Haabazoka says HH victory beyond politics
By Ludia Ngwadzai
ECONOMIST Dr Lubinda Haabazoka says President Hakainde Hichilema’s re-election represents more than a political victory.
In a statement, Dr Haabazoka said the overwhelming result was an endorsement of the economic reforms undertaken by Hichilema’s New Dawn administration during its first term.
“Zambians have effectively voted to protect the economic gains recorded since 2021 and give the government more time to complete the recovery process,” he said.
Dr Haabazoka said Hichilema’s ascension to office faced one of its most difficult economic periods characterised by external debt default, rising inflation and living costs, pressure on the kwacha, inadequate foreign exchange reserves and declining investor confidence.
He said government pursued a disciplined economic programme focused on debt restructuring, fiscal responsibility, monetary stability, reserve accumulation and restoring confidence among investors and development partners.
“The administration deliberately avoided short-term populist measures. Instead prioritising the repair of the macroeconomic foundations needed for sustainable growth. During its first term, Zambia secured a US$1.3 billion IMF-supported programme and made significant progress in restructuring its external debt, while foreign exchange reserves rose to approximately US$6.5 billion,” he said.
Dr Haabazoka said the renewed investment in the mining sector, including expansions at Lumwana and Kansanshi, had improved investor confidence.
He said the government’s ambition to increase copper production to three million tonnes annually could significantly strengthen Zambia’s export earnings, fiscal position and employment opportunities if successfully implemented.
“Repair the macroeconomy first, and then build sustainable growth, employment and prosperity upon that foundation,” he said.
Dr Haabazoka acknowledged that the reforms had come with challenges particularly for households facing high living costs saying the economic restructuring embarked on by the UPND government would not produce immediate benefits.
“Debt restructuring is complex. Fiscal consolidation can be painful. Rebuilding reserves requires discipline. Restoring investor confidence takes time,” he said.
Dr Haabazoka commended government for expanding free education, increasing Constituency Development Fund (CDF) allocations, expanding social cash transfers and recruiting teachers, health workers and other public servants.
He said the renewed mandate should, however, not be interpreted as a blank cheque for the government.
