President Hichilema outlines economic targets, reforms for 2025

President Hakainde Hichilema has outlined his administration’s economic goals for 2025, emphasizing the continuation of macroeconomic reforms and the management of external debt.

Following agreements with the official creditors’ committee and Eurobond holders, the government has resumed servicing its external debt, which had been in default since 2020.

In his address to Parliament on Friday, President Hichilema stated that the Finance and National Planning Minister Situmbeko Musokotwane would soon present the 2025 national budget, featuring policies aimed at maintaining macroeconomic stability, ensuring debt sustainability and addressing socio-economic challenges.

Hichilema acknowledged that despite restructuring efforts, Zambia continued to carry a significant debt burden from previous years.

He noted that global economic difficulties, including rising inflation and high interest rates, had worsened the cost of living and capital shortages.

The President assured that his government remained committed to addressing the cost of living through various measures and would continue to work diligently to improve the economic situation.

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