Zambia nowhere near debt trap – Yamba

Secretary to the treasury Fredson Yamba says the country is not falling into a debt trap contrary to suggestions by some stakeholders.

Mr. Yamba says the country can only fall into a debt trap when its debt is equal to its GDP, which is not the case because the country is away from that mark.

He points out that the country’s GDP is about 27 billion United States dollar, while the debt is only 18 percent of the GDP.

Mr Yamba adds that the country is not anywhere closer to 100 % of the debt to GDP thus the people of Zambia should not be worried about the country getting into a debt trap.

Mr. Yamba further states that even with recent Eurobond the country issued, the ratio of the external debt to GDP will be somewhere about 28%.