Zambia back on global investment map, say leaders of international firms, JP Morgan, Chase Global

Global investment giants JP Morgan, Chase Global and Morgan Stanley have commended President Hakainde Hichilema for rebuilding the Zambia economy through debt restructuring and other interventions.

The firms, which control billions of dollars in global capital, paid glowing tribute to the Head of State and expressed strong support for Zambia’s remarkable economic recovery.

Times of Zambia reports that Morgan Stanley Senior Portfolio Manager Fernando Gimenez said the reforms underway in Zambia had put the country back on the global investment map.

The positive sentiments were made when the three renowned investors met President Hichilema at State House in Lusaka on Monday.

Gimenez further commended Hichilema for reviving the mining sector, noting that soaring copper prices on the international market positioned Zambia firmly on the path to continued economic growth.

Artisan Partners Senior Portfolio Manager, Unoma Okolo, also praised the President for steering Zambia through the stabilisation phase after inheriting a myriad of economic challenges, saying the country had now emerged as one of the world’s leading investment destinations.

Leading investors from firms including Artisan Partners, Squarepoint, Millennium Capital and Echo Capital described Zambia as an emerging frontier market following high-level engagements with President Hichilema.

The visit followed the country’s successful debt restructuring programme, with the delegation engaging various public and private sector partners.

Meanwhile, Hichilema assured the investors that the country was firmly on a path of economic growth, having successfully restructured its debt and unlocked sectors such as mining, diversified energy production and improved agriculture.

He said Zambia had also undertaken a successful 38-month homegrown Extended Credit Facility programme, whose outcomes were set to be consolidated by the International Monetary Fund (IMF) Board.

“Zambia has already reached a staff-level agreement on policies required to complete the sixth and final review of the country’s 38-month Extended Credit Facility, a key step towards approval,” he said.

Hichilema expressed confidence that the IMF Executive Board would approve Zambia’s sixth review under the Extended Credit Facility and the related financing assurances.

He stated that the IMF Executive Board was expected to consider the sixth review and financing assurances for Zambia on Tuesday, January 27.

He also paid tribute to Eurobond holders for supporting the debt restructuring agenda, emphasising that the country’s excessive indebtedness required a sustainable path to growth.

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