‘We have done our part,’ Hichilema hopes for improved economy, as debt crisis blamed for delayed growth

President Hakainde Hichilema says that his government is doing everything possible to conclude the debt restructuring process to stabilize key economic fundamentals.

He said the delay in reaching conclusions on debt restructuring was affecting the local currency stability.

“We have done our part and we are waiting for others to sign, that is how the government works, that is how we do things,” he stated during an end of year media engagement in Lusaka on Friday.

The President said he expected a higher economic growth despite the challenges facing the country.

He urged Zambians to bear with the government as the country undergoes an economic restructuring, adding that despite being on the International Monetary Fund (IMF) conditionalities, his government had not stopped pumping money in social cash social transfer.

Hichilema assured that once the debt restructuring was concluded, the country was expected to save in the region of US$7 billion which would go towards supporting critical sectors of the economy that would bring economic transformation.

Read more: China calls on Zambia’s other creditors to shoulder ‘fair burden’ in debt restructuring talks

He is also banking on the earmarked revival of Mopani Copper Mine, Shaft 28 in Luanshya and Konkola Copper Mine for economic revival.

“The Chinese conglomerate is investing US$1.5 billion in the revival of Shaft 28 among others and Mopani is being unlocked,” President Hichilema said.

He announced that the Abu Dhabi conglomerate would invest US$1.1 billion in Mopani after acquiring 51 percent.

This means that ZCCM-Investment Holdings would hold 49 percent on behalf of the government.

Hichilema added that the government had managed to bring down the rate of inflation to single digit but slipped through to around 12 per cent due to delay in achieving debt restructuring.

He said many countries and institutions that halted budgetary support had resumed due to the retained confidence in the economy.

On energy, he said Zambians should not complain when ZESCO exports power to other regions as the country needed foreign exchange earnings.

The Head of State added that his government had come up with an initiative to support winter maize growing to encourage maize production.

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