(ZNBC)-The World Bank has released 100 million dollars concessional credit to Zambia for support toward the country’s Macroeconomic stability, growth and competitiveness programs.
The credit released today is part of the World Bank’s 2 75-million dollars concessional development policy financing -DPF- for Zambia approved by the Board of Executive Directors on October 25.
World Bank Group President DAVID MALPASS says the approved funding is in support of Zambia’s reforms to restore fiscal and debt sustainability and promote private sector-led growth.
Mr. MALPASS notes that the latest support will bring total disbursements on concessional terms from the World Bank’s International Development Association -IDA- to Zambia to 740-million dollars for this year.
He says Zambia has continued to implement agreed structural policies toward macroeconomic stability even as there are protracted delays from official bilateral creditors to discuss and finalize debt treatment under the G20’s Common Framework.
The World Bank Chief notes that Zambia urgently needs debt relief to restore medium-term debt sustainability and attract the new investment needed for growth and jobs.
The Zambia Macroeconomic Stability, Growth and Competitiveness Program is supporting the government’s policy and institutional reforms aimed at restoring fiscal and long-term debt sustainability, increasing farmer productivity and access to agricultural markets.
Other objectives are ensuring sustainable access to energy, and enhancing access to finance and private sector development.
This is contained in a statement availed to ZNBC News in Lusaka.