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Zambia: budget and public finance trajectory

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Reported information

Zambia proposes 284.8 billion kwacha budget for 2027

Zambian Finance Minister Situmbeko Musokotwane presented a 284.8 billion kwacha budget proposal for 2027 on 6 November 2026. The government seeks growth of around 5% and a budget deficit of no more than 3% of GDP, Reuters reports.

Lusaka in 2008. Geographic file photograph; does not depict the budget presentation. Alex Mukuka / Beao, CC BY-SA 4.0; cropped version.
Lusaka in 2008. Geographic file photograph; does not depict the budget presentation. Alex Mukuka / Beao, CC BY-SA 4.0; cropped version. — Alex Mukuka / Wikimedia Commons — CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/ — photographie de 2008, version recadrée par Beao en mars 2026

Domestic revenue is projected at 233.7 billion kwacha, or 82.1% of the proposed envelope, according to Zambia24’s account of the minister’s presentation. Mining, agriculture, manufacturing and tourism are priorities.

The 2027 deficit target compares with an estimated 5.9% of GDP in 2026. Reuters reports that fuel tax reductions intended to cushion the consequences of the Iran war and maize purchases for food reserves increased financing needs.

The amounts and rates are government proposals and forecasts. They do not represent revenue already collected or a final deficit outcome for the coming financial year.

Sources 2