"The strategy for the Eurobonds next year is refinancing. We want to refinance the Eurobonds and get longer dated bonds at a bit of lower cost so that we minimise our debt," Mutati told reporters.

Mutati said the equivalent of 19% of Zambia's gross domestic product (GDP) was being used to service debt.

"We want to reduce that from around 19% to somewhere around 15% so that the release of resources can be used to support the vulnerable," he said.

Zambia issued a $750 million Eurobond in 2012 followed by another amounting to $1 billion in 2014 and another worth $1.25 billion last year, mainly for infrastructure projects.

--Reuters--

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