia due to Cyclone Chido

Improve public information services on meteorological events and market information

The Industrial Development Corporation (IDC) Chief Executive Officer (CEO), Cornwell Muleya, has announced that the Zambian government has established a wealth fund that will comprise all the revenues generated from state-owned enterprises.&ldquo;This fund will be key in ensuring that the Zambian government saves money for future generations.

The Industrial Development Corporation  creates wealth fund for revenue from parastatals

Strengthen public investment management, project selection and financing

The Zambian authorities and the IMF team have reached a staff-level agreement on the authorities&rsquo; economic policies and reforms to conclude the fourth review of the 38-month Extended Credit Facility (ECF) arrangement.

IMF Reaches Staff-Level Agreement on the Fourth Review of the Extended Credit Facility with Zambia

Improve economic and fiscal governance through the strengthening of regulations

President Hakainde Hichilema has officially commissioned the US $ 9.5 million Rural Electrification Authority (REA) 640 KV Kasanjiku Mini-hydro Power Plant (KMHPP) in Mwinilunga district of North Western province.

Hichilema commissions US$9.5M REA power plant

Extend the grid network and deploy off-grid electrification solutions to rural areas

Tourism Minister RODNEY SIKUMBA has opened the Tazara Memorial Park Museum in Chongwe District, highlighting its significance in preserving the shared legacy of the Tanzania-Zambia Railway -Tazara.

Tazara Memorial Park Museum opens to the public

Maintain museums and restore information on cultural and natural heritage

Business volumes amounting to US$12.22 million have been recorded by the Zambia Development Agency (ZDA) from the recent Trade Mission to the Democratic Republic of Congo (DRC). ZDA last month undertook a trade mission in DRC&rsquo;s Hauti Katanga Province with a delegation of 40 companies with a goal of enhancing Zambia&rsquo;s non-traditional exports (NTEs) and securing market access for Zambian products.

Zambia Development Agency clinches US$12.22m deals in DRC trade outing

Prioritise public investments in regional, continental and global trade arrangements and promote PSD through an informed knowledge economy

Government signs the Information and Communications Technology Association of Zambia (ICTAZ) Act of 2018 Statutory Instrument (SI).

ICT statutory instrument unveiled to boost ethics professionalism in Zambai's technology sector

Introduce legislative and financial incentives to reward innovative technological solutions

Zambian government in partnership with the United Nations Development Programme has put together US$9 million to build a MineTech Hub&nbsp;

Zambia and UNDP partner to build MineTech Hub

Enhance mining output monitoring and oversight mechanisms and technologies

Zambia and USA signed a US $491.75 Million Farm-to-Market Grant to boost agriculture.

Zambia and USA Sign US$491.75 Million Farm-to-Market Grant to Boost Agriculture

Strengthen the agro-value chains

The government has agreed to suspend customs duty and surtax on copper cathode imports, enabling local processors to purchase copper at lower prices.

Cabinet Approves 2025 National Budget and key Policy measures

Establish a policy and plan to facilitate local ownership and participation in mining

The government has begun construction of the Big Mama Market formerly Munyaule Market in Lusaka&nbsp;

Government commences construction of new ultra-modern Munyaule market

Promote MSME development at the community level

The government through the Ministry of Energy commissioned the resumption of operations at &nbsp;Ndola Energy Corporation&nbsp;

Ndola Energy restarts electricity production

Accelerate the integration of transmission projects to improve access to regional power markets

Chadiza Town Council has started installing solar-powered street lights 2.4 kilometres along Pembamoyo road.

Solar-powered street lights for Chadiza

Transform Zambia into a regional hub for road, rail and air logistics

Zambia has launched the inaugural KAZA summit, which aims to provide a platform for member states to share and collaborate on ideas and policies that can help boost conservation initiatives and elevate the region as a premier tourism destination, while also harmonizing their efforts to manage and protect the natural resources and wildlife that define the region.

Inaugural KAZA Summit highlights regional conservation efforts and Socio-Economic Transformation

Strengthen partnerships with other countries to improve wildlife populations

Zambia obtained $450 million funding from the United States under the Compact Selection Program, which will be utilized to rehabilitate the Chipata-Lundazi-Old Magodi Road, which is critical for the productive agricultural districts of Zambia's Eastern Province

President Hichilema secures US$450 million in funding for Second Compact from USA

Develop and rehabilitate communal infrastructure

The Road Transport and Safety Agency developed an innovative application for enforcing traffic rules and regulations, ensuring a successful transportation plan and effective licensing and registration processes. The Road Transport and Safety Agency (RTSA), is working to realign its operations to address inconsistencies in the way the road transport industry is regulated in terms of traffic laws, regulations, and other legal requirements.&nbsp;

Road Transport and Safety Agency develops App to monitor traffic violations

Ensure an effective transport policy to allow fair distribution and access in the sector through transparent and impartial practices

Felix Mutati, Minister of Technology and Science, has signed a Statutory Instrument to reorganize the ZICTA Board of Directors and explicitly define their roles, as well as those of the Director General.

