Hichilema urges swift debt restructuring for economic stability

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IN a series of high-profile meetings, President Hakainde Hichilema engaged with key financial institutions, emphasizing the crucial need for the expeditious resolution of Zambia’s debt restructuring programme.

The Head of State held separate bilateral discussions with the President of the World Bank, Ajay Banga, and the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva in Berlin following the Compact with Africa G20 Summit on Monday.

The focal point of these discussions was the urgent and comprehensive closure of the remaining aspects of Zambia’s debt restructuring.

President Hichilema emphasised that it was crucial to swiftly address the remaining aspects of the debt restructuring to ensure economic stability and prevent uncertainties in Zambia’s financial landscape.

“Delays in Zambia’s case could have repercussions beyond our borders, affecting other nations considering a similar framework,” added the Head of State.

President Hichilema conveyed the significance of prompt resolution, pointing out that Zambia has fulfilled its commitments and that any delays could hinder the country’s progress.

He highlighted the importance of a streamlined process, not only for Zambia’s economic well-being but also as a model for other nations.

“We are grateful to both institutions for understanding the urgency of expediting this process. Our goal is to swiftly move into the full implementation of real projects, particularly in energy, infrastructure, mining, and agriculture,” President Hichilema emphasized.

“We are particularly eager to quickly boost agricultural production through mechanization and irrigation. This is a priority for quick wins in rebuilding our economy and ensuring sustained growth.”

As President Hichilema concludes these diplomatic engagements with leaders and heads of international organizations in Germany, he heads to Italy for a reciprocal State visit.

The eyes of the nation remain on the outcomes of these discussions, anticipating positive developments that will pave the way for a stronger and more resilient Zambian economy.

By Moses Makwaya in Berlin, Germany

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