Zambia’s Treasury released K21.1 billion in July 2026 for social support, public-service wages, debt obligations, government operations and capital projects, according to a statement attributed to Secretary to the Treasury Felix Nkulukusa. The July release opened the second half of the 2026 financial year and brought cumulative Treasury releases from January to July to K152.05 billion. July therefore accounted for about 13.9 per cent of the amount released during the first seven months. Nkulukusa said the allocations were intended to translate public resources into services and tangible benefits. The figures describe funds released by the Treasury, however, and do not by themselves show how quickly receiving institutions spent the money or what outputs were delivered. How the K21.1 billion was allocatedTransfers, subsidies and social benefits: K6.3 billion, or 29.9 per cent of the July total.Public-service wage bill and related obligations: K5.9 billion, or 28.0 per cent.Debt service and domestic arrears: K4.3 billion, or 20.4 per cent.Government programmes and general operations: K3.4 billion, or 16.1 per cent.Capital expenditure: K1.2 billion, or 5.7 per cent.Transfers and the wage bill together absorbed K12.2 billion, or almost 58 per cent of the July total. Debt service and arrears accounted for roughly one-fifth, while capital expenditure represented less than 6 per cent. Percentages may not add precisely to 100 because of rounding. Food security and farmer supportThe Food Reserve Agency received K2.7 billion, making it the largest specifically identified beneficiary under the July transfers. The Farmer Input Support Programme received K660 million, taking cumulative FISP releases for 2026 to K6.4 billion. Those allocations place food security and agricultural support near the centre of the month’s spending priorities. Their practical effect will depend on timely crop purchases, farmer payments, input procurement and transparent beneficiary management. The Zambian Economist has previously examined why speed and transparency are central to FRA crop marketing. Social protection and educationThe Social Cash Transfer Programme received K564.2 million, bringing its cumulative 2026 releases to K2.3 billion. Schools received K841.4 million in grants for the free education programme, taking school grants released during the year to K2.4 billion. Grant-aided institutions, including hospitals and universities, received K709.3 million. A further K507.3 million went to the Public Service Pension Fund for pension obligations. Roads lead the capital allocationCapital expenditure totalled a rounded K1.2 billion. The statement identified K592 million for roads, K243.3 million for water infrastructure, K188.9 million for rehabilitation of the National Assembly buildings, K101.3 million for education infrastructure and K50 million for mini-hospital projects. The listed projects add up to K1.1755 billion, broadly consistent with the rounded capital total. Roads alone accounted for just over half of the specified capital allocations. Debt payments remain a major claim on cashTreasury released K4.3 billion for domestic and external debt service and the dismantling of domestic arrears. The statement did not provide a further split among those three obligations. Nkulukusa said continued debt servicing and arrears clearance were important for fiscal credibility and for creating room for investment and economic growth. The allocation also illustrates the continuing pressure that past obligations place on funds available for current services and development. What the release figures do not yet showA Treasury release is an important step in budget execution, but it is not the same as verified expenditure or a completed project. A fuller assessment would require information from the receiving institutions on utilisation rates, procurement, beneficiary coverage, arrears cleared and measurable service outcomes. The Treasury said the second-half focus would be on converting available resources into stronger services, productive infrastructure, economic opportunities and improved livelihoods. It also said expenditure would be prioritised to protect key programmes as geopolitical developments place pressure on global petroleum supplies and fuel prices.

