President Hakainde Hichilema has disclosed that over 90 percent of Zambia’s debt has so far been restructured.
He has explained that this has created financial relief and enabled the government to focus on its developmental agenda.
President Hichilema has since expressed gratitude to the government of the United States of America for helping Zambia achieve this goal.
ZANIS reports that the Head of State said this at State House today, during an engagement with United States Ambassador to Zambia, Michael Gonzales.
“The message here is that we appreciate the support from the United States government and the people of America in helping us achieve the very complicated debt restructuring exercise. We know that the World Bank and International Monetary Fund (IMF) were very supportive of our debt restructuring programme”, he said.
And President Hichilema says there is need for Zambia to reset its relationship with partners such as the U.S, in order to strategically align with President Donald Trump’s policy shift, for mutual economic benefit.
He says Zambia and the U.S have long standing bilateral relations initiated by their founding fathers, adding that this has not been affected by any changes of Zambian administrations.
And President Hichilema has indicated that the government wants to partner with the U.S government to mobilise fairly priced capital for investment and trade as well as access technology that will expedite economic and social growth.
“We need a digital platform that is affordable and will help us grow our economy. We need technology in irrigation, in the energy sector, solar technology as well as technology that will help us manage our forests and mines.” President Hichilema stated.
The President says Zambia is also looking for joint ventures in the mining sector that will benefit both the investor and the country.
He has reaffirmed Zambia’s commitment to economic recovery as evident from the revamping of mines which contributed to a rise in the country’s Gross Domestic Product (GDP) growth to 4 percent.
The Head of State has further expressed confidence that the country’s GDP will not only achieve a 6 percent GDP growth but also its target of producing one million tonnes of copper this year.
President Hichilema has also stated that value addition is another area of focus for partnership, adding that this will help boost economic growth, through retention of local content.
Meanwhile, Mr Gonzales has pledged to support Zambia’s efforts to reset relations with the U.S government in line with its policy shift, for mutual economic benefit.
“This is about transparent and accountable business that benefits both countries. Businesses that pay their taxes and abide by laws.” He said.
And Minister of Foreign Affairs and International Cooperation Mulambo Haimbe has revealed that his ministry has, over the last month, engaged the U.S Embassy where both parties agreed to increase communication on matters of mutual concern in order to strengthen bilateral ties.
