President Hakainde Hichilema has called for assistance from the African Development Bank (AfDB) in creating a platform for Zambia to address its debt restructuring process.
President Hichilema said that the AfDB can help Zambia mobilise resources through networking with the bank’s relations.
The Head of State noted that the consideration to bring on board the AfDB to help leverage its links that have been built over time, will help in turning the equation for financial support at a fair price.
Speaking when a team from AfDB called on him at Statehouse, President Hichilema said Zambia requires interventions in various areas that fit in the country’s agenda, and the financial sector is one of them.
He noted that Zambia is in a hurry for economic transformation, for the benefit of its citizens, hence the need for timely interventions especially after the principle of debt restructuring is agreed.
President Hichilema added that the country needs help with working on the content for debt restructuring, support that will be useful in addressing key issues.
The President assured that Zambia is committed to actualising various reforms despite operating under difficult circumstances such as COVID-19 and external wars.
“The role of AfDB is at the center of it all, this Zambia is happy to continue working with the bank especially on specific issues that need to deliver change for economic transformation,” President Hichilema stated.
And President Hichilema noted the need for Africa as a whole to turn around its economic status, in order for the continent to take its place at global level.
The Head of State further noted the importance of peace and a safe environment as a driver for Africa, to focus on economic and social development.
Meanwhile, Minister of Finance and National Planning Situmbeko Musokotwane was happy with the pre-discussions with the AfDB towards the debt restructuring process for Zambia.
Dr. Musokotwane explained that a request was made for the bank to add its voice for the creditors to sign a Memorandum of Understanding (MoU) on debt restructuring.
The Minister also disclosed the issue for more investment for the country to grow employment opportunities for many, which continues to be a challenge for the country.
Meanwhile, leading the AfDB delegation, Executive Director Gerald Bussier assured that the bank is committed to addressing the issues raised by President Hichilema.
Mr. Bussier said the requests will be forwarded for possible action so that the country can receive the required support.