Treasury Releases K21.1 Billion for July Services and Debt

The Zambia Development Agency (ZDA) has announced that investments worth US$19.07 billion have been actualised. Addressing a media briefing in Lusaka today, ZDA Director General Albert Halwampa said the actualisation is for the period between 2021 and 2026, while 2,338 investment licences were issued valued at US$97 billion during the same period. Mr Halwampa said the actualised investments were recorded from 838 licensed companies monitored by the agency, adding that the figure is expected to rise as more investors submit implementation reports. “I would like to inform the nation that investor confidence has never been this high. It’s actually the highest ever in terms of investor confidence in the country,” Mr Halwampa Said. He said the US$97 billion in investment licences issued over the past five years exceeds the US$70 billion worth of licences granted between 2007 and 2020, describing the achievement as evidence of Zambia’s growing attractiveness as an investment destination. “The manufacturing sector accounted for the largest share of actualised investment at US$7.33 billion, followed by mining at US$6.62 billion, transport at US$1.60 billion, energy at US$1.43 billion, agriculture at US$669 million, construction at US$521 million, while other sectors accounted for US$901 million,” he stated. He further explained that Lusaka Province attracted the highest actualised investment at US$9 billion, followed by Copperbelt Province with US$4.4 billion and North-Western Province with US$3.3 billion, while the remaining provinces accounted for a combined US$999 million. Mr Halwampa said the monitored investments created 149,956 direct jobs, with mining accounting for 48,007 jobs, manufacturing 46,759, agriculture 18,627, transport 14,743, services 8,065, and other sectors 13,755. He indicated that the government remains focused on increasing the conversion of pledged investments into operational projects through the Zambia Investment Deal Room, an online platform that links local and foreign investors with banks, institutional investors and international financiers. Mr Halwampa has since encouraged both local and foreign investors to utilise the platform and take advantage of incentives offered by the ZDA, adding that the agency remains committed to supporting investment that drives sustainable economic growth and employment creation across the country.

Investments worth US$19.07 billion actualised-ZDA

Ten Civil Society Organisations (CSOs) have signed a Memorandum of Understanding (MoU) to strengthen inclusive governance and economic partnerships along the Lobito Corridor under the Corridor Voices Initiative. Speaking during the signing ceremony, People in Need Zambia Country Director, Stefania Lagonigro, said the agreement marks a significant step towards strengthening collaboration among the organisations to ensure communities are at the center of development. “Today is more than the signing of an agreement. It is a reaffirmation of our commitment to work together, learn from one another and amplify the voices of the communities we serve,” Ms Lagonigro said. She stated that while the Lobito Corridor presents immense economic opportunities, development must be transparent, inclusive and responsive to the needs and aspirations of local communities. And Zambia Governance Foundation Chief Executive Officer, Ingwase Mwale, described the development as a milestone, saying CSOs have a critical role to play in ensuring communities actively participate in the corridor’s development. “We recognise as civil society organisations that our role is to serve as a bridge between communities and key stakeholders along the corridor. Through Corridor Voices, we want communities to not only participate but to be fully involved and ensure their priorities are reflected in the development agenda,” Ms Mwale said. Meanwhile, Centre for Trade Policy and Development (CTPD) Executive Director, Isaac Maipopo, said the partnership demonstrates the commitment of civil society organisations to supporting one of Zambia’s most important development initiatives. Mr Maipopo said the Lobito Corridor offers opportunities beyond trade, noting that it has the potential to unlock investment in agriculture, health, tourism and other service sectors while opening up districts along the railway route to increase economic activity. “The corridor stands to provide opportunities that extend beyond the movement of goods and services. It will open up alternative economic opportunities and, ultimately, help create jobs for our people once the planned interventions are fully implemented,” Mr Maipopo said. He called on all stakeholders supporting the Lobito Corridor to move beyond commitments and accelerate implementation to ensure communities begin to realise the benefits of the project. The partnership comprises People in Need Zambia, Zambia Governance Foundation, and Jesuit Centre for Theological Reflection (JCTR), Kaoma Women’s Association, Zambia National Women’s Lobby, Centre for Trade Policy and Development (CTPD), Muzika Zambia, Kibans Zambia Foundation, Continental Leadership Research Institute and WWF Zambia among others.

Ten Civil Society Organisations (CSOs) have signed a Memorandum of Understanding (MoU) to strengthen inclusive governance and economic partnerships along the Lobito Corridor under the Corridor Voices Initiative.

CSOs sign MoU to strengthen inclusive governance along Lobito Corridor

<h2>Reading the policy signals</h2>Analysts combining classical Taylor Rule frameworks with machine-learning forecasting models are converging on a cautious, data-dependent stance. <h2>The bigger picture</h2>A stable, well-communicated rate path tends to matter more for investment decisions than the rate level itself.

Taylor Rule and machine learning models point to a cautious Bank of Zambia policy stance.

KATONDO STREET JOURNAL

Economics

Treasury Releases K21.1 Billion for July Services and Debt

Investments worth US$19.07 billion actualised-ZDA

CSOs sign MoU to strengthen inclusive governance along Lobito Corridor

Bank of Zambia Policy Rate Outlook: What the Models Say