The world bank has approved US$275 million concessional financing for Zambia aimed to support it recover from the effects of the coronavirus pandemic, the economic impact of the war in Ukraine and to manage its debt crisis.
Government said the approval has come after governments continued engagement with development partners targeted at securing support for fiscal stabilization and accelerated economic growth programs.
Finance Minister Dr. Situmbeko Musokotwane in a statement stated that the development policy credit will mainly support governments post covid 19 recovery and inclusive growth agenda by supporting policy an institutional reforms that aim to enhance access to finance and private sector development, restore fiscal and debt sustainability among others.
The approval was granted through the World Bank’s International Development Association IDA at a meeting of the board held on Tuesday 25th October 2022.
Meanwhile, social economist kelvin Chisanga said the concessional financing for Zambia is support that the country has been looking forward to and will indeed help and expand the nation going forward looking at its current state.