Zambia’s external debt has been growing since 2006, according to World Bank data. To address the situation, the country, which is facing numerous economic challenges, has initiated reforms to revive its economy with the support of international partners.
This year, the World Bank will fund several projects, to the tune of US$560 million in Zambia. The information was disclosed in the readout of a meeting between David Malpass (photo), World Bank Group president, and Situmbeko Musokotwane, Zambia’s Finance Minister.
According to the World Bank and the International Monetary Fund, between 2017 and 2019, Zambia’s debt burden indicator worsened significantly. In late 2021, the country’s debt was US$31.74 billion, including interest arrears.
To avoid over-indebtedness and stimulate post-pandemic recovery, Zambian authorities initiated several measures. According to the readout, Zambia is commended for the progress recorded in the implementation of fiscal and structural reforms and the improvement of public service delivery in the health and education sectors.
“President Malpass welcomed China’s announcement this week to join the creditors’ committee for Zambia under the G20 Common Framework. A potential budget support operation from the World Bank could accompany a debt treatment by creditors and an IMF program once it is approved. Urgent action from the international community is critical at this point to support Zambia’s macroeconomic stability and debt sustainability to spur growth and poverty reduction,” the readout informs.
Jean-Marc Gogbeu
Côte d’Ivoire traced 40% of cocoa for 2024/25 season Most cocoa remains untracked due to info...
• World Bank raises 2025 growth forecasts for Benin, Mali, Burkina, Côte d’Ivoire• Senegal and Niger...
• AfDB chief Sidi Ould Tah met BOAD president Serge Ekué in Abidjan on Aug. 30.• Talks focused on jo...
Indorama to invest $210M in Senegal phosphate sector upgrade ICS to expand fertilizer, acid ...
Africa holds 30% of key minerals for green tech. Leaders urge local processing to boost value...
Release by Scatec signed two solar leasing deals: a 23.75 MWp plant in Liberia and a 40 MWp facility in Sierra Leone. The Liberian project will boost...
Ghana’s government plans to exempt import taxes on machines used for agro-food processing to cut costs for processors and boost value addition. Large...
Morocco and Russia signed a memorandum of understanding (MoU) on October 16, 2025, to establish a joint working committee between their foreign...
Congo extends 3G network to 16 rural areas under PATN plan Expansion targets 30,000 people, aims to cut digital divide The Congolese government...
The Great Zimbabwe National Monument stands as one of southern Africa’s most iconic archaeological sites, a silent witness to a thriving African...
African countries prepare to celebrate Intangible Cultural Heritage Day Planned events spotlight traditions, rituals, and cultural...