Zambia’s Hichilema: creditors should quickly agree debt restructuring

LUSAKA, Jan 23 (Reuters) – Zambia’s President Hakainde Hichilema said on Monday that the country’s creditors should quickly agree the content of a debt restructuring and that if that was not concluded soon it may distort economic recovery efforts.

Hichilema made the remarks during a visit to Zambia by International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

“We would like to work with yourselves (the IMF) … to ensure that everything is done to close the two things,” Hichilema said, referring to efforts to restructure the country’s debt and the content of restructuring negotiations with lenders.

“If we can conclude this thing (the debt restructuring) by the end of the first quarter of 2023, I think it can help a lot to open up areas that are sometimes causing negative sentiment,” Hichilema said.

Georgieva commended the government for moving away from wasteful expenditure to use funds more prudently. She said the IMF would like to work with Zambia to boost its economic growth.

Reporting by Chris Mfula
Writing by Anait Miridzhanian and Alexander Winning
Editing by Estelle Shirbon

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