President Hakainde Hichilema is heading into Zambia’s August general election asking voters to judge him above all on one thing: the economy. The former businessman, who came to power promising to rescue a country mired in debt and soaring prices, is presenting his first term as proof that his formula works.

Since taking office, Hichilema’s government has negotiated a landmark restructuring of Zambia’s external debt with official and private creditors, easing pressure on public finances after a historic default. Combined with a rebound in global copper prices, the deal has helped stabilise an economy that once seemed on the brink.

Inflation has fallen to its lowest level in years, giving some relief to households battered by previous spikes in food and fuel costs. The International Monetary Fund forecasts solid growth, and foreign investors have returned to Zambia’s mining and energy sectors, encouraged by promises of policy stability and a more predictable business environment.

Yet the headline numbers mask a harsher reality for many Zambians. The World Bank estimates that more than 70 percent of the population still lives in poverty, a figure that has proved stubborn even as macroeconomic indicators improve. In rural areas and informal urban settlements, frustration is growing over high living costs, joblessness and the slow pace at which promised benefits are reaching ordinary people.

That discontent is the opening the opposition hopes to exploit. Brian Mundubile, a prominent figure challenging Hichilema for the presidency, accuses the government of governing for investors and creditors rather than citizens. He argues that while the administration celebrates debt deals and growth forecasts, market traders, farmers and young jobseekers see little change in their daily lives.

Political tensions have sharpened around questions of democratic space. Opposition parties and rights groups allege an increase in repression, citing police disruptions of opposition rallies and tighter controls on public gatherings. A controversial cyber crime law has drawn particular criticism from civil society organisations, which warn that its broad provisions could be used to monitor critics and chill online speech.

Hichilema rejects accusations of authoritarian drift and insists that economic stabilisation is a prerequisite for deeper social investment. As campaigning intensifies ahead of the August 13 vote, the contest is shaping into a referendum on whether early signs of recovery are enough to outweigh persistent poverty and concerns over political freedoms.