PUBLIC DEBT: BORROWING UNDER PF VERSUS UPND
Zambia’s public debt amassed to US$31.95 billion by the end of December 2025 contracted by the Patriotic Front (PF) government in office during from 2011-2021 and the United Party for National Development (UPND) administration (2021-26), which assumed power subsequently.
By the close of 2025, Zambia’s total public debt consists of external and domestic components.
External debt stands at US$17.5 billion, with external loans comprising US$16.1 billion.
Notably, this external debt increased from US$11.9 billion in 2021, the final year of PF’s tenure.
Additionally, government-guaranteed external debt amounts to US$1.4 billion.
On the domestic front, debt totals K253.7 billion—approximately US$14.45 billion at 2025 exchange rates—up from K178 billion in 2021.
The domestic debt surge also signifies increased government borrowing within local financial markets during the transition and rule of the UPND.
A question that needs an answer is: Who borrowed more between the PF and UPND?
Under PF, total external debt was US$11.9 billion by 2021, while domestic debt stood at K178 billion.
During UPND’s term up to 2025, external debt increased by approximately US$4.2 billion (from US$11.9 billion to US$16.1 billion), and domestic debt rose by about K75.7 billion, equating to nearly US$6 billion given prevailing exchange rates.
In sum, the UPND accumulated close to US$10.2 billion more in public debt than the PF in their respective final years.
The PF borrowed mainly for infrastructure while the UPND borrowed for consumption.