President Hichilema Vows Zero Tolerance for Corruption Post-Debt Restructuring

President Hakainde Hichilema has issued a warning against corruption and abuse of authority following the successful restructuring of the country's debt. In a statement to ZNBC, the President noted the unsustainable nature of the inherited debt, attributing it to excessive spending, mismanagement of public resources, and corruption of the previous government.

“Over the past two years and six months, we relentlessly engaged in complex negotiations with our official creditors, as well as private creditors, which includes the bondholders” said the President. “These efforts have led to an agreement to restructure our debt over an extended period and for a lesser amount, saving our country and our treasury billions of dollars.”

He welcomed the new era of restructured debt as offering Zambians “the chance to shift our collective mindset regarding the management of public affairs.”

Acknowledging the burden that debt places on the treasury and its impact on citizens, President Hichilema called for a renewed focus on resource management and fostering investor confidence to navigate the country into a new economic era.

The President directed law enforcement and prosecution authorities to act quickly against individuals involved in corrupt practices and misuse of authority. He pledged to improve the judiciary's capacity to prosecute corruption cases within a five-month timeframe, underscoring the government's commitment to upholding accountability and integrity.

The President reaffirmed the government's commitment to improving the lives of all citizens, signalling a clear intent to address systemic issues and move forward upholding the values of political transparency and democracy.