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Debt restructuring to stabilize economy – HH

President Hakainde Hichilema says the restructured debt deal with Eurobond holders of over $ 3.5 billion, equivalent to over K80 billion will lead to economic recovery.

The head of state said Government arrived at the agreement with creditors to escape debt default and stabilize the economy.

He said in a post shared on his Facebook page.

“Thank you, Zambians, for your patience and unwavering support during this process that has taken long to conclude,” he said.

Movement for Multi Party Democracy (MMD) president Nevers Mumba has described the deal as timely.

Mr Mumba applauded President Hichilema and the team for concluding the complex Eurobond debt restructuring process.

Mr. Mumba also said that the deal, coupled with the re-organization around the Mining Sector, means the economic woes in the country will soon start to subside.

And Governance expert Wesley Miyanda said the agreement demonstrates Zambia’s fiscal discipline in the use of funds.

“The debt restructure will bring enough liquidity in Zambia to support different key sectors of the economy,such as CDF projects, mining and agriculture which will eventually put our recovery back on track,” he said.

This article was Co-authored by Gerald Mambwe

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