Skip to content
Subscriber Only

Zambia’s New Leader Pledges to Stabilize Nation’s Shaky Finances

  • Hichilema secured presidency after winning Aug. 12 elections
  • New administration seeking International Monetary Fund Loan
Hakainde Hichilema

Hakainde Hichilema

Photographer: Patrick Meinhardt/AFP/Getty Images

Zambia’s new President Hakainde Hichilema pledged to rein in public debt and the budget deficit, while restoring the nation’s credibility following a default on its foreign loans. 

“Our focus over the next five years will be on restoring macroeconomic stability,” Hichilema said in his inauguration address in Lusaka, the capital, on Tuesday. “We will grow our economy so we can lift more people out of poverty than ever before.”