Following a telephone conversation between World Bank Group (WBG) president David Malpass and President Hakainde Hichilema on Wednesday, the International Development Association (IDA) will this year disburse US$750 million to Zambia in what is the highest-ever financing support to the country in a single calendar year.
The package will cover special support to health and social protection operations and includes a US$275 million budget support, which will be presented to the World Bank board of executive directors for approval in October 2022.
Even more significant, it comes after Government secured a US$1.3 billion Extended Credit Facility (ECF) from the International Monetary Fund (IMF).
The first instalment of US$185.7 million from the bailout package has already been received.