Zambia celebrated a milestone as S&P Global upgraded its credit rating, lifting the country out of default and signalling economic recovery. The finance minister hailed the move as confirmation that Zambia is steadily restoring its status as a credible, investable economy.
S&P raised the nation’s long and short-term foreign-currency rating to CCC+/C from selective default, maintaining a stable outlook for growth. The upgrade follows government forecasts predicting 2026 budget reductions by more than half and economic growth exceeding six percent.
Years of complex debt restructuring negotiations and a harsh drought had weighed heavily on Zambia’s financial stability and investor confidence. Finance Minister Situmbeko Musokotwane emphasised the government’s commitment to fiscal discipline and completing remaining debt restructuring components.
He added that expanding energy access and sustainable development remain central to Zambia’s broader economic strategy. Analysts say the rating lift could attract fresh investment, reinforcing confidence in Zambia’s copper-rich economy and long-term growth prospects. The government hopes the move will encourage international lenders and investors to re-engage with Zambia’s recovering financial landscape.