HH Welcomes Moodys Ratings on Debt Cuts

By Ellen Hambuba President HAKAINDE HICHILEMA has welcomed a projection by MOODY’S RATINGS that ZAMBIA and ETHIOPIA will record the largest reductions in government debt in Sub Saharan Africa. MOODY’S has also listed ZAMBIA among eight countries in the region with a positive outlook. In a statement issued by State House Chief Communications Specialist CLAYSON HAMASAKA, President HICHILEMA says the projection is significant, considering that ZAMBIA was in default in 2020. He says the country’s debt is now projected to fall further than almost anywhere else in the region, following difficult decisions, collective effort, and the patience and sacrifice of the ZAMBIAN people. President HICHILEMA says the achievement belongs to the people who have endured the challenges associated with the country’s economic recovery. He says lower debt is the foundation of the GROW ZAMBIA AGENDA, stating that every Kwacha freed from debt obligations can be directed towards national development. The President says the objective is to turn economic stability into jobs, investment and rising incomes in every province. President HICHILEMA has however cautioned that Government is not complacent, as the cost of servicing the country’s debt remains too high. He says Government will therefore remain firmly committed to fiscal discipline under the new programme. President HICHILEMA says ZAMBIA has restored stability and is now focused on delivering growth. He noted that since MOODY’S outlook was published, ZAMBIA has reached a staff-level agreement with the IMF on a new 1.472 Billion US Dollars Extended Credit Facility to support the country’s transition from stabilisation to growth. President HICHILEMA says Government will continue working with the IMF, cooperating partners and investors to ensure that the gains made in recent years are felt in the daily lives of all ZAMBIANS.