ZAMBIA is in debt distress and urgently needs deep and comprehensive debt treatment and as a result, the World Bank has released US$100 million concessional credit its support for Macroeconomic Stability, Growth and Competitiveness Programme of the country.The World Bank’s release of the US$100 million concessional credit to Zambia in the second tranche is in response to country’s urgent need of debt relief to restore its medium-term debt sustainability and attract the new investment needed for growth and jobs.World Bank Group President David Malpas has said as Zambia was entering its third year working toward a debt restructuring under the G20’s common framework, the country’s debt burden had continued to rise, with interest arrears, late interest charges and penalty charges accumulating as a result of the prolonged delays.The World Bank has of yesterday released US$100 million concessional credit to Zambia in the second tranche of its support for Macroeconomic Stability, Growth and Competitiveness Programme.Mr Malpas […]
Zambia in debt distress – WB
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