Zambian President Hakainde Hichilema made his first Cabinet appointment Friday, with Situmbeko Musokotwane becoming the country's new finance minister.

Musokotwane had served as the finance minister also in 2008-2011 under former President Rupiah Banda's administration.

Speaking in a swearing in ceremony at the State House in the capital Lusaka, Hichilema said the country expected nothing less than Musokotwane delivering financial prudence, channeling resources to key areas, and most importantly fixing the debt situation.

-We are alive to the fact that our victory was youth-centered and as such the Ministry of Finance is key in ensuring that our economic vision is given life as that will lead to many other developmental programs such as jobs and business opportunities for our youths- Hichilema noted.

Hichilema, also an economist, stressed that Musokotwane should seal off all financial loopholes and ensure that the resources are channeled to right beneficiaries across the country.

-Our people need food, water, quality education, and quality healthcare services- he added.

Musokotwane, 65, later addressed reporters at his office and said he would soon engage creditors to realign the payment terms for the country’s external debt which currently stands at more than $11.9 billion.

He also plans to engage the IMF on a possible bailout for the southern African country -- the continent's second-largest copper producer.

Musokotwane said he hoped that the copper production could rise to 2-3 million tons annually from the current 800,000 metric tons.

He added that corruption and financial misappropriation will be strictly dealt with to promote reforms aimed at enhancing macroeconomic stability and fiscal health.

Since Hichilema’s election a fortnight ago, the country’s Kwacha has improved in trade against other world currencies in a development viewed as the international market’s confidence in the president’s leadership.

Hichilema called for the public calm while he is making appointments.

-We appeal to you to bear with us as we want to appoint people on merit and by the time we are done, you will not be disappointed with our team- the 59-year-old president stressed.

According to the Hichilema, the first qualification for one to be appointed in the government is that they must be Zambian, qualified, and capable of delivering to the expectations of the country’s 18 million citizens.