In order to restore the nation’s confidence, according to President HAKAINDE HICHILEMA, his administration has made a number of difficult and controversial decisions.
Since entering office in 2021, according to President HICHILEMA, his administration has implemented reforms in the areas of anti-corruption, transparency, and management of public funds.
He claims that the complexity of debt restructuring stems from the need to negotiate with a wide range of creditors, including multilateral organizations, nations, private lenders, and asset managers.
According to a report in the American newspaper Washington Post, President HICHILEMA claims that despite the reforms Zambia has made, the process for restructuring debt is proving to be time-consuming and bureaucratic.
He claims that the price increases and pressure on the local currency are results of the delays.
According to President HICHILEMA, this is preventing much-needed foreign investment.
