Zambia Exits Debt Distress, President Announces at Public-Private Forum

Lusaka, Zambia – At the 4th Public-Private Dialogue Forum (PPDF) Private Sector Day held on 12 December, President Hakainde Hichilema announced that Zambia has successfully moved out of debt distress. The President attributed this milestone to wide-ranging economic reforms implemented since 2021 and stated that the country’s debt restructuring process is approximately 94 percent complete.

Held under the theme “Driving National Development and Building Economic Resilience,” the forum brought together government leaders, private sector stakeholders, and development partners to assess progress and chart a path for sustained economic growth and job creation.

President Hichilema highlighted strengthened economic performance, noting that foreign exchange reserves have increased to US$5.2 billion and that key sectors such as mining have regained stability. He cited Kansanshi Mine, which has scaled up copper production to about 500,000 tonnes and is now Zambia’s largest taxpayer, contributing significantly to the Government’s Free Education Programme.

The President reaffirmed the government’s commitment to a productive, investment-led economy and announced plans to streamline business licensing through a single license regime to improve the ease of doing business. He urged local authorities to adopt a single trading license model to reduce administrative bottlenecks.

On infrastructure, the President disclosed intensified investment in electricity generation and transmission and plans to upgrade airports in all ten provinces, with the Kasama Airport upgrade already completed. He called on the private sector to increase investment in energy and for financial institutions to reduce lending rates.

A central focus of the address was digital transformation. President Hichilema emphasized the expansion of e-Government solutions and noted that approximately 11 million Zambians now actively use mobile money services, with digital payments increasing by over 200 percent.

The President announced that the government will gazette the Public-Private Dialogue Forum to be commemorated annually on 12 December, urging the private sector to take ownership of the platform.

Secretary to the Cabinet, Mr. Patrick Kangwa, commended the private sector for its critical role in job creation and economic development, underscoring the importance of sustained collaboration between government and business.