PRESIDENT Hakainde Hichilema has welcomed a projection by Moody's Ratings that Zambia will record the biggest fall in government debt in sub-Saharan Africa. This is according to a press statement issued by Chief Communications Specialist Clayson Hamasaka. State House said Moody's projects that Zambia and Ethiopia will record the largest reductions in government debt in

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PRESIDENT Hakainde Hichilema has welcomed a projection by Moody’s Ratings that Zambia will record the biggest fall in government debt in sub-Saharan Africa.

This is according to a press statement issued by Chief Communications Specialist Clayson Hamasaka.

State House said Moody’s projects that Zambia and Ethiopia will record the largest reductions in government debt in the region and lists Zambia among eight countries in sub-Saharan Africa with a positive outlook.

State House said Zambia has also reached a staff-level agreement with the International Monetary Fund on a new $1.472 billion extended credit facility to support the country’s shift from stabilization to growth.

“In 2020 Zambia was in default. Today one of the world’s leading ratings agencies says our debt is set to fall further than almost anywhere else in the region,” Hichilema said.

“That is the result of hard choices, taken together, and of the patience and sacrifice of the Zambian people. This achievement belongs to them,” he said.

Hichilema said lower debt is the foundation of the government’s Grow Zambia agenda.

“Every kwacha freed from debt is a kwacha we can put to work for Zambians. That is the purpose of the Grow Zambia agenda. To turn stability into jobs, investment and rising incomes in every province,” he said.

“We are not complacent. The cost of servicing our debt remains too high, and that is why we will hold firmly to fiscal discipline under the new programme. We have restored stability. Now we are delivering growth,” Hichilema said.

The government said it will continue to work with the IMF, cooperating partners and investors to ensure the gains of recent years are felt in the daily lives of Zambians.

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