WORLD BANK OFFERS ZAMBIA $350M TO FINANCE DEVELOPMENT INITIATIVES

Newly appointed World Bank country director for Zambia Bella Bird has offered the Bank’s assistance in making Zambia a model of successful economic stabilisation and fiscal consolidation

Dr. Bird described her recent engagement with government as fruitful.

The fund had a bilateral meeting with government at the Ministry of Finance Headquarters in Lusaka on October 1, 2019.

Finance Minister Dr. Ng’andu (right) at the Ministry of Finance Headquarters, Lusaka with the newly appointed World Bank County Director Dr. Bird (left) Tuesday 1 October 2019.

The new World Bank County Director Dr. Bella Bird informed the Minister of Finance Dr. Bwalya Ng’andu that concessional financing of $350 million is available for Zambia under the 18th International Development Association (IDA 18) Programme for various development initiative.

Some projects under IDA 18 include transforming Landscapes for Resilience and Development (TRLARD), the Center for Disease Control and Governance Programmes.

 Among the issues discussed was Zambia’s reform thrust pronounced in the Seventh National Development Plan, the Economic Stabilisation and Growth Programme and the National budget.

The meeting also highlighted some of the challenges facing the country and the measures that are to be implemented by the authorities to stabilize the macro-economic environment.

Dr. Bird visited World Bank funded projects to examine their progress and assess their benefits to the communities in which they are being implemented.  

Meanwhile, Finance Minister Dr. Ng’andu said Zambia is keen to enhance development cooperation not only with the World Bank but also all her cooperating partners to ensure in the implementation of the Economic Stabilisation and Growth Programme and budget.

… we are also in the process of bettering the platform for smooth re-engagement with the International Monetary Fund (IMF) on programme related talks.

Dr. Bwalya Ng’andu

He further stated that the elevated implementation of Zambia’s Medium-Term-Debt-Strategy was among the initiatives being pursued to create a platform for smooth engagement with the Fund.

The World Bank portfolio in Zambia is currently estimated at $1.1 billion and is spread to energy (21%), transport (20), agriculture (18%), and climate change (12%) with the balance going to health, education and social protection.

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