ZAMBIA was on the brink of economic collapse until President Hakainde Hichilema introduced reforms that stabilized the nation, Chama South PF Member of Parliament Davison Mung’andu said during an appearance on Crown TV last night.
Mung’andu explained that when Hichilema assumed office, Zambia had defaulted on its debt and was in a bad state.
“When the president was taking over government, we had defaulted. The country was in a junk status economically. You could not go anywhere to borrow,” Mung’andu said.
He said without reforms, the country risked failing to pay civil servants and sliding into economic ruin.
“If we had continued on that path, civil servants were not going to be paid their salaries. We could have gone into what we call a banana republic economically, where the Kwacha was going to be trading against the dollar maybe beyond 10,000 or 20,000 to one dollar,” Mung’andu said.
Mung’andu credited Hichilema for averting disaster and stabilising the economy despite multiple crises.
“He brought in economic measures. Despite cholera, drought, and energy shortages, he has managed to stabilise economic fundamentals,” said Mung’andu.
The country’s economy has demonstrated strong recovery in 2026, with GDP growth projected to reach 5.8 percent to 6.4 percent, rebounding from 2024–2025 drought-related slowdowns.
A booming mining sector, with copper prices hitting record highs and a recovering agricultural sector have been attributed to the growth.
Inflationary pressures are also easing, and the currency has shown significant appreciation.
By Daniel Banda
Kalemba March 3, 2036
