Zambians’ complaints on economy understandable – Hichilema
PRESIDENT Hakainde Hichilema says he appreciates citizens complaints about the high cost of living and depreciating currency but stresses that his government is working to improve the situation.
The Head of State made the remarks as he addressed a press briefing at the Mulungushi International Conference Center today.
He said while 2023 had presented numerous opportunities for citizens, it had also brought some challenges.
“Many of our people face challenges and these challenges are well acknowledged by your servants, whom you put in public office and that’s why we work hard.”
Addressing the impact on the economy, the President highlighted the pressure on the exchange rate and potential inflationary challenges.
He attributed these issues to external factors like the war in Ukraine and Russia, emphasizing the need for local, regional, and global cooperation.
President Hichilema highlighted some of the intervention that government has been working on in order to relieve people of the challenges such increase of minimum wage, social cash transfer, provision of the NAPSA Partial withdrawal, ongoing pension payments among others.
The Head of State further provided a comprehensive update on Zambia’s ongoing efforts to resolve its debt crisis and the economic challenges facing the nation.
He explained the significance of debt restructuring, stating that failure would result in paying $7.5 billion in debt service alone over the next 10 years.
However, success would reduce the annual payment to $75 million, a substantial difference.
President Hichilema expressed the magnitude of the issue and the need for support to avoid national failure.
The President said 90 percent of the bilateral creditors have also signed memorandum of Understanding (MoU)s to treat the debt fairly.
Meanwhile President Hichilema said Zambia will not be caught up in a debt crisis again, as going forward, Government would only be getting concessional loans with zero to little interest.
By Moses Makwaya
Kalemba