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Should We Look at Zambia¡¯s Economy Optimistically? 2021-10-28 ¿ÀÈÄ 4:06:00

Since Hakainde Hichilema became the president of Zambia since 24 August 2021, Zambia is going through a big shift in its political atmosphere. Zambia has been suffering from economic recession due to COVID-19 and corrupt government officials, rendering it as the only African country which defaulted on its national debt last year. Zambian citizens also openly expressed worry and hope for its new leader.
Last month, President Hichilema announced that Lusaka (capital of Zambia) will review its policies to reduce deficit. His government¡¯s top priority is restoration of Zambian economy; Zambia relies heavily on copper exports, which took a severe hit due to the pandemic. According to Hichilema, he "[has] indeed inherited an economy that is in dire straits and requires bold and decisive action to be taken". One of his key reforms includes reviewing mining policies: Hichilema plans to attract new investment by taking advantage of his market-friendly stance and rising copper prices. If done correctly, new investment would boost Zambia mines¡¯ productivity from 34,000 tons of copper a year to 150,000 tons, said Reuters.
The President promised annual ten percent growth during his five-year term. Though the outlook seems challenging, Zambian government is striving to attain development fund with the help of International Monetary Fund (IMF). New firms are considering investing in Zambian copper fields now that the election is carried out.
Zambia hopes to improve from its past and enjoy rapid economic development by focusing on mining industry and reducing fiscal deficits.



Sources

https://www.dw.com/en/zambias-new-president-wants-to-reform-the-economy/av-59355042

https://www.reuters.com/world/africa/zambia-president-says-cut-deficit-restore-economic-growth-2021-09-10/

https://www.worldbank.org/en/country/zambia/overview#1

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