Has Zambia Cleared Its Debts With The IMF?
On April 19, 2026, an X user @Joe_bassey claimed that Zambia had completely cleared its debt with the International Monetary Fund (IMF). The post had a graphic image of Zambian President Hakainde Hichilema, with the caption, “Zambia 🇿🇲 has completely cleared its debt with the International Monetary Fund. President Hichilema’s government calls it a historic victory as the country prepares for elections.”
When this report was published, this claim had about 39,700 views and over 1,300 replies, reposts, quotes, likes, and bookmarks.
VERIFICATION
Zambia has been on a borrowing programme with the International Monetary Fund, IMF, called an Extended Credit Facility since 2022. This is a type of loan arrangement designed to help countries in financial difficulty get back on their feet. Zambia entered this programme after it became the first African country to default on its foreign debt during the COVID-19 pandemic in 2020.
In January 2026, the IMF Executive Board completed the sixth and final review of Zambia’s 38-month Extended Credit Facility, ECF, arrangement. The completion of this review allows for an immediate disbursement of Special Drawing Rights, SDR, of 138.9 million (about 190 million US Dollar), bringing Zambia’s total disbursement under the ECF-supported program to SDR 1,271.66 million (about US$1.7 billion).
SDR means Special Drawing Rights, a type of international reserve asset created by the International Monetary Fund. When the IMF says a country owes money, it is usually recorded in SDR just like this case of Zambia
Earlier in 2026, the IMF acknowledged Zambia’s genuine macroeconomic progress, stating that the country’s economy has recorded real GDP growth of an estimated 5.2 percent in 2025, underpinned by strong mining output and record maize production.
However, the IMF has simultaneously warned that Zambia’s public debt remains at high risk of overall and external debt distress. The Fund has urged continued fiscal discipline, stronger revenue mobilisation, and sustained structural reforms as conditions for long-term debt sustainability.
A look at the International Monetary Fund (IMF) debt list from April 1, 2026 to April 17, 2026 revealed that Zambia currently owes a total of 1,271,660,000 in SDR. This is about 1,745,683,981.6 at 1 SDR = 1.37 USD.
CONCLUSION
The claim that Zambia had completely cleared its debt with the International Monetary Fund is FALSE. Zambia has made steady progress in managing its economy and restructuring its debts, but it still owes money to the IMF.
