Zambia’s dollar bonds rose after Morgan Stanley praised Finance Minister Situmbeko Musokotwane’s 2025 budget plan. The yield on USD 1.7 bln in notes due in 2033 dropped by 30 bps to 7.86%, the biggest on record. The plan aims to reduce the fiscal deficit from 6.4% in 2024 to 3.1% in 2025. Rising copper output and prices are expected to aid in this fiscal consolidation, although tighter spending controls will be necessary.