New leader pledges to stabilise Zambia’s shaky finances

Amid high unemployment and surging inflation, new administration hopes IMF loan will kick-start economic recovery

24 August 2021 - 20:00 By Taonga Clifford Mitimingi and Matthew Hill

Zambia’s new president Hakainde Hichilema pledged to rein in public debt and the budget deficit, while restoring the nation’s credibility after a default on its foreign loans. 

“Our focus over the next five years will be on restoring macroeconomic stability,” Hichilema said in his inauguration address in Lusaka on Tuesday. “We will grow our economy, so we can lift more people out of poverty than ever before.”..

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