By Amb. Emmanuel Mwamba
Government Annual Borrowing Plan for 2024
In 2024, Government intends to spend K177.89 billion to be financed through tax and non-tax revenue, grants and debt.
The financing from tax and non-tax revenue, and grants is projected at K144.55 billion, leaving a deficit of K33.34 billion.
The K33.34 billion will be
financed through domestic and external borrowing of K16.33 billion and K17.01 billion, respectively (see Figure 1).
The K17.01 billion external borrowing comprises disbursements of K3.79 billion from new loans to be contracted in 2024, K3.50 billion from the IMF Extended Credit Facility (ECF) and K9.72 billion from already contracted project loans.
External borrowing will be limited to concessional financing in line with Government’s commitment to ensure that public debt is restored to sustainable levels.
The borrowing will be conducted in line with the Medium-Term Debt Strategy which entails a gradual increase in domestic financing, and a reduction in external financing.
In 2024, Government intends to contract Net Domestic Financing (NDF) of K16.33 billion and external financing of US $416.33 million as outlined in Table 1.
Out of the US $416.33 million, US $203.97 million will be disbursed in 2024 while the balance will be disbursed in subsequent years in line with implementation milestones for each project



