Hakainde Hichilema Wins Re-election as Zambia Seeks IMF Growth Plan

President Hakainde Hichilema secured re-election with approximately 60% of the valid votes, defeating main challenger Brian Mundubile, who received 38%. The victory ensures policy continuity for a government that has focused its first term on debt restructuring and IMF-backed reforms after Zambia became the first African sovereign to default during the 2020 pandemic.

The government now aims to secure a new International Monetary Fund programme by the end of the year to transition from economic stabilization to sustained growth. Finance Minister Situmbeko Musokotwane stated that while fresh investment is needed for job creation, it is too early for the country to return to international bond markets.

Zambia is targeting an annual copper output of 3 million metric tonnes to meet rising global demand. However, officials and analysts warn that an intensifying El Niño weather phenomenon could disrupt hydropower and copper production, mirroring disruptions experienced three years ago.