Mutati changes composition of ZICTA Board

Support better management and investment in Science and Technology Institutions

President Hichilema launched the Public Private Dialogue Forum (PPDF) aimed at promoting economic growth and development.

President Hichilema launched the PUBLIC PRIVATE DIALOGUE FORUM.

Ensure consultative PSD reform process with local partners from both the public and private sectors

The Local Authority with support from the Ministry of Tourism constructed a Tourism Information Center under the Tourism Development Fund (TDF) amounting to over two million kwacha.

Tourism Information Centre launched at Samfya beach.

Improve data collection of tourism-related statistics

Zambia and Malawi have agreed to open up the MWAMI &ndash; MCHINJI Border post in Eastern Province to enhance trade between the two countries which is a key facility in the growth and enhancement of the two countries&rsquo; economies and other member states.

Mwami-Mchinji one stop boarder post Launch

Harmonise the trade policy with the industrial, commercial, immigration and foreign policies

Loans totaling more than 117 million Kwacha have been granted under the Strategic Agriculture Finance Facility (SAFF), with 110 million Kwacha already distributed to recipients across the country.&nbsp;

Over K117m loans  approved under SAF

Improve access to capital for the modernisation of agriculture

The Government has launched the National Arts and Film Policies aimed at strengthening Arts education, skills training and financing. The policy will help build an economically viable sector that will contribute to the country&rsquo;s Gross Domestic Product.

Government Launches Arts and film policy

Ensure various arts disciplines are engaged for job creation and support business opportunities

Zambia Air-force procured various agricultural equipment for the defense wing to help promote agricultural growth in this dry season.

Zambia Air Force( ZAF)  procures farming equipment

Promote appropriate mechanisation of agriculture  to enhance growth and productivity

Cabinet has given the go-ahead for the Lands Tribunal Amendment Bill of 2024 to be introduced in parliament in order to provide for the establishment of a principal registry, regional registry; and the appointment of an Assistant Registrar. Previously there was only one office in Lusaka making it more accessible and convenient for registry

Lands tribunal to be decentralized

Review the laws governing land, and the way land is allocated to Zambians and non-Zambians

350 farmers benefited from agricultural loans under the credit window in Chipata District facilitated by the Government through banks to increase funding channeled into the agriculture sector to improve output

350 Chipata farmers get loans under credit window

Increase funding and personnel for agricultural extension services

Cabinet approved a statutory instrument to allow TurboKachin Consortium Limited, the concessionaire on the Chingola-Kasumbalesa road. the company will operate and collect toll fees at Konkola Toll Plaza in Chililabombwe. Cabinet resolved that the company collects tolls for the road which was built by the firm under the Public Private Partnership-PPP.

Cabinet approves several Bills

Promote PPPs and FDI in the transportation sector

Promote the establishment of permanent agro dealer networks

The government through the National Pension Scheme Authority (NAPSA) disbursed K8.7 billion to more than four hundred thousand beneficiaries as part of the pre-retirement lump-sum benefit program.

NAPSA disbursed K8.7 billion to more than four hundred thousand beneficiaries.

Increase budgetary allocations to social protection, including addressing the plight of pensioners

Government secures 15-Billion US Dollars from China for the setting up of a Copper Smelting Plant in Kabompo district of Northwestern Province.

Government secures 15-Billion US Dollars for the setting up of a Copper Smelting Plant in Kabompo. district

Modernise, integrate and commercialise the airports and maximise the return investments from aviation

Tourism Retention Fees Abolished

Develop pricing mechanisms that favour Zambians and off-season marketing

Southern Province has received the entire 27,506-metric tonnes allocation of D compound Fertilizer for the 2023 &ndash; 2024 farming season.

SP Gets D-Compound Fertilizer

Establish agro-input manufacturing industries in partnership with the private sector to produce seed, fertilizer, and tools

Lufwanyama Solar milling plant revamped through CDF grant

Lufwanyama Solar milling plant revamped through CDF grant

Promote small and medium scale agro- based and non-agricultural industries

The government completed the conversion of the TAZAMA Pipeline from transporting crude oil to transporting low Sulphur diesel.

