The unsustainable debt situation that we inherited, was brought about by exorbitant expenditure, mismanagement of public resources, maladministration and, indeed, corruption.
By Hakainde Hichilema.
President of the Republic of Zambia.
Lusaka, April 4 – Fellow citizens! As you are all aware, we have successfully completed the debt restructuring processes, marking the beginning of a new chapter in our country’s history. This achievement has fulfilled a significant portion of our commitment to the people of Zambia.
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.
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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.
This pivotal moment offers us the chance to shift our collective mindset regarding the management of public affairs. We cannot ignore the fact that the unsustainable debt situation that we inherited, was brought about by exorbitant expenditure, mismanagement of public resources, maladministration and, indeed, corruption.
Never again must we find ourselves in such a crisis where debt levels become so unsustainable that they burden our treasury and hinder our ability to serve our citizens effectively. This government will not tolerate such circumstances, neither will we tolerate corruption or the theft of public resources.
In this post-debt restructuring era, we have an enhanced opportunity to grow our economy under a new image, bringing investor confidence and, to pay greater attention to the management of our resources across all Ministries and government departments.
We expect nothing less than prudence and we will ensure that the law enforcement and prosecution authorities act swiftly against those who choose to engage in corrupt practices and abuse their authority.
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Our message to would-be offenders is clear. You are on your own if you break the law, regardless of your political affiliation, ethnicity or status. Part of our commitment to fighting corruption is the judiciary’s enhanced capacity to prosecute cases within a space of 5 months, and more will be done to bring down the scourge.
We will remain steadfast and committed to improving the lives of all our citizens. Our better days are ahead of us and we call on all our citizens to support this agenda for the betterment of our country.
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