World Bank agrees to extend budget support to Zambia

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World Bank building at Washington
World Bank building at Washington

The World Bank has agreed to extend its budget support to Zambia once the country gets on a program path with the International Monetary Fund (IMF), its finance ministry said on Monday.

The government agreed with the bank on the extension of budget support during a virtual meeting between Finance Minister Bwalya Ng’andu and the World Bank’s Vice-President for the African Region, Hafez Ghanem, according to a release.

The two discussed Zambia’s macro-economic environment, fiscal health, liability management, public debt sustainability and future cooperation including budget support.

The Zambian minister appealed to the World Bank for advisory support to the country’s preparation for the virtual consultative and information exchange mission with the IMF so that the country could get the best possible outcome.

He cited the debt sustainability issues as the backbone of what had dictated previous engagements with the IMF and underscored the government’s self-motivated fiscal restraint and austerity measures as a good basis for the discussions during the upcoming meeting from June 22 to July 1, 2020.

On his part, the World Bank official said that a progressive outcome of Zambia’s consultative and information exchange engagement with the IMF will be the launchpad for the bank’s budget support. Enditem

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