New Zambian President to address multilateral bodies to seek help

(3 minutes read)

• The newly elected President of Zambia, Hakainde Hichilema, will address over 1000 global businesses and investors at Invest Africa  event at the Africa Debate on 15^th September
• President Hichilema will outline his plans to restore macro-economic stability to Zambia in conversation with the Chairman of Invest Africa, Rob Hersov

The newly elected President of Zambia, Hakainde Hichilema, will address over 1000 global businesses and investors at Invest Africa  event, The Africa Debate on 15^th September. President Hichilema will outline his plans to restore macro-economic stability to Zambia in conversation with the Chairman of Invest Africa, Rob Hersov.

Hichilema was elected to the Zambian presidency last month.   Zambia is facing a massive debt problem and also has been hit hard by the pandemic. In November 2020, the country became the first African nation to default on its sovereign debt since the start of the pandemic. The global shutdown came on the tails of a challenging few years, which had disrupted the Zambian economy.

In his inaugural address,  Hichilema stated that his government’s focus over the next five years would be on restoring macroeconomic stability”. He promised an economy so that  it  can lift more people out of poverty than ever before. Securing an IMF deal is high on the new President’s list of priorities as he seeks to rebuild his nation’s financial credibility globally. He has appointed former IMF advisor, Situmbeko Musokotwane, as his finance minister.

President Hichilema will join a speakers’ lineup that includes senior representatives from the IMF, the African Development Bank, the International Finance Corporation, the Development Bank of Southern Africa and Afreximbank as well as private investors Ninety One, Alterra Capital, Leapfrog Investments  etc.

The new leader of Zambia will introduce his policy platform to global investors and businesses, where he would pitch to attract foreign investments. It is also expected that he might come out with a slew of reforms to attract more investments.