Melo News | Thursday, April 4, 2024 | Lusaka
President Hakainde Hichilema announced the successful completion of debt restructuring processes, signaling a new beginning for Zambia. This achievement signifies a significant step towards fulfilling the commitment made to the people of the country.
Over the course of two years and six months, negotiations were carried out tirelessly with both official and private creditors, including bondholders. These negotiations resulted in an agreement to restructure the debt over a longer period and for a reduced amount, ultimately saving billions of dollars for the nation.
This crucial moment presents an opportunity to change the collective mindset when it comes to managing public affairs. The unsustainable debt situation inherited was a result of excessive spending, mismanagement of resources, poor governance, and corruption.
The government aims to prevent a similar crisis in the future, ensuring that debt levels do not become a burden on the treasury and hinder the ability to effectively serve the citizens. There is zero tolerance for corruption and the misappropriation of public funds.
With the debt restructuring completed, there is now a chance to boost the economy with a fresh perspective, attracting investor confidence and focusing on resource management across all government departments and ministries.
President Hakainde Hichilema emphasized the importance of prudence and made it clear that his administration will take swift action against those involved in corrupt practices and abuse of authority.
Regardless of their political affiliation, ethnicity, or status, offenders will face the consequences of breaking the law.
The President highlighted the judiciary’s strengthened ability to prosecute cases within a timeframe of 5 months, and further efforts will be made to combat corruption.
President Hichilema assured the citizens that his government remains dedicated to improving their lives and called upon everyone to support the country’s progress towards a brighter future.
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