Peoples Gazette
The World Bank on Wednesday said it would release $100 million for Zambia amid substantial delays in its debt restructuring efforts as its creditors dragged their feet.
In October, the World Bank approved 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 became the first African country to default in the COVID-19 era in 2020, but the restructuring of its external debts of almost 15 billion dollars with creditors including China and Eurobond holders has been greatly delayed.
World Bank President David Malpass said in a statement that “Zambia urgently needs debt relief to restore medium-term debt sustainability and attract the new investment needed for growth and jobs.
Connect with us on our socials: