The first session of Zambian Parliament to convene under new leadership
Zambia’s unicameral parliament is scheduled to hold its first session today.
After the country’s general election, newly-elected president Hakainde Hichilema promised a “new dawn,” and fired several military, police, and prison commanders. Hichilema has promised to end the financial and economic crisis beset by high inflation, high debt, and allegations of corruption.
In today’s session, President Hichilema will outline his vision for the government’s five-year term. Hichilema will likely focus on priority areas such as economic growth, job creation for the young population, and boosting investor confidence by attracting foreign direct investment, especially in mining. Africa’s second-largest copper producer—the metal accounts for more than 70% of the country’s export earnings—had witnessed a noticeable deterioration in its mining investment climate.
Hichilema will likely start this by attending an investors event where he will join a lineup that includes senior representatives from the International Monetary Fund (IMF), the African Development Bank, the International Finance Corporation, and the Development Bank of Southern Africa. Additionally, the government will likely prioritize talks with the IMF on a lending program by October, which will likely force him to implement austerity measures and stop borrowing massive loans for infrastructure projects.
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