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HomeNewsEconomyWorld Bank releases $100 million for Zambia amid delays in debt restructuring

World Bank releases $100 million for Zambia amid delays in debt restructuring

LUSAKA (Reuters) -The World Bank is releasing $100 million for Zambia amid substantial delays in debt restructuring, it said on Wednesday.

The World Bank approved in October a $275 million grant to Zambia to help the southern African nation recover from the effects of the COVID-19 pandemic, the spillovers from the war in Ukraine and emerge from its debt crisis.

Zambia was the first African country to default during the COVID-19 era as it struggled with mounting external debt.

“Zambia urgently needs debt relief to restore medium-term debt sustainability and attract the new investment needed for growth and jobs,” World Bank President David Malpass said in a statement.

“I remain deeply concerned by the slow pace of the creditors’ committee and the impact of the delays on growth and poverty,” he added.

Zambia has agreed to the principles of debt restructuring with its creditors and is focused on signing an agreement on its terms with them by the end of March 2023, President Hakainde Hichilema said on Tuesday.

Source:reuters

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