Tuesday, June 18, 2024

President Urges Swift Closure of Debt Restructuring in Meetings with World Bank and IMF

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President Hakainde Hichilema held separate bilateral meetings with Mr. Ajay Banga, the President of the World Bank, and Ms. Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF). The discussions primarily focused on expediting and comprehensively concluding the remaining aspects of Zambia’s debt restructuring program.

During the meetings, President Hichilema expressed gratitude to both institutions for their efforts in the debt restructuring process and their continued support toward Zambia’s budget. The President underscored the urgency of promptly resolving the outstanding issues to prevent economic uncertainties, highlighting Zambia’s commitment in fulfilling its obligations throughout the restructuring.

President Hichilema emphasized that any delays in Zambia’s case could potentially impact other nations considering similar debt restructuring frameworks. He commended the World Bank and the IMF for their understanding of the importance of expediting the process, enabling Zambia to move forward with the full implementation of impactful projects in energy, infrastructure, mining, and agriculture.

The Zambian President particularly emphasized the significance of quickly boosting agricultural production through mechanization and irrigation. This strategic move is seen as a priority for achieving quick wins in the economic recovery process, contributing to the rebuilding of the Zambian economy.

As Zambia continues its engagement with international financial institutions, President Hichilema reiterated his administration’s commitment to transparent governance, economic reforms, and sustainable development. The bilateral meetings are part of the President’s ongoing efforts to secure support for Zambia’s economic recovery and growth agenda.

President Hichilema and his delegation hold talks with Mr. Ajay Banga, the President of the World Bank

19 COMMENTS

  1. You made us believe it was going to easy because you are well known. You lied your way to the presidency and Zambian have now come to realise. The sad part is that even your friends in the west have started doubting you. They have come to know that you are just a sweet talker.

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    • One can only boast about money that they personally own. You cannot be making assumptions and budgets on money that belongs to another person be it a bank or a person.

    • #Ngoma something. I don’t know why you things want to bring in the PF when you fail. First and foremost my name, my nationality and my tribe is not PF I am a Zambian. PF did not feed. Just do what you promised instead of digressing.
      The other day one of you things was explaining why mealie meal was expensive but weren’t the explanations applicable when the PF were in office?

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    • I choose to give HH the benefit of the doubt, the mess that was inherited from PF is on another level that few seem to understand and those that do choose for their own selfish reasons to ignore. Secondly it pays to listen to advice and HH must begin to see that no one man can know everything. Caleb Fundanga is available and ready to provide advice on how we can strengthen the kwacha using the right monetary policies and cut down on govt expenditure through Fiscal expenditure consult from those with proven track records.

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  2. Deja Vu, had you given the advice to PF regime not to make assumptions and budgets on money that they borrowed recklessly, the current government would not be in a situation of struggling to negotiate a debt restructuring deal. I am sure the setback will soon be addressed but atleast the country will learn a good lesson that in future reckless acquisition of debt to be repaid from public funds should be avoided.

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  3. How can we forget ECL with the mess he left us in
    and some of you thinking this debt issue can be solved in a short while
    Your grand children may still be involved in paying it off
    See you in 2026 when no doubt you will all cry foul again !!

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  4. HH on radio Icengelo…sworn in at 10hrs etc. “I was on Radio Phoenix when a minister in the PF government who will remain nameless said: Iwe HH uliwabufi how a currency appreciate in two hours…?” HH
    So uwabufi apa ninani… who’s lier between two?

  5. This debt thing is a national challenge where we all ought to be pulling together. It boggles the mind that those who created this mess and failed to get us out of it, would mock someone who is expending all his energy moving up and down trying to resolve this issue. Don’t trivialise this issue with political pettiness. Progress has been made. There is quite a bit more to do.

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    • There has been not progress made with your demigod. How much is fuel, fertilizer, mealie meal. Do we have medicines in hospitals. The medical people employed are just there to write down prescription for people to and buy.

    • HH has been going around the world begging for handouts when he is supposed to be taxing the mines to raise money. Our God given wealth is here at home. He gives it for free and the people he is begging from are busy laughing at him. IMF is not going to give him money until they mine our sh!t out.

  6. Yes it’s true PF starting with the dimwit Sata and followed by lungu left us with a huge debt and economic problems but HH also came with a promise to tackle the same so the burden now is on him to fulfill that promise

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