Hichilema defends $6.5 billion reserves, mocks opposition criticism President Hakainde Hichilema has defended Zambia’s reported US$6.5 billion in foreign reserves, dismissing criticism from opposition figures as misguided and urging political leaders to “think before they talk.” Lusaka, 29 June – Addressing thousands of supporters during the official launch of the UPND’s 2026 election campaign at […]

Hichilema defends $6.5 billion reserves, mocks opposition criticism

President Hakainde Hichilema has defended Zambia’s reported US$6.5 billion in foreign reserves, dismissing criticism from opposition figures as misguided and urging political leaders to “think before they talk.”

Lusaka, 29 June – Addressing thousands of supporters during the official launch of the UPND’s 2026 election campaign at Heroes Stadium on Sunday, President Hichilema took direct aim at opposition presidential running mates Brian Mundubile and Makebi Zulu over their comments on the country’s reserves.

The President argued that the reserves were a vital economic safeguard rather than money available for government spending, saying they would help cushion the country during emergencies such as droughts and global economic shocks.

“People must learn to think before they talk. First think properly before you speak, because you may end up saying things you do not understand,” President Hichilema said.

He said his administration inherited a heavily indebted economy after taking office in 2021 but had since restored macroeconomic stability through debt restructuring and improved financial management.

“When we came into office, we found a huge debt, and we have managed to sort it out. Those who are criticising today are the same people who accumulated that debt,” he said.

President Hichilema said the country’s reserves served as an economic insurance policy that could be used to purchase food during droughts or help stabilise the local currency during international crises.

“If there is a drought, we use the reserves to buy food for our people. If there is conflict in the Middle East affecting the economy, we can use the reserves to support the Kwacha. That is why you have seen the Kwacha remain strong,” he said.

The Head of State accused former Patriotic Front officials of mismanaging public resources while in government and insisted the reserves would be protected for the benefit of all Zambians.

He also advised Mr Mundubile and Mr Zulu to take advantage of the government’s free education policy to better understand how the economy functions.

“We have introduced free education. Go back to school and learn so that you can understand how the economy works,” President Hichilema said.

The President, however, acknowledged that many Zambians continued to face economic hardship despite progress made by his administration.

He said the government recognised public concerns over the high cost of living and pledged to continue implementing measures aimed at improving household incomes and reducing inflation.

“We hear your complaints. We know that life is still difficult for many families, and we will not rest until we continue improving the lives of our people,” he said.

President Hichilema said his administration had already laid a strong foundation through reforms, including making free education a legal right, and pledged to continue strengthening the economy.

He expressed confidence that inflation would continue to decline, leading to greater price stability for essential commodities.

According to the President, annual inflation had fallen significantly since his administration took office, reducing the pace at which the prices of goods and services were rising.

He said sustained economic growth would enable the government to continue investing in education, healthcare and other public services ahead of the country’s 2026 General Election.

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