This report summarizes the findings of the Health Financing Progress Matrix assessment for Zambia. Recognizing the remarkable progress towards UHC made by the country over the past twenty years, the report also highlights weaknesses in the current health financing system and, extending from this, those priority issues to be addressed in order to further accelerate Zambia’s progress towards universal health coverage (UHC). Specifically, the report notes the importance of sustaining levels of public funding for health, progressively reducing reliance on external funding, and reinforcing the provision of free services in primary care facilities. Further recommendations include the need to accelerate the shift from passive to strategic purchasing, and institutionalizing shifts in the public financial management system to ensure that adequate operational funds reach frontline service providers in a timely fashion. Finally, the duplication in benefits across the budget-funded EPHS, the National Health Insurance Scheme, and some services provided through vertical disease programmes need to be addressed, for example through the establishment of a unified benefits framework. The latest information on Zambia’s performance in terms of UHC and key health expenditure indicators are also presented. This report is intended both to inform current health financing policy, and to provide a baseline for the future monitoring of Zambia’s progress in developing and implementing UHC-oriented health financing reforms.