LONDON Nov. 5, 2021 /Chatham House/–At this event, HE Hakainde Hichilema, president of the Republic of Zambia, discusses his vision for Zambia’s development and long-term political and economic reform and recovery.
Zambia’s new administration, following the general elections of August 2021, faces a daunting challenge of reversing economic contraction, lowering income-eroding inflation, and addressing the unsustainable national debt.
The country has been one of the few to seek debt restructuring under the G20’s new Common Framework for Debt Treatments, and its immediate priorities include a prospective agreement with the International Monetary Fund (IMF).
Young Zambians are eager for jobs and improved living standards. But the government’s ambition to create more jobs and achieve middle-income status will depend on both attracting new investment into its copper sector and pursuing a programme of economic diversification supporting growth beyond the mining industry.
Addressing these economic concerns will also need to be supported by a programme of political reform and rehabilitation of citizens’ trust in the state.
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