Zambia's external debt up, finmin says economy outlook positive

LUSAKA, March 12 (Xinhua) -- Zambia's foreign debt rose to 10.5 billion U.S. dollars at the end of December 2018 from 8.74 billion dollars at the end of 2017, said Finance Minister Margaret Mwanakatwe on Monday.

The rise is due to increased disbursements of previously contracted loans for ongoing economic infrastructure programs aimed at supporting economic diversification and transformation, Mwanakatwe said in a statement, adding the government also paid 759.9 million dollars in external debt service in December 2018.

The minister said the country's economic outlook for 2019 looks positive, with growth expected to remain resilient supported by a stable environment and a continued implementation of legal and structural reforms.

"The expected good performance of sectors such as mining, manufacturing, wholesale and trade and construction, and the recovery in agriculture are projected to support this growth. A stable supply of energy is also expected to provide impetus for enhanced economic performance," she said.