President Hakainde Hichilema seems to be making progress in Zambia as citizen have started enjoying fruits of his leadership barely a year in office.
The Zambian Kwacha was the worst performing currency in the world in 2021 but under Hichilema, the Kwacha has gained strength against the United States Dollar from K22.59 in July 2021 to K16.11 as of August 2022. (Zambian Kwacha 1 equals 65 Malawi Kwacha).
Hichilema’s administration has also reduced inflation from 25.6 percent in August last year to 9.7 percent in July this year.
Yesterday, the Energy Regulation Board (ERB) reduced the prices of petroleum products by K1.65/litre for petrol, K1.75/litre for diesel and K1.72/litre for paraffin.
As this is not enough, the IMF board has approved US$1.3 million IMF support to Zambia.
Writing on his official facebook page Hakainde Hichilema described IMF decision as a vote of confidence to his government.
“Today’s announcement is a vote of confidence in your Government and in the people of Zambia.
“The international community has recognised the progress we have made, and our commitment to reviving our economy and becoming a responsible member of the family of nations,” wrote Hakainde Hichilema.
He added: “Today’s announcement will culminate in jobs for our people, a more affordable cost of living, and enhanced development prospects for every province in our country.”
The move has seen many Malawians claiming that Hakainde Hichilema and the people of Zambia have landed in Canaan ahead of President Lazarus Chakwera who promised its citizen two years ago.
Currently, Malawians are experiencing persistent power blackout accompanied by high costs of living.