AZAMA Pipeline Ready To Transport Low Sulphur Diesel

Restructure the fuel supply model to ensure fuel security and remove middle men

Zambia and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) and Joint Development Agreement (JDA) to facilitate massive investment&nbsp;

Zambia and UAE Sign Landmark Agreement for $2 Billion Renewable Energy Investment

Implement a Renewable Energy Investment Plan to improve the energy mix

President Hakainde Hichilema has signed into law the National Pension Scheme Amendment Bill 2023 which allows for the partial withdrawal of pensions. The new law, which fulfils one of the major campaign promises of United Party for National Development (UPND), has been met with a lot of excitement by workers. It will give citizens the opportunity to reinvest the funds into various ventures and assets of their choice. As a result, more jobs will be created, contributing to our economic development agenda.&rdquo;

National Pension Scheme Amendment Bill signed into law

Broaden the formal employment base to ensure workers are protected by the law and have access to pension and health systems

GSB online payments extend to tourism sector services to promote easy access to services in the tourism sector, online payments under the Government Service Bus (GSB) have been launched to reduce human interaction. Some of the services that have been integrated into the GSB and Payment Gateway System include casino licence, park entry, concession fees, animal licence and hotel manager&rsquo;s registration fees.

Government Digital Payment System extended to the Tourism Sector.

Promote tourism diversification

President Hichilema and Malawian President, Chakwera launched the Mchinji- Mwami one-stop border post.

Mchinji- Mwami one-stop border post launched.

Bring advanced technology to border post management

The government shifted its tax collection model from the dividend to the royalty method at Kansanshi Mine on its shares held by ZCCM-IH.

First Quantum to pay ZCCM-IH in revenue royalty following Zambia tax change.

Undertake a major mining sector policy reform including tax policy and administration reform

The government has issued 41,000 land titles this year under the National Land Titling program.

The government of Zambia issues 41000 land titles.

Ensure a disciplined land market and effective, efficient land administration and management systems

The government secured US $300 million from the World Bank for the development of farming blocks to grow agricultural production.

US300 million secured for the development of farming blocks to grow agricultural prodcution

Implement programmes to improve youth and women's access to land

The government has embarked on a Comprehensive Agricultural Program to enhance production and processing in the agricultural sector and is in the process of enhancing agricultural diversity under the Farmer Input Support Program through the supply of different seed varieties to small-scale farmers.

Government embarks on Comprehensive Agricultural Program

Enhance agricultural diversification and mitigate natural shocks by growing drought-resistant crops

Zambia's Minister of Finance and National Planning unveiling an exemption from withholding tax interest income earned on green bonds with a maturity of at least 3 years to encourage investment in projects with environmental benefits.

Zambia Ministry of Finance adopts new fiscal benefits for green bonds.

Improve regulatory frameworks and remove administrative barriers to business entry and operations

The government in partnership with the UN Capital Development Fund launched the Zambia Inclusive Digital Economy Status Report 2022.

Government launched the Zambia Inclusive Digital Economy Status Report 2022.

Invest in research to develop new technologies relevant to development

Minister of Energy Permanent Secretary reimposed tax on fuel starting 30 September 2022.z

Government of Zambia re-imposes tax on Fuel starting 30 September 2022

Strengthen tax policy and administration to broaden the tax base

Zambia has reduced the cost of tourist visas by 50% as of 1 January 2022.

Zambia reduces the cost of Tourist visas by half.

Create a robust tourism marketing strategy

K43 Million Kwacha was disbursed by the Ministry of Local Government and Rural Development to facilitate the construction of Crossing-Points and Road improvement works."

Ministry of Loc K43 Million disbursed to Accelerate Rural Development Projects.

Ensure higher prioritisation of public investments in rural transportation networks, systems and infrastructure services

President Hakainde Hichilema has signed into law new legislation (Bank of Zambia (BOZ) Act No. 5 of 2022) to tackle with unfair dismissal of Governors and their deputies.&nbsp;

President Hichilema signed into law new legislation (Bank of Zambia (BOZ) Act No. 5 of 2022).

Create an enabling environment supported by strong regulation for development of the financial sector and a digital economy

The local government in partnership with &nbsp;USAID, Absa Bank Zambia, and the U.S. International Development Finance Corporation launched a loan guarantee program for SMEs.

Minister of Finance and National Planning launches the loan guarantee program for SME's

Provide financing, establish industrial parks and reserve government contracts for MSME manufacturing firms

Technology and Science Minister launched the 800MHZ and 2,600MHZ bands radio spectrum auction by ZICTA

800MHZ and 2,600MHZ bands radio spectrum launched.

Apply science and technology to all aspects of government

Government increases the number of Beneficiaries on the Food Security Pack &ndash;(FSP) For The 2021/22 Farming Season.

CitizensWatch

Promise

Promise History

Zambia's Foreign Reserves in High Record of $4.31 Billion Dollars

France Signs Debt Restructuring Agreement with Zambia

Hopes for IMF package