Tuesday, June 25, 2024

Hichilema optimistic Zambia will soon reach agreement with creditors

Share

President Hakainde Hichilema has expressed optimism that Zambia will soon reach an agreement on the common framework with its creditors regarding the country’s debt.

The President said a technical committee engaged in the process is working towards addressing issues of debt sustainability.

He said the committee, which sat this week in Washington with the International Monetary Fund (IMF), is yet to conclude the discussion as other countries on board need to be given time.

And the President has called on those involved to speed up the process of the talks with regards to the management of the country’s debt stocks.

Mr Hichilema stated the continued delays have potential to drive the country into indebtedness and then derail other development objectives which his administration is working so hard to manage.

The Head of State further indicated that failure to correctly prioritise areas which needed borrowing had disadvantaged the country in the past.

President Hichilema pointed out that as a way forward, the government will only borrow for projects that have a return on investment.

The President reiterated his administration’s focus on attracting more investment to grow the economy and bring about prosperity.

President Hichilema was speaking in an interview with US based Bloomberg Television’s anchor, Jennifer Zabasajja, during a special live interview at Mayflower Hotel in Washington DC.

Meanwhile, President Hichilema has expressed happiness at the outcome of his visit to the USA where he engaged in private bilateral talks and attended the US-Africa Leaders Summit.

The President said it was pleasing that Zambia managed to clinch a US$150 million mining investment deal at the summit.

He said the deal was in line with his government’s policy on investment promotion towards economic recovery.

Mr Hichilema pointed out that in a world where technology was advancing, the new mine investors are bringing in innovation which will be of great benefit to the country.

President Hichilema also expressed optimism that commitments made by U.S President Joseph Biden would be actualised as Africa is determined to chart a new path for the future of its people.

The President further called on fellow African leaders to remain united and follow up on the commitments made at the just ended summit.

President Hakainde has since left Washington DC for Zambia after attending the summit and engaging in other bilateral talks whose aim was to deepen and expand partnerships between the US and African countries, institutions and people.

President Hichilema took advantage of this platform to reiterate Zambia’s unique position as the investment destination of choice, not just for the US and other African countries, but for the global community at large.

16 COMMENTS

  1. A country contracting debt in a currency that it does not own. This is insanity of the worst kind. Mr President- be the first black African country to make the Kwacha convertible currency like the South African Rand. I am no Economist but I think that it can be done. Secondly, get the majority of our borrowing to be denominated in Kwacha. We cannot call ourselves a ‘sovereign’ nation when the money we borrow is printed in the US and controlled by US monetary policy. If this is too far fetched, get all the African heads of States together and beat them to agree to the Gaddafi plan- a powerful single African currency.

    • Obama put a bullet in Gaddafi’s head for just pushing towards that realisation…these leaders of today do not have the backbone for that; these are leaders who rushed to DC to drink tea with old Joe and get a selfie. Just look at how they are looking at HH across the table like directors would look to a compliant junior manager….all he has done is appease them forgetting about China who can not be ignored.

      3
      2
  2. “……President Hichilema pointed out that as a way forward, the government will only borrow for projects that have a return on investment……”

    This is the difference with UPND and other political parties in zambia………….

    That is what is called sustainable development in the real sense………….

    Not roads for the sake of roads and more roads ………….

    4
    5
    • That statement is not achievable because governments all over the world provide a service to the people, they are not in business. Revenue is collected from taxes. If you look at the roads that have been eye marked for construction in Western, Southern and North Western as reported by Milupi only 1 or 2 are of any economic importance. The rest are political roads. If the UPND is seriouse with developing this country, let them concentrate on growing SMEs and promoting Agricuture. They will be suprised how the economy will quickly pick up if they start supporting these 2 sectors. The money investors bring in any country is not accessible by a poor man. Is is there money. It goes back to their countries in one way or another.

  3. After all those closed door meetings our president brings back “Optimism and 150 million mine investment”? We are being naive to expect miracles from the same people who created our situation. These meetings are steps to compound our little debt and use it as bait for the scramble for Africa part 2. This president will be used and @bused just like the others before him. He will soon understand that he can’t outsmart the owners of this debt system without looking far back how it all started.

    4
    3
    • I think a Zoom or Teams call would have produced better results because you could have engaged all the stakeholders at once. Next time summon the US and Chinese leaders to your African summit to save the environment. All that travel and hotel money spent by the various African heads of state could have gone to good causes in their respective countries. Unless the Americans paid for all expenses.

      2
      2
  4. What was the point of your trip Mr President? To come and express optimism…this was a pointless trip just to go and kiss muzungu’s …why are you not flying to Beijing our biggest creditors? Copy a from India’s book who are benefitting massively from the energy corporation between Russia ans China whilst being neutral. HH will be shocked he never learns anything from history especially the West’s interaction with African leaders…he thinks running a govt is like running a private enterprise.

    4
    3
  5. “President Hichilema was speaking in an interview with US based Bloomberg Television’s anchor, Jennifer Zabasajja, during a special live interview at Mayflower Hotel in Washington DC.”
    This is what I stated he goes there to appear on Western media…when he comes back he will not give one press conference with local media…remember who put you in State House.

    4
    2
  6. UPND administration presents some of the evidence, but lacks detailed examination of anything complex in order to understand its nature to determine its essential features, they didn’t give accurate reasoning to convince the IMF, World bank and taxpayers that their thesis statement is verifiable.

    Who is Canary in a Coalmine? Small investors in Zambia, the way GRZ behave toward taxpayers and Grade seven, should save as canary in the coalmine.

    GRZ what’s going on? misusing sovereignty.

  7. Zambia is in no position to call any shots…………

    As things stand the country urgently needs an IMF bail out…………..

    China will not give zambia any more money without giving up sovereignty…………they have given enough.

    And zambia is no India or Brazil……….we are paupers in the eyes of the developt world.

    The president is doing fine attending these meetings for cash injections………

    2
    1
  8. This muzungu anikonde mentallity is killing our African leaders. Umusungu temunobe. Work up from this your deep slumber!

    3
    1
  9. This muzungu anikonde mentality is killing African leaders. Umusungu temunobe. Work up from this your deep slumber please!

  10. Those attacking and accusing HH remember who put us in this unfortunate predicament? YES IT WAS PF so nyamaza kabisa wajinga.

    4
    2

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading