WORLBANK TO COMMIT $959M IN SUPPORTING ZAMBIA’S ECONOMIC RECOVERY

Finance and National Development Minister SITUMBEKO MUSOKOTWANE says the World Bank is committing $959m to support Zambia’s economic recovery.

“The funds are meant to assit the country recover from multiple debt and economic crises and help to institute reforms for inclusive growth and poverty reduction”, he said.

He says the money includes $294m which has already been committed for scaling up Social Cash Transfers and projects to strengthen the COVID-19 response.

“the money will also go towards vaccination and emergency health financing to improve service delivery” he said.

According to a statement on ZNBC News, from the $959 m, $665m will be presented in three operations to the World Bank Board for approval within June 2022.

He has added that as soon as the IMF Supported Programme is approved by the IMF Board, it is envisaged that the World Bank will supply funding amounting to $275m over the next three years.

The Finance Minister says upon agreement of the Country Assistance Strategy during the second half of 2022, financing is also expected from the Africa Development Bank -ADB over the next three years.

Dr. MUSOKOTWANE says the ADB will also make available $500m or more for economic and social development.

He says this is a demonstration of a functional and cordial relationship between Zambia and her multilateral partners.