When the Electoral Commission of Zambia made the announcement that Hakainde Hichilema would be the next President of Zambia, the “last” piece in the economic jigsaw puzzle was finally in place.
For many months, Zambia had been perceived by some segments of the international community as a country with so much going wrong that there was no right at the end of the tunnel. Despite frantic efforts made by Government to paint a picture of positivity and ticking all the boxes, it was clear looking at the election results that there were deep rooted problems that had either been ignored or gone unaddressed.
Fortunately, following the International Monitory Funds last visit in May 2021, it was clear that notable progress was made in detailing the key policy measures to address the imbalances that Zambia was facing. Addressing these would ensure and enable a return to sustained growth which was an important issue for the IMF hence the progressed discussions on the Extended Credit Facility (ECF). Successful allocation of an ECF would enhance fiscal space for social and development spending.
Political stability is something many African countries are often scrutinized by when assessments to disburse funding to them are made. For Zambia, it was high marks being scored yet again on a successful democratic process with clarity on power hand over following out going President Edger Lungu.
Without having questions of the legitimacy of a election being the first order of business to address when various financial matter related stakeholders are engaged, the in coming administration will have a red carpet that will be clearly focus on one agenda: Getting Zambia Back on Track.