Zambian President, Hakainde Hichilema, stated on Friday that, his new government would execute plans to lower the fiscal deficit, restore economic growth, and reform mining rules.
Hichilema said officials would also evaluate agricultural policies, revise electricity pricing, and overhaul state power corporation Zesco in his first address to a new session of parliament since his election in August.
After failing to keep up with payments on its more than $12 billion in international debt, Africa’s second-largest copper producer became the first African government to default on its sovereign debt during the coronavirus crisis in November.
“Rebuilding our economy is top on our agenda. We will implement policies to address the fiscal deficit while ensuring that confidence is restored in the markets,” Hichilema said.
“We have indeed inherited an economy that is in dire straits and requires bold and decisive action to be taken,” he said.
He added that his government was committed to halting the accumulation of expensive public debt.
Zambia’s external debt includes about $3 billion in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion owed to multilateral agencies, and $2.9 billion in commercial bank debt.
