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Alba Iulia
Wednesday, August 17, 2022

The World Bank will provide funding amounting to $275 million to Zambia over the next three years

Economy The World Bank will provide funding amounting to $275 million to Zambia...

Finance and National Development Minister Situmbeko Musokotwane has said that the World Bank will provide funding amounting to US$275 million to Zambia over the next three years after the IMF Supported Programme is approved by the IMF Board.

The Bank is providing sizeable positive net flows to Zambia with a commitment to provide approximately $959 million to Zambia’s recovery from the multiple debt and economic crises and help to institute reforms for inclusive growth and poverty reduction.

Of this, U$$294 million has already been committed for scaling up social cash transfers and projects to strengthen the COVID-19 response, including vaccination and emergency health financing to improve service delivery.

The remaining U$$665 million will be presented in three operations to the World Bank Board for approval within June 2022.

The program includes two results-based operations, the first to reinvigorate growth in agriculture and support reform of the agricultural subsidy regime and the second to strengthen decentralized public service delivery while enhancing public financial management.

The third operation will finance additional social protection spending in response to various shocks.

Furthermore, upon agreement of the Country Assistance Strategy during the second half of 2022, financing is also expected from the Africa Development Bank (AfDB) over the next 3 years.

This is according to a statement issued by the Ministry of Finance and National Planning.

23 COMMENTS

  1. The government that was in the forefront condemning borrowing has reduced the country to beggers. Everyday in the news they a begging IMF, China, World Bank AfDB instead of structuring collection of revenue in the mines. Copper is at the record high but this government has opted to give tax holidays and keep running around borrowing to “reduce debt”. Where has the formulas that HH used to show us gone to? I remember the formula on fuel has disappeared.

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  2. What’s wrong with us kanshi? This country produces minerals among them copper, emeralds and cobalt, yet we’re perpetual beggars. I’ve now started agreeing with Dr Mmembe that since Cecil Rhodes BSA company, we’ve been a capitalist country and nothing to show for our God given resources. He goes on to say we should now go a socialist way.

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    • When we go the socialist way, You’ll run away from this country to congo or burundi because of scarce commodities. Next time you support socialism and communism, do a research or rather ask those who were there in the 80’s. A open economy is boom.

      Dull soul…!

  3. This is not begging, there is a difference. All developed countries made their money from the World or leading Banks and institutions, But no one definitely made their money from getting “my friend” donations from China, which come with lifetime consequencies: China hiring its own workmanship from cleaner to engineers and making you sign 100yrs concessions. Well, with the West , everything is clear and you sign what you understand-No loans and debt traps come as fake deadly donations which china lies to gullible African countries about. If those Chinese gifts were legitimate-why did we remain with China as a top single country we owe almost half of our entire debt to? Why?

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  4. And also if the song you guys keep on singing about minerals is true. why didnt you and your PF instead of borrowing putting us into a debt trap – why didnt you use your mines to raise that money-why did you go rampantly borrowing-why?Infact you did also nationalise a couple of mines already – why didnt you use proceeds from your mines to fund GRZ projects ? Why? but since its a different Govnmnt – you want to sound clever te?

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  5. @Jonathan Mutaware, you argument lame. Does it mean that if past governments made mistakes we should continue with mistakes. UPND was voted into power on their campaign promises which was against borrowing and promoted low cost of living. They have turned around in the ugliest government to an extent that the young who voted do not have any hope whatsoever.

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    • And Mmembe was arguing his socialism will use peasant agriculture to develop the country, what a joker he is ! Zambia needs money urgently to kickstart the economy, how can those weekend peasant farmers generate $1.5 billion the country needs urgently to find investments and social spending? Agriculture also has costs , farmers still need capital to invest in their operations. I pity this country!!!

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    • If you really stick your ears to the ground, HH said he would borrow from the IMF once voted into power. Dont lie iwe kapoli.

  6. And Mmembe was arguing his socialism will use peasant agriculture to develop the country, what a joker he is ! Zambia needs money urgently to kickstart the economy, how can those weekend peasant farmers generate $1.5 billion the country needs urgently to find investments and social spending? Agriculture also has costs , farmers still need capital to invest in their operations. I pity this country!!!

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  7. UPPZ President Charles Chanda has offered to pay the Eurobond that’s due this September but Situmbeko doesn’t want to see him. It’d be good for Zambia to owe one of its nationals than going to the vultures. How do you know? I might also follow Charles’ gesture and loan you the money you’re looking at the IMF. Zambia isn’t broke, it’s leaders that are stranded, they lack initiative. They’re textbook experts

    • UNZA was built from local resources, believe it or not even contributing live stoke like chickens made UNZA a reality.

    • The engineer you have a low capacity on the grey matter. You know very well that that UNZA is in that shape because of neglect and vandalism. The institution has served the nation but you choose to insult it.

  8. The World Bank should KEEP their money. It will only end up in the wrong pockets. Won’t it, Stup!d KZ? You know everything about stolen cash ending up in somebody’s pickets! Or wheelbarrows!

  9. It is very said to be proud of hand-outs to an extend that it becomes headline for entire nation. Can you imagine telling your wife or husband that “I’m so happy Mr Banda agreed to lend me K5′. How ridiculous is that for a grown man to borrow K5 while he has earning potential of K1 million. This is how it sounds when we get excited when IMF throws us a bone.

  10. Dear Minister as most of that money is going to budgetary support ie consumption what plan do you have in place to repay the loan never mind the interest on the said three year roll out finances…what are the terms of this loan when do you start repayment and since we are no longer LDC I can only guess this is a non-conessional loan?

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