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Alba Iulia
Tuesday, August 16, 2022

President Hichilema commends World Bank’s support for Zambia’s economic restoration programme

Headlines President Hichilema commends World Bank’s support for Zambia’s economic restoration programme

President Hakainde Hichilema has commended the World Bank Group for its continued support to Zambia’s economic restoration programme.

And President Hichilema has also appreciated the bank’s support towards Zambia’s quest for a debt restructuring programme with the International Monetary Fund (IMF).

Speaking when visiting World Bank Group Managing Director, Anshula Kent paid a courtesy call on him at the State House, President Hichilema explained that he was elected into office by the people of Zambia in order to reform the economy.

He noted that efforts have already been made towards improving the current economic status and enhancing national development.

The President cited the provision of free education from grades 1 to 12, and the promotion of skills development as a tool to create employment opportunities among others as some of the programmes aimed at bettering the lives of the people in the country.

“We appreciate your support in our debt restructuring programme which is very important to us, we came into office on the ticket of bringing change, and people took this decision because they want the economy to be restructured in order to bring development,” he said.

The Head of State noted that the government is committed to delivering an expanded economy that takes into consideration the social needs and development of the people.

He however, stated that for this to be achieved, there is need for the government to address its financial challenges such as the high debt.

President Hichilema expressed concern that the current debt levels have a negative impact on the country’ economic development agenda.

He said this is why there is a need for institutions such as the World Bank Group to come on board and assist Zambia through the IMF deal.

“The current debt level is choking, if nothing is done to address it, it has the potential to affect our economic development agenda, that is why we need your support in our debt restructuring programme,’’ he stressed.

The Head of State has also said that Zambia will reinforce its partnership with institutions such as the World Bank Group for the benefit of the country.

President Hichilema pointed out that the country is likely to accrue more benefits by interactions with international organisations like the IMF and the World Bank Group, contrary to the beliefs by certain sections of the society that they do not mean well.

World Bank Managing Director and Chief Financial Officer Ms. Anshula Kant and her delegation at State House.
World Bank Managing Director and Chief Financial Officer Ms. Anshula Kant and her delegation at State House.

And World Bank Group Managing Director, Anshula Kent has pledged her organisation’s support to efforts by Zambia to reach a debt sustainability programme by the IMF.

Ms. Kent said the World Bank Group is pleased with the economic transformation being undertaken by the government of Zambia hence will support any initiatives targeted at enhancing its development.

“We appreciate the collaboration that we have with Zambia, and will support your efforts to improve the economy of the country and the whole process that you are doing to restructure it,” she said.

The World Bank Group Managing Director who is also Chief Finance Officer is in the country for a three day working visit where she is expected to hold a number of high level meetings with key stakeholders and visit World Bank funded projects.

World Bank Managing Director and Chief Financial Officer Ms. Anshula Kant and her delegation at State House.
World Bank Managing Director and Chief Financial Officer Ms. Anshula Kant and her delegation at State House. House.

6 COMMENTS

  1. Why is he looking at her like a piece of meat. He is even licking his lips. Hall knee president

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  2. World Bank has been there for Zambia indeed. Had it not been for the reckless borrowing by the past incompetent regime, they would have already sorted out most of the damage

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  3. Now all the major financiers and creditors or funders have been to Zambia so far in past 9 months: Britain , US, Germany, EU, China,Saudi Arabia/Dubai IMF and now World Bank. Isnt this progress on its own. For those who like counting, also count this as an achievement on your count. Literally HH has met the whole world within 10months in Office. I wont mention about his presentation in the EU Parliament as that is on another level(International). Lets for now keep it local.

  4. Now watch next year what will start happening to Zambia.-You are going to have a big influx of foreigners looking for jobs there. Cos what each of these meetings carry, are billions & billions of dollars in investment which came along as a ripple effect. And most Foreigners do very well understand of what such high level meetings bring alone to any country that is visited but, Zambians are here on social still debating if HH is a good president or not. Wait untill foreigners take over you ll cry. Your friends here in SOuth Africa are crying like little babies, not even Xenophobia is helping them solve the “foreigner running their own economy” problem. Wake and smell the coffee, leave social media , go and start trading and be recognised formally by GRZ.

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