Monday, June 24, 2024

President Hichilema asks World Bank’s help to restructure debt owed to private creditors


President Hakainde Hichilema has called on the World Bank Group to assist Zambia conclude its debt restructuring negotiations with its private creditors.

President Hichilema said that the road leading to clinching the debt deal was difficult especially on the citizens, hence the need to bring solutions.

President Hichilema says he wants to see a speedy conclusion with creditors so that the benefits can start to show and trickle down to ordinary citizens to appreciate the process.

He was speaking when he met World Bank Director for Malawi, Tanzania, Zambia and Zimbabwe Natahn Belete and newly appointed World Bank Country Manager for Zambia Achim Fock at Statehouse.

The President indicated appreciation to the World Bank Group for the support given to Zambia especially during what he referred to as Zambia’s debt restructuring project.

The Head of State noted that the country received great support through consultations and technical assistance until the achievement of the G20 framework.

Congratulating the newly appointed Country Manager, the Head of State noted that he expects the full support of the World Bank group in order to help the government achieve its intended agenda.

The President looked forward to discussing more important matters with the World Bank, especially issues around the government’s agenda of economic transformation.

He further urged the citizens to believe in the government, that it has the capability and ability to get things done, but through a strategic process.

Meanwhile, World Bank Country Director for Malawi, Tanzania, Zambia and Zimbabwe Nathan Belete disclosed that Dr Fock comes with vast experience of 25 years in the World Bank.

Mr Belete stated that with an Agriculture background, Dr Fock will work well with the government in enhancing the sector among others.

Highlighting some of the key areas, Mr Belete revealed that the World Bank has prioritised tourism, regional connectivity and capital.


  1. Zambia needs to solve it’s own problems we can’t go running to investors, world bank, IMF, our neighbors are and the west for all the solutions to our problems it hasn’t worked since 1964 and if we continue on this path we will remain where we are. we have had IMF, WORLD BANK, INVESTORS IN ALL SECTORS if this was the solution we wouldn’t need them now. let’s try something new

  2. You can’t solve any problem when you have a puppet he or her will be doing what his or her master wants.

  3. I gave up on these political leaders. In opposition they look like they have a special magic to solve all the problems. Kanshi they are people just like me.

    • You’re just unable to distinguish between process and event and are obviously not familiar with how international financial relations are conducted between sovereigns and private lenders and the international law that applies to it. You’re even unable to ask the right question.

  4. Lusaka Times this is not news….HH being on his knees begging shouldn’t be news and the fact while in Opposition this man said he had better plans than dealing with IMF and World Bank…remember that interview with Costa Mwansa

  5. If we manage our natural resources properly we don’t need World Bank but we are giving away our natural resources and inviting criminals Israel,Vadenta. Arabs, Ameicans etc to come and loot

  6. A continuation from where Lungu left off…nothing really has changed…and UPND will make things even worse with the motorcycles now taking over Lusaka streets…look at how dirty East and West African cities are because of motorcycles and bajaja…please NO VENDORS NO MOTORCYCLES ON THE STREETS and the number of minibusses should be reduced

  7. The world bank is an inclusive organisation which employs lgbt or gays. Why should the organisation assist a country like zambia that has one of the worst anti gay laws. World Bank must f-stop assisting zambia until gays are recognised

  8. I just wonder if this President has anything new to offer to the Zambians he is blank of any ideas no wonder he is repeating All the wrongs his predecessor did during his reign.
    This President lacks the capacity to come up with anything progressive, he has dissapointed most of the people who voted for him. Who thought he would do any better, however things are getting worse every passing day.
    His performance is so marginal and difficult to identify .

    • He cannot even introduce simple gay rights yet we gays and our international funders supported him financially and through our votes as proud gay zambians

  9. How long did it take HH to become President? He was called all sorts of names from Freemanson to things like he will never enter plot 1.
    Unfortunately, Zambians always look for quick fixes, with a* utusaka twa ndalama * with quick benefits, they don’t like following processes and are not persistent.
    Hence this fallout with HH.

  10. You should be asking for writing off debts not restructuring mister you don’t postpone a know that you will be out and you will be there criticising the ones who will come after are a con

  11. This is the stench of debt left over by the stinky PF who never cleaned between their legs politically,economically and governance-wise.Now HH is cleaning it.


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