LUSAKA, Nov 23 (Reuters) – Zambia’s finance minister on Sunday welcomed a milestone upgrade from S&P Global ratings agency that removed the copper-rich country’s default status in the latest sign of economic recovery.<\/p>\n
In September, the government forecast a rosier fiscal picture for 2026, estimating the budget would more than halve and economic growth rise above 6% following years of protracted debt restructuring<\/a> negotiations and a severe drought<\/a>.<\/p>\n Sign up here.<\/a><\/p>\n On Friday, S&P upgraded Zambia’s long and short-term foreign-currency credit rating to CCC+\/C from SD (selective default) with a stable outlook.<\/p>\n “It confirms that Zambia has moved out of default status and is steadily restoring its place as a credible and investable economy,” Finance Minister Situmbeko Musokotwane said in a statement.<\/p>\n The government remained committed to fiscal discipline and completing the remaining components of debt restructuring while expanding energy access, he said.<\/p>\n Reporting by Chris Mfula; editing by Wendell Roelf and Christina Fincher<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n