Prime Minister, Zambia
Debt Restructuring Saves Zambia $1.4 Billion Annually
By Mark Ziligone and Ellen Hambuba
President Hakainde Hichilema says Zambia's debt restructuring programme has delivered significant savings and restored confidence in the country's economy.
Speaking during the launch of the UPND Manifesto and Development Agenda for 2026 to 2031 in Lusaka, President Hichilema said one of the government's biggest achievements since taking office has been the successful restructuring of Zambia's external debt.
President Hichilema said following the debt restructuring programme, annual debt service obligations have been reduced to approximately 900 million do...
About Hakainde Hichilema
President Hakainde Hichilema has been actively campaigning ahead of the August 2026 general election, having filed his nomination and been declared eligible to stand. During a manifesto launch in Lusaka, he stated that Zambia’s debt restructuring had reduced annual debt service obligations from $2.3 billion to approximately $900 million, and he credited his government with creating over a million jobs, attracting $11 billion in mining investment, and producing a record 5 million tons of maize. He also said free education had brought 2.5 million children back to school. In Solwezi, Hichilema named four UPND MPs—Gary Nkombo, Elijah Muchima, Elias Mubanga, and Newton Samakai—who voted against Constitution Amendment Bill No. 7, saying the party needs MPs who support the president’s motions. He urged voters to prioritize the presidency over local candidates, arguing that the president, not MPs, delivers
Transcript (11 segments)
✨ AI-enhanced transcript with speaker attribution
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Narrator0:01
Jubilation filled the Mulungushi International Conference Centre in Lusaka as thousands of UPND supporters, senior party officials, and members of the UPND Alliance gathered for the launch of the party's 2026 to 2031 manifesto and development agenda. But beyond celebrations, President Hakainde Hichilema used the occasion to reflect on what he describes as key achievements recorded since assuming office in 2021 and the foundation they have laid for Zambia's future.
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Hakainde Hichilema0:34
We have managed after three years of hard work to restructure the debt. A debt created by those making noise now. Grandstanding and making noise. That's what I call it. The numbers are here. We defaulted in 2020. First African country to default. The meaning of default is that no lender would touch us. Everybody said this country is finished. And we promised that we'll deliver the debt restructuring. We have delivered the debt restructuring. To give you context, the debt you brought about without thinking was to cost us every year 2.3 billion dollars to service it. After the debt restructuring, this number has reduced to 900 million dollars per year.
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Narrator1:54
The president pointed to the gains in agriculture, saying increased production has strengthened food security and supported the country's economic recovery.
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Hakainde Hichilema2:03
Today we are a proud nation that we can boast of having produced never ever achieved five million tons of maize, never ever produced in this country. That's delivery. Consequently, inflation pushed down. Production of maize goes up, the price of mealie meal has to come down. That's what we said. They answered, 'Ah, whatever you promise.' Wait. Here we are.
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Narrator2:45
He said government also responded decisively to the effects of the drought through interventions aimed at cushioning vulnerable households and protecting key sectors of the economy.
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Hakainde Hichilema2:55
When the worst drought in living memory came and afflicted us, we said no Zambian will die of hunger. And we worked diligently. And we've never heard anyone saying, 'In my family this member died because of the hunger instigated by the drought itself instigated by climate change.' Leading from the front, not from the back.
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Narrator3:25
On the energy front, President Hichilema said measures taken by government have helped address power shortages while setting the stage for increased electricity generation in the years ahead.
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Hakainde Hichilema3:35
When the same drought injected a decline, decapitated our electricity generating capacity since we are largely hydro, we did not hide. We did not conceal that situation. We came before the people of Zambia and acknowledged the challenge and said we will not moan and groan. We will work to turn the coin the other side. What is that side? Opportunity. To invest beyond hydro.
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Narrator4:13
The head of state said the progress recorded over the last five years demonstrates government's commitment to rebuilding the economy and creating a platform for sustained growth and development.
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Hakainde Hichilema4:23
We have created in the public sector as we promised jobs. Numbers are there at Zamstats. We have created between the private sector and public sector over a million jobs in the last four years and ten months. The numbers are there. Go and Google, tick. Push your button on Zamstats. That's your Zambia Statistics agency. It's there.
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Narrator5:01
President Hichilema said the newly launched manifesto builds on those achievements and outlines the next phase of development focused on jobs, economic expansion, and improved living standards. He has since called on citizens to remain united and support efforts aimed at advancing national development and creating opportunities for future generations. The launch comes as political parties intensify campaigns ahead of the August 13th general election. Mark Ziligone, ZNBC News, Lusaka.