World Bank official upbeat about Zambia’s economic prospects

A World Bank official on Friday expressed confidence that Zambia’s economy will go back to high growth rates.

Anne Kabagambe, executive director at the World Bank Group for Africa Group I Constituency, said she is positive that the actions being undertaken by the Zambian government to restore fiscal health and stabilize the economy will bear fruits.

In remarks delivered when she paid a courtesy call on Zambian Finance Minister Bwalya Ng’andu, the World Bank official said authorities should continue to ensure that the positive developments in the economy are communicated to all stakeholders, including the international community.

At the meeting, the two sides discussed prospects of enhanced technical assistance, public debt management, budget support, energy sector reforms and social sector investments, according to a press release.

On his part, the Zambian minister reiterated the government’s commitment to stick to its policy pronouncements on fiscal consolidation and debt sustainability while protecting social sector expenditure.

He assured the World Bank delegation that the strict scrutiny of the country’s fiscal health by international development partners had helped the authorities to choose a path whose target was to register positive macro-economic indicators.

The World Bank delegation will be in Zambia for four days and will meet various government officials to see where development cooperation could be deepened.

Zambia is currently implementing over 25 projects financed by the World Bank through grants and loans valued at 1.1 billion U.S. dollars. Enditem