# Zambia's Hichilema vows to keep US$6.5bn forex reserves intact as August election campaign heats up > The reserves, built from copper revenues and post-debt-restructuring stabilisation, have become the central economic battleground of Zambia's 2026 general election campaign **Meta:** type: story · date: 2026-06-29 · heads: 누구의 돈인가, 누가 결정하는가 · 6 takes · 1 lenses · 2 regions ## Summary [Zambia](/ko/entity/country/zambia)'s President Hakainde Hichilema went on the campaign trail in late June defending his government's decision to hold US$6.5bn in foreign exchange reserves, a sum built from copper revenues and the post-default stabilisation that followed Zambia's 2020 Eurobond restructuring. Hichilema pledged to use the reserves only in genuine national emergencies, such as drought-induced food crises or currency shocks, and rejected opposition calls to deploy them for immediate cost-of-living relief. The reserves have become the defining economic argument of the campaign: the government says they prove macroeconomic discipline; the main opposition United Party for National Development (UPND breakaway factions) and other challengers argue they represent a failure to invest in visible improvements. The August 13, 2026 general election is Hichilema's toughest since his landslide 2021 win: the Bertelsmann Transformation Index 2026 gave his first term below-average marks on both economic performance and rule of law, and civil-society groups have documented increased pressure on political opponents and the media. ## The split Hichilema's camp frames the reserves as proof that Zambia has finally escaped the trap of short-term populist spending that drove the 2020 default and argues they protect Zambia from future commodity shocks. His opponents argue that a government sitting on US$6.5bn while copper miners remain underpaid and food prices remain elevated has its priorities wrong. Regional analysts note that Zambia's copper sector aspirations, including a publicly stated target of 1 million metric tonnes of annual production, have not yet materialised, and that the Lobito Corridor's expansion of [export infrastructure](/ko/n/lobito-corridor-construction-bidding-2026) alone will not solve labour-market depth problems. ## By the numbers - US$6.5bn, Zambia's foreign exchange reserves as of June 2026 - August 13, 2026, the date of Zambia's general election - 2020, the year Zambia defaulted on its Eurobond debt - 1 million metric tonnes, Hichilema's copper production target - Below average, Zambia's BTI 2026 rating on economic performance and rule of law ## Why it matters [Zambia](/ko/entity/country/zambia) is a bellwether for Africa's post-default reform programme: it was the first African country to resolve its Covid-era sovereign debt restructuring under the G20's Common Framework and the first to demonstrate a path back to reserve accumulation. Hichilema's re-election or defeat will signal whether African electorates reward macroeconomic discipline at the ballot box or punish governments for austerity that improves headline figures without improving daily life. The outcome also affects the [Lobito Corridor](/ko/n/lobito-corridor-construction-bidding-2026) project, in which Zambia is a transit state and potential copper-export route. ## What to watch - August 13 election results, including margin of victory or defeat. - Whether the copper-production target is confirmed or revised before the election. - Any opposition unity deal that could consolidate the anti-Hichilema vote. - Copper price trajectory, which directly determines reserve inflow. ## Regional takes (batched by bias / lens) ### unlabelled - **Lusaka Times** (Zambia, en) — Lusaka Times reports Hichilema's pledge that the US$6.5bn reserves will be deployed only in genuine national emergencies, as opposition parties criticise the government for sitting on the reserves rather than using them to cushion fuel and food prices ahead of the August 13 election. > "Zambia's Hichilema vows to keep US$6.5bn foreign exchange reserves intact." Source: https://www.lusakatimes.com/2026/06/29/zambia-hakainde-hichilema-foreign-exchange-reserves/ - **Zambian Observer** (Zambia, en) — The Observer's account of Hichilema's populist defence of the reserves policy, including a rhetorical dismissal of opposition criticism, and background on how the reserves were built: copper sector recovery, the 2023 Eurobond restructuring that ended Zambia's 2020 default, and tight monetary policy. > "Hichilema defends US$6.5bn reserves, mocks opposition criticism." Source: https://zambianobserver.com/hichilema-defends-6-5-billion-reserves-mocks-opposition-criticism/ - **Zambian Observer (economic ratings)** (Zambia, en) — Bertelsmann Transformation Index 2026 assessment giving Zambia below-average marks on rule of law and economic performance, providing the opposition with independent evidence that the macro-stability narrative does not capture ordinary Zambians' experience. > "Zambia's economy performing below par: German think-tank gives Hichilema's first term below-average ratings." Source: https://zambianobserver.com/zambias-economy-performing-below-par-respected-german-think-tank-gives-president-hichilemas-first-term-below-average-ratings-on-the-economy-and-rule-of-law/ - **BTI 2026 Zambia** (Germany, en) — Source: https://bti-project.org/en/reports/country-report/ZMB - **Lusaka Times (doubling target)** (Zambia, en) — Source: https://www.lusakatimes.com/2026/03/31/hichilema-targets-doubling-of-zambias-economy-post-2026-elections/ - **State House Zambia** (Zambia, en) — Source: https://www.sh.gov.zm/we-will-deliver-more-in-2026-president-hichilema/ ## Across the graph - Related: [[lobito-corridor-construction-bidding-2026]] - Entities: Country:zambia --- Canonical: https://rbtfl.xyz/ko/n/zambia-hichilema-reserves-2026