Zambia News

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

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.

Source: Lusakatimes

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