Hichilema Hails Economic Progress as Inflation Falls to Single Digits

President Hakainde Hichilema has welcomed continued progress in Zambia's economic recovery, highlighting the kwacha's stability, declining inflation, and successful completion of the IMF's Extended Credit Facility Programme in a press release today.

For the first time since August 2023, inflation has fallen into single digits, dropping to 9.4% in January from 11.2% in December, easing pressure on household budgets.

The President thanked Zambians for their patience and resilience during the economic recovery programme, noting that results stem from prudent fiscal management and structural reforms recognised by the IMF.

The Head of State observed that the country has moved from default in 2021 to being on a path to prosperity, with four years spent implementing reforms that must now translate into jobs and improved living standards.

The IMF projects real GDP growth of 5.8% in 2026. Public debt has fallen from 112% of GDP in 2021 to a projected 78% this year, while investment has increased in social programmes including FISP, free education, CDF allocations, and university bursaries.

Lower debt service payments are freeing resources for clinics, schools, and infrastructure development.

The President acknowledged much work remains but said foundations are now in place to accelerate job creation, ensure reliable energy, and unlock opportunities for youth, urging Zambians to continue working together to build on this progress.