Zambia rebuts reports of World Bank withholding budget support

0
The World Bank

The Zambian government has refuted reports that the World Bank has halted budget support to the country, a finance ministry spokesperson said on Friday.

Reports on some media platforms said the World Bank has halted budget support to Zambia until 2021 because it has not obtained a Letter of Comfort from the International Monetary Fund (IMF).

But Ministry of Finance Spokesperson Chileshe Kandeta said it was not possible for the World Bank to halt budget support because Zambia does not get such type of support from the bank.

“To start with, Zambia does not get budget support from the World Bank. At this point, we have also not yet applied for budget support from the World Bank, therefore, halting, rejection, or stoppage is not applicable,” he said in a release.

He added that the government was getting project support from the World Bank, which was currently intact and disbursements were flowing.

According to him, as of June 2020, the World Bank had availed Zambia a new window under the International Development Association (IDA) with an allocation of 600 million U.S. dollars for the period from 2021 to 2022.

Send your news stories to newsghana101@gmail.com and via WhatsApp on +233 244244807
Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here