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The debt mountain was something like a python snake that was constricting our necks, says President Hakainde Hichilema upon his arrival from France after Zambia clinched a deal to restructure its debt in a long and protracted effort.
Hichilema, who was welcomed by a crowd of supporters on Saturday at the Kenneth Kaunda International Airport (KKIA), likened Zambia’s debt mountain to a python snake.
Zambia on Thursday clinched a deal to restructure US$6.3 billion debts owed to other governments, a French official announced in a long-awaited breakthrough to ease pressure on the country’s strained public finances.
“I can tell you that it was not easy. We were being called names. We went through a lot but we had the intention to restructure debt. It did not happen by chance. The debt mountain was something like a python snake.
“It was constricting our necks. But today, we can celebrate because that humongous debt will be restructured,” Hichilema said.
Read more: Zambia, Creditors finally reach debt treatment deal, paves way for $188 million IMF disbursement
He said Zambia’s debt mountain had essentially placed the country’s economy under the yoke and that the debt restructuring deal just achieved was an economic emancipation that would trigger exponential economic progression.
Hichilema thanked Zambia’s creditors across the world under the G20 Framework as well as China and France for ensuring Zambia had its debt restructured.
The Head of State revealed that he, in fact, was in constant engagement with China and President Xi Jimping.
“The debt was humongous and the economy went down. But we had to do something about it although it was orchestrated by others.
“Those who created the debt have been demeaning the achievement but why did they not restructure the debt they created. It is because they did not have the capacity. We have done it and today we are celebrating debt restructuring,” he said.
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