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President Hichilema asks World Bank’s help to restructure debt owed to private creditors

President Hakainde Hichilema has called on the World Bank Group to assist Zambia conclude its debt restructuring negotiations with its private creditors.

President Hichilema said that the road leading to clinching the debt deal was difficult especially on the citizens, hence the need to bring solutions.

President Hichilema says he wants to see a speedy conclusion with creditors so that the benefits can start to show and trickle down to ordinary citizens to appreciate the process.

He was speaking when he met World Bank Director for Malawi, Tanzania, Zambia and Zimbabwe Natahn Belete and newly appointed World Bank Country Manager for Zambia Achim Fock at Statehouse.

The President indicated appreciation to the World Bank Group for the support given to Zambia especially during what he referred to as Zambia’s debt restructuring project.

The Head of State noted that the country received great support through consultations and technical assistance until the achievement of the G20 framework.

Congratulating the newly appointed Country Manager, the Head of State noted that he expects the full support of the World Bank group in order to help the government achieve its intended agenda.

The President looked forward to discussing more important matters with the World Bank, especially issues around the government’s agenda of economic transformation.

He further urged the citizens to believe in the government, that it has the capability and ability to get things done, but through a strategic process.

Meanwhile, World Bank Country Director for Malawi, Tanzania, Zambia and Zimbabwe Nathan Belete disclosed that Dr Fock comes with vast experience of 25 years in the World Bank.

Mr Belete stated that with an Agriculture background, Dr Fock will work well with the government in enhancing the sector among others.

Highlighting some of the key areas, Mr Belete revealed that the World Bank has prioritised tourism, regional connectivity and capital.