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….in 2021, Zambia’s external debt stood at US$11.2 billion, but has since risen to US$15.7 billion
Lusaka… Saturday October 11, 2025
Democratic Progressive Party (DPP) President Antonio Mourinho Mwanza has challenged the UPND government to clearly explain how it has utilized the funds accumulated through increased borrowing over the past four years.
Speaking on Radio Phoenix’s Let the People Talk programme, Mr. Mwanza noted that when the UPND assumed office in 2021, Zambia’s external debt stood at US$11.2 billion, but has since risen to US$15.7 billion.
He further recalled that the country’s domestic debt has grown from K127 billion in 2021 to K243 billion, while domestic arrears, money owed to contractors and suppliers, have surged from K37 billion to K84 billion over the same period.
“Yesterday, I heard the President saying that those who think this country is worse off than it was four years ago are living in an alternative world,” Mr. Mwanza said.
“I asked myself, does the President live in this country or somewhere else? Because when the UPND came into office, fuel was K17 per litre, now it is K30. The exchange rate was K15 to one US dollar, now it stands at K24. When they came into power, Zambia’s foreign debt was US$11.2 billion, today it is US$15.7 billion. Domestic debt has increased from K127 billion to K243 billion, and domestic arrears have risen from K37 billion to K84 billion.”
Mr. Mwanza also highlighted that 29.6% of the national budget is currently allocated to debt servicing, arguing that instead of reducing the debt burden, the government has continued to expand it.
“We expected the President and his team to reduce the country’s debt, but instead, they are increasing it,” he said.
“Can they show us what they are doing with all this borrowed money? Zambia is rich in gold, mukula, sugilite, copper, and lithium, so why is our country still poor despite all these resources?”
Meanwhile, Mr. Mwanza called for greater unity among opposition political parties ahead of next year’s general elections, stressing that it is the only way to remove the UPND from power.
“What we need now is to work together to change the leadership of this country,” he stated.
“We cannot afford another five years of UPND rule. Today, 12 million Zambians out of a population of just over 20 million are living in poverty. We simply cannot afford to continue like this.”
