Zambia and World Bank officials confer on economic recovery

World Bank
World Bank

A delegation from Zambia has held a meeting with World Bank officials on the country’s economic reform agenda and proposed debt restructuring, said a statement released by the country’s finance ministry Wednesday.

The delegation, led by Finance and National Planning Minister Situmbeko Musokotwane, held talks Monday with the World Bank Group Managing Director of Operations Axel Van Trotsenburg and his delegation on the sidelines of Spring Meetings of the bank and the International Monetary Fund (IMF) in Washington, D.C., the United States of America.

During the talks, the minister called on the World Bank and other development partners to act swiftly in supporting the country’s reform agenda and debt restructuring, while expressing concern about the delays in the formation of the Official Creditor Committee under the G20 common framework for debt restructuring, according to the statement.

On his part, the World Bank official said the bank and its Bretton Woods partner, the IMF, had completed a joint debt sustainability analysis which has indicated the need for Zambia to access debt relief and strengthen the country’s return to sustainable debt levels.

The World Bank official said the World Bank was committed to providing International Development Assistance (IDA) to Zambia and appealed for swift action and international solidarity for the southern African nation’s debt relief and economic reform agenda.

According to the release, the Zambia delegation was expected to hold a series of side meetings including a meeting with IMF Managing Director Kristalina Georgieva.

The 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) runs from April 18 to 24. Enditem

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