from ARNOLD MULENGA in Lusaka, Zambia
LUSAKA, (CAJ News) – NEWLY-elected Zambian president Hakainde Hichilema will focus on reviving an economy overwhelmed by massive debt and too reliant on copper production.
During his wearing-in on Tuesday as the seventh president, Hichilema pledged his administration would also tackle corruption, diversify the economy, foster unity and reduce poverty.
He was addressing the nation during his inauguration at the National Heroes Stadium in the capital, Lusaka.
“Our focus over the next five years will be on restoring macro-economic stability and promoting growth of the economy,” Hichilema said.
“We will pay special attention to lowering the fiscal deficit, reducing public debt and restoring social and market confidence. We will also promote national unity and good governance by strict adherence to the rule of law. We will focus on inclusion and not exclusion.”
In November 2020, Zambia had become the first African country to default on debt against the backdrop of the Covid-19 pandemic, after opting out of a US$42,5 million eurobond repayment.
Zambia’s external debt payments have increased significantly since 2014, from 4 percent of government revenue to an estimated 33 percent in early 2021.
“Over the last decade, we have witnessed the erosion of our economy,” Hichilema said.
“The debt situation has become unsustainable, reducing the country’s capacity to invest in productive areas of our economy and address the gaps in healthcare, education and other social services.”
Hichilema said the national budget had been overwhelmed by debt servicing, emoluments and consumption, when there should be greater room for investment, for growth.
“The high levels of unemployment, especially among our youth is of great concern to us and this will be high on our agenda to address,” he said.
“Food should be available and affordable for the people. The people have hope and expect us to address the cost of living that is beyond the reach of the majority of our citizens.”
Hichilema denounced corruption as a scourge.
“We shall have zero tolerance to corruption,” he assured.
“This will be our hallmark. the fight against corruption will be professional and not vindictive.”
The president said the institutions mandated to investigate and prosecute will be given unfettered autonomy to effectively and efficiently carry out their mandate without fear or favour of political bias.
Some key priority sectors he identified to drive economic growth and reduce poverty are agriculture, energy, financial services, tourism, technology, health and education.
Hichilema (59) defeated incumbent Edgar Lungu in elections earlier this month. Lungu attended the inauguration.
It was the third time the opposition unseat the incumbent.
Analysts believe this has deepened democracy in the Sothern African country of 19 million people.
“We showed the world, the resilience of our democracy and we reaffirmed that power belongs to the people,” Hichilema said.
– CAJ News