WASHINGTON, April 23 — This afternoon, World Bank Group President David Malpass met with Minister for Finance and National Planning Situmbeko Musokotwane of Zambia.
President Malpass commended Zambia’s progress in implementing fiscal and structural reforms and improving public service delivery in health and education. President Malpass also welcomed Minister Musokotwane’s thoughts regarding the impact of the war in Ukraine on Zambia.
President Malpass and Minister Musokotwane discussed the World Bank Group's (WBG) support through IDA19 and IDA20, with projects under preparation for FY22 for a total amount of U$560 million.
President Malpass underscored to Minister Musokotwane the need for a deep and rapid debt restructuring for Zambia. 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.
