The IMF projects Zambia’s economy to grow at an average of 5.6 percent between 2026 and 2031, driven by investments in agriculture, energy and mining, particularly copper production. Inflation is expected to fall within the 6–8 percent target range by 2027, while the current account is projected to return to surplus from 2026.
On public finances, government revenue is expected to reach 22.6 percent of GDP in 2025, with a projected primary surplus of 1.9 percent of GDP, even as the government clears VAT refund arrears and maintains spending on social services.
Ongoing reforms in tax administration, public financial management, energy pricing and state-owned enterprises are aimed at reducing fiscal risks.
The government says reforms in energy, agriculture and mining are improving productivity, attracting private investment and supporting job creation. In the social sector, the government plans to recruit 3,000 additional health workers in 2026.
The positive IMF assessment follows recent credit rating upgrades by Standard & Poor’s and Fitch Ratings, which have returned Zambia to the B category with stable outlooks.
The Ministry of Finance says it will continue engaging the public on economic performance, with a national town hall meeting planned for January 2026 to discuss the 2025 economic outcomes and the 2026 outlook.
