Eurobond
ZAMBIA EUROBOND KEY FIGURES
| Financial Account Deficit Driver | Debt Restructuring Status | IMF Programme Completed | Composite Indicator |
|---|---|---|---|
| Eurobond repayment | Being finalised under successor programme | January 2026, 38 months | 2.59 |
A Eurobond repayment contributed to a USD 659.6 million financial account deficit in Zambia’s external balance sheet, even as a capital account surplus of USD 1.3 billion, boosted by more than USD 1.2 billion in one-off debt forgiveness, partly offset that outflow.
Zambia’s debt restructuring commitments, including its Eurobond obligations, are being carried forward into a successor IMF-supported programme following the completion of the 38-month Extended Credit Facility arrangement in January 2026.
Eurobond Repayment and the External Balance
A financial account deficit of USD 659.6 million was tied to a Eurobond repayment, partly offset by a capital account surplus of USD 1.3 billion boosted by more than USD 1.2 billion in one-off debt forgiveness[1].
Debt Restructuring and the IMF Programme
Zambia’s government decided not to seek a one-year extension of its concluded Extended Credit Facility arrangement, opting instead to negotiate a full successor programme with the IMF that would continue addressing the completion of Zambia’s debt restructuring commitments while also incorporating the country’s growth ambitions[2]. The IMF’s debt sustainability analysis uses a composite indicator that, following the 2025 Country Policy and Institutional Assessment update, stood at 2.59, still below the 2.69 threshold for a medium debt-carrying-capacity classification[3].
Investment Opportunities
The combination of a completed debt restructuring track record under the IMF programme and an incoming successor arrangement built explicitly around finishing that restructuring while also addressing growth ambitions points to continued policy attention on Zambia’s external debt position, relevant to any investor pricing Zambia sovereign or Eurobond-adjacent risk, detailed further on the dedicated IMF and Economy pages[2][3].
Last Update: September 2026
References
- Bank of Zambia, Monetary Policy Report, May 2026
- Ministry of Finance and National Planning, From Stabilisation to Expansion: Government Signals Aspiration for a New-IMF Supported, Investment-Focused Growth Phase
- International Monetary Fund, Zambia: Staff Report for the 2025 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review, Supplementary Information, July 2025
