(3 minutes read)
Zambian President Hakainde Hichilema was in China for a week-long state visit at the invitation of Chinese President Xi Jinping. This visit comes after much of Zambia’s debt to China and other countries was restructured in June through a $6.3 billion deal approved by the International Monetary Fund.
Zambian President Hakainde Hichilema was in China for a week-long state visit at the invitation of Chinese President Xi Jinping. This visit comes after much of Zambia’s debt to China and other countries was restructured in June through a $6.3 billion deal approved by the International Monetary Fund.
President Hakainde Hichilema attended a series of high-level interactions with the People’s Republic of China during his visit. One of the highlights of his visit was a meeting with the Prime Minister of the People’s Republic of China, Li Qiang, during which they engaged in crucial bilateral discussions.
President Hichilema expressed his profound appreciation to Prime Minister Li for his advocacy in advocating for the reform of the global financial order, this was notably evident during their previous meeting in Paris where Prime Minister Li called upon the international community to work towards reshaping global financial governance. The overarching goal of these reforms is to create a stable and equitable financial environment, especially for developing countries. President Hichilema reiterated Zambia’s alignment with these views, emphasizing the urgent need to address the high cost of capital for African nations.
President Hichilema conveyed Zambia’s gratitude to Prime Minister Li for his leadership in the intricate negotiations regarding debt restructuring. These negotiations have provided Zambia with an opportunity to reschedule its debt, offering the nation a pathway toward improved financial stability and sustainability. President Hakainde Hichilema extended heartfelt thanks to the People’s Republic of China for their unwavering support and warm hospitality throughout his visit. He announced this during his departure from Beijing.
Read Also:
https://trendsnafrica.com/xi-hosts-zambian-president-hakainde-hichilema/
https://trendsnafrica.com/zambian-president-hichilema-to-embark-on-a-state-visit-to-china/
China and Zambia released a joint statement with no mention of any debt agreements. However, both countries will push for greater use of local currency settlement in their trade and investment. This move would help enterprises in both countries to reduce exchange costs and exchange rate risks. The nations also will strengthen cooperation in mineral exploration and hold high-level exchanges between their militaries.
Zambia invited Chinese mining enterprises to continue actively participating in mining cooperation, while China encouraged its firms to invest in the development of Zambia’s new energy battery value chain.
China has significant commercial interests in Zambia, having invested in more than 30 projects through its Belt and Road Initiative between 2014 and 2023, according to data compiled by the American Enterprise Institute think tank. It shows the projects were worth $11.3 billion in total, ranging from the energy sector to agriculture and aviation. China also takes around one-fifth of Zambian exports, predominantly copper.
