Zambia’s foreign exchange reserves hit a record USD 4.31 bln at the end of December 2024, covering 4.6 months of imports. The increase is attributed to project inflows from the World Bank and African Development Bank, IMF disbursements, and mining tax purchases. The economy is expected to grow at 6% in the medium term, and the budget deficit for 2024 was reduced to 3.6% of GDP.