President Hichilema Requests World Bank’s Input On Private Debt Restructuring

President Hakainde Hichilema has requested the assistance of the World Bank Group in concluding the restructuring of Zambia’s debt owed to private creditors.

President Hichilema stressed the difficulty citizens continue to face on the road to debt restructuring, and the resulting importance of finding solutions.

President Hichilema hosted Nathan Belete, World Bank Director for Malawi, Tanzania, Zambia and Zimbabwe, and Achim Frock, the recently appointed World Bank Country Manager for Zambia, at Zambia’s State House. The president held meetings with the pair, aimed at concluding the final chapter of debt restructuring so that Zambian citizens can enjoy the outcome of a recovered and healthy economy.

The President thanked the World Bank Group for the support it has given Zambia, particularly in the lead up to Zambia reaching a restructuring agreement for its bilateral debt. The World Bank assisted Zambia, arranging consultations that were significant in achieving an agreement within the Group of 20 framework.

President Hichilema congratulated Dr Fock for his appointment to the role of Country Manager, and said he looked forward to continuing to work with the World Bank as Zambia enters a new phase of economic transformation. Mr. Belete revealed that Dr. Fock has 25 years’ experience working in the World Bank, and has spent many years specialising in agriculture, a major sector of the Zambian economy. Mr. Belete said the World Bank’s key targets in Zambia included tourism, regional infrastructure and financial capital.