Zambian president promises to cut deficit, restore economic growth

Whatsapp News

Zambian President Hakainde Hichilema said on Friday his new government would implement policies to reduce the fiscal deficit, restore economic growth and mining policies.

In his first address to a new session of parliament since his in August, Hichilema said officials would also agricultural policies, revise electricity prices, and reform state power firm Zesco.

In November, Africa’s second-biggest copper producer became the first African country to default on its sovereign debt during the coronavirus crisis, after failing to keep up with payments on its more than $12 of international debt.

“Rebuilding our economy is on our agenda. We will implement policies to address the fiscal deficit while ensuring confidence is restored in the markets,” Hichilema said.

“We have indeed inherited an economy is in dire straits and requires bold and decisive action to be taken,” he said.

He added his government was committed to halting the accumulation of expensive public debt.

Zambia’s external debt includes about $3 in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion owed to multilateral agencies, and $2.9 billion in commercial bank debt.