Hakainde Hichilema cancels US$2 billion undisbursed loans borrowed for projects

Zambia President Hakainde Hichilema has canceled over US$2 billion or K32.8 billion in undisbursed loans borrowed for projects that were not urgent in developing the country.

Hichilema said the decision will reduce future debt service, thereby lessening pressure on the national budget and directing those resources to more deserving areas.

“The fiscal space, or room in our national budget, that will be created as a result of the restructured debt portfolio that we have waited years for, will indeed be deployed to social services and developmental areas that will provide tangible benefit to our people at individual and household levels,” he added.