ECONOMIC REFORMS PAY OFF: ZAMBIA MOVES OUT OF DEBT DISTRESS, SAYS HH
Lusaka, Friday — President Hakainde Hichilema says Zambia has successfully moved out of debt distress, attributing the achievement to wide-ranging economic reforms undertaken by the New Dawn administration since 2021.
Speaking at the 4th Private Sector Day in Lusaka, President Hichilema said the country’s debt restructuring process, now reported at 94 percent completion, has significantly improved performance across key sectors of the economy.
The President highlighted major turnarounds in the mining industry, noting that companies such as Kansanshi and Lumwana, once viewed as struggling, have now regained stability through reinvestment influenced by favourable policy reforms.
He said Kansanshi Mine alone has scaled up production to 500,000 tonnes of copper and is now the country’s single largest taxpayer, contributing substantially to the government’s free education programme.
President Hichilema also pointed to Zambia’s improved foreign reserves, now standing at US$5.2 billion, which he described as “no mean achievement” for a nation that was previously grappling with depleted reserves.
“Our administration has shifted the economy from consumption to productive investment,” he said, calling on citizens and businesses to adopt new attitudes if Zambia is to realise true economic emancipation.
He disclosed that government has intensified investment in electricity infrastructure to meet rising demand, urging private sector players to complement government efforts through energy investments..
Reassuring investors, President Hichilema said the New Dawn government provides a secure environment for investments and encouraged companies to structure their projects around job creation.
Looking ahead to 2026, the President announced that government will streamline business licensing systems by transitioning to a single license regime. He urged local councils to align by adopting a single trading license model.
He also called on the business community to unite around a shared vision for national development, embrace new ways of doing business, and build strong partnerships for economic progress.
With government focused on boosting revenue, President Hichilema revealed plans to upgrade airports in all 10 provinces, noting that the Kasama Airport upgrade has already been completed.
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In addition, he encouraged the financial sector to reduce lending rates to support business growth and challenged Zambian entrepreneurs to explore opportunities in Public Private Partnerships (PPPs).
The President further urged the private sector to take ownership of the Public Private Dialogue Forum (PPDF), which government will gazette to be commemorated annually on December 12.
Meanwhile, Secretary to the Cabinet Patrick Kangwa praised the private sector for its role in job creation and its contribution to national economic development.
© Falcon News