26/06/2023
Each one of us has a role to play here. What is your role? So many opportunities out there, so many initiatives to help us all grow ie CEEC, CDC, NAPsa pre retirement package etc!! Grab one and get on the bandwagon of making Mother Zambia prosperous!
Fellow Citizens,
Today, I stand before you as the President of Zambia, humbled and inspired by the potential that lies within our great nation. It is with a sense of purpose and optimism that I address you on a matter of utmost importance – the debt restructuring agreement between Zambia and its official creditors. This agreement, I firmly believe, will be a game changer for Zambia, setting us on a transformative path towards sustainable development, prosperity, and economic sovereignty.
As we embark on this new chapter, let us remember the words of Nelson Mandela, who once said, "It always seems impossible until it is done." Indeed, our journey towards debt restructuring may have appeared daunting, but through unwavering determination, collaboration, and the spirit of partnership, we have achieved what was once thought impossible.
The Official Creditors which comprise the G20 countries and China, have demonstrated their commitment to our nation's progress. Together, we have engaged in open and constructive dialogue, resulting in a landmark agreement that will alleviate the burden of our debt and create a foundation for our economic revival. This agreement reflects the mutual respect shared among our countries, founded on the principles of transparency, fairness, and long-term sustainability.
The significance of this debt restructuring cannot be overstated. It provides us with an opportunity to chart a new course for our nation, unburdened by the weight of unsustainable debt. By reducing our debt obligations, we can redirect resources towards critical sectors such as education, healthcare, infrastructure, and job creation. This, in turn, will empower our people and stimulate economic growth, fostering an environment of shared prosperity for all Zambians, and most importantly human capital development, which is the cornerstone of any 21st century nation.
Furthermore, this agreement underscores our commitment to responsible fiscal management and economic governance. We are embarking on a journey of fiscal discipline, transparency, and accountability. Through prudent financial practices, we will rebuild confidence in our economy, attract foreign investment, and unlock the potential of our natural resources. The debt restructuring is not simply a temporary fix; it is a catalyst for long-term stability and sustainable growth.
Together, we will continue redefining Zambia's place on the global stage. With these measures we are already moving towards a nation that is economically independent, socially inclusive, and environmentally sustainable. Our young people will be at the forefront of this transformative journey, equipped with the skills and knowledge to shape Zambia's future.
In conclusion, I would like to thank the Co-Chairs of the Official Creditors Committee (OCC), France and China, the Vice Chair, South Africa and all the members of the committee for their tireless efforts to ensure that Zambia's debt issues is resolved and set the benchmark for debt resolution under the Common Debt Treatment Framework beyond DSSI. We can now get to work. Let’s do this fellow Zambians!
Thank you, and may God bless our Republic.
HH
