President Hakainde Hichilema has called for reforms to the global financial system, emphasizing the need for fairer access to capital for developing countries like Zambia.
Speaking at State House today during a courtesy call by a delegation from Norway, President Hichilema said Zambia continues to pay disproportionately high costs of capital due to unfavorable global financial structures.
“The current global financial systems are not working in Zambia’s favor and the nation continues to pay a higher cost of capital compared to other sectors, largely due to unfair risk profiling,” said Mr. Hichilema.
President Hichilema stressed that such skewed risk assessments make it difficult for Zambia to access affordable capital from international financial partners.
He expressed optimism about deepening bilateral and multilateral relations with Norway, particularly in the areas of mining and energy.
The President also noted Zambia’s interest in adopting Norway’s environmental best practices, particularly in pollution control and sustainable development.
And Mr. Hichilema urged the Norwegian government to consider reopening its embassy in Zambia, rather than continuing to serve the country from its mission in Malawi.
By Christabel Kamunu.
