This report provides a comprehensive assessment of Zambia’s health financing system, highlighting both the significant progress made towards achieving universal health coverage (UHC) over the past two decades and the ongoing challenges that need to be addressed. It emphasizes the importance of sustaining public health funding, reducing reliance on external sources, and ensuring that operational funds reach frontline service providers effectively. The report also underscores the need to streamline benefits across various health programs and suggests institutional reforms to improve financial management and strategic purchasing. Additionally, it serves as a critical resource for informing current health financing policies and offers a baseline for future monitoring of Zambia’s UHC progress.