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Saturday, July 11, 2020

World Bank sets aside US$600 million for Zambia to invest in agriculture, energy, rural roads and budget support

Economy World Bank sets aside US$600 million for Zambia to invest in agriculture,...

Minister of Finance Felix Mutati.
Minister of Finance Felix Mutati.
THE World Bank has set aside US$600 million for Zambia to invest in agriculture, energy, rural roads and budget support over the next three years.

Minister of Finance Felix Mutati said the World Bank has committed itself to increasing its support to Zambia under the International Development Association (IDA).

Mr Mutati said this yesterday after meeting Bank executive director for Zambia, Andrew Bvumbe, who is in the country for consultations.

“I am happy that the World Bank executive director has come into Zambia at the time when the economy has begun to stabilise and macro fundamentals are cheerful.

“We have received commitment from the Bank for increased resources and about US$150 million will be in the form of budget support,” he said.

Mr Mutati said from the US$600 million, the agriculture sector will receive US$255 million to support irrigation and agribusiness while US$280 million will be invested in the energy sector.

He said under the IDA programme, the bank will further dedicate an additional US$200 million for improving rural roads to support agriculture.

The minister said Government has agreed with the World Bank to utilise the resources to transform critical sectors to address poverty, job creation and inclusive growth.

Mr Mutati said Zambia is ready to host the IDA meeting in November this year.

And Mr Bvumbe welcomed Government’s focus on prioritising development in agriculture, rural road development and energy which are key to creating jobs and enhancing economic development.

He commended Government for addressing macroeconomic fundamentals as evidenced by low inflation and the local currency which is showing signs of stability.

Mr Bvumbe further applauded Government on the progressive discussions with the International Monetary Fund (IMF) which are expected to be concluded soon.

“We are happy with how the discussions with the IMF are moving. On the policy level we are converging with the Fund and this is important for us to move forward. We are looking forward to the conclusion of these discussions between Zambia and the Fund.

“Broadly speaking, I am delighted to be here, happy with the updates I got from the minister on the economic front and macro fundamentals that are good. We have a good foundation to move forward and make a difference in the lives of ordinary Zambians,” he said.

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  1. I hope they put that money goes where it’s supposed to go…He should also make sure the prisons are improved because after the PF losses a lot of people are going in…..yes….prison.

    • I hope the money goes where it’s supposed to go…He should also make sure the prisons system are improved because after the PF losses a lot of people are going in…..yes….prison

    • Best option is for the World Bank to supervise these projects. No matter whether one is merely an office orderly our people are very corrupt and not committed.

  2. I thought last week you reported that the kwacha doing very well . So why do we still need financial help

  3. I have consistently said on this blog that if Zambia just focuses in these sectors of our economy namely energy, good roads, agriculture and infrastructure development, you will see how attractive and billions of dollars will be realised especially from Luapula and Northern Provinces. These are key drivers of any economy.
    UPND must be in shock by the time 2021 is coming because they will have nothing to lie on and their candidate, GBM, will withdraw from the race.

  4. Please being negative to developmental projects assistance is not being a true Zambia. UPND should also participate by extending sugarcane plantation than thinking of impossible of entering state house.
    GBM also should also concentrate on rebuilding his business. Humble request
    Let PF do an ambient work for Zambians no boundaries

  5. Explains why fundermentals in economics are flavouring the kwacha. There is too much inflows of the dollar hence dampening it’s own strength against the local currency. Inflation will not improve though not a good indicator becauee it changes based on public perception. If the government paints a good picture of the future outlook and people believe, then it will be positive regards less of the cumulative debt that can possibly start showing its thorns once the inflows begin dwindling down especially that we are reliant on consumption.

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