The World Bank has agreed to extend budget support to Zambia once the country gets on a programme with the International Monetary Fund (IMF).
The Bank made the agreement with the government during a virtual meeting which was held between Finance Minister Bwalya Ng’andu and World Bank Vice President for the African Region, Dr Hafez Ghanem last week.
The Minister and the World Bank Vice President also discussed Zambia’s macro-economic environment, fiscal health, liability management and public debt sustainability.
Dr Ng’andu further took the opportunity to inform Dr Ghanem that Zambia has now finalized the procurement process for financial and legal services to assist in the liability management exercise of the country’s external debt.
And Dr. Ghanem told Dr Ng’andu that a progressive outcome of the country’s consultative and information exchange engagement with the IMF will be a launch-pad for the Bank’s budget support.
The Minister was supported in the Virtual meeting by Deputy Secretary to the Cabinet -Finance and Economic Development- Christopher Mvunga and Permanent Secretary -Economic Management and Finance Mukuli Chikuba.
Others included World Bank Country Manager for Zambia Dr. Sa Pundeh.
And Government has not signed any loan of 800 million U.S dollars with any Chinese lender for a railway construction project as implied by some sections of the media.
Finance Minister Bwalya Ng’andu made the clarification during virtual talks with World Bank Vice President for the African Region, Dr Hafez Ghanem who sought clarification on the matter.
He emphasised that the memorandum of understanding signed by a representative of the transport line Ministry does NOT constitute any loan agreement.
And Dr. Ghanem took note of the clarification.
The Minister and the World Bank Vice President also discussed the listing of Zambia as one of the eligible countries for relief under the Debt Service Suspension Initiative; a programme designed to provide fiscal space to help countries respond to COVID-19 health challenges and economic shocks.
Dr Ng’andu acknowledged receipt of an advisory note on the matter and on the G-20 debt relief initiative.
And Dr. Ghanem encouraged Zambia to continue pursuing relief under the initiative.
The Minister also pledged commitment to address debt service payments that fell due before the 1st of May 2020.
Dr Ghanem was also briefed by Dr Ng’andu on Zambia’s Covid-19 response where he was accorded a perspective of the pledges and commitments from Cooperating and Development Partners to the country’s Covid-19 response.
The Minister confirmed to Dr Ghanem that the Government was using its own budget resources to support the country’s health systems as pledged donor disbursements by some development and cooperating partners were also rolling-in.
He appealed for firm support from development and cooperating partners to help the country’s health systems to remain strong, sustainable, and resilient enough to deal with other non Covid-19 related health sector challenges.
This is according to a statement sent to ZNBC News by Ministry of Finance Spokesperson Chileshe Kandeta.
Great minister who has the plight of Zambians at heart. Thank you sir
Let this PF government show us where the Euro bond went.
We have seen how many houses have been built in Lusaka by these criminals.
They have even allocated themselves plots in reserved forests.
Bally will fix them all, just wait and see.
Lungu will go back to drinking tujili in compounds – we still have those pictures.
Just wait for HH.
If I was HH, I would keep Bwalya Ngandu.
Nostradamus, keep on dreaming bally kachema will never make it to plot 1, tayali’s prayer is on the way
Lies and lies, bedtime, breakfast, lunch and bed time lies lies. PF is a minions grouping of liars.
What an embarrassment when caught pants down Lol
How can you say that the Ministry of Transport signed a MOU with China to build a railway line but that’s not a Loan? Are you talking to a Child?
Dont give lungu any money……critical funds are diverted from service delivery to pay PF thugs to harrass the opposition, shut private media , other PF thugs control markets and bus stations depriving councils of money for council works……
then they want to beg to plug these holes
The World Bank has committed nothing but instead, referred us back to that illusive IMF program.
I other words the world bank said F.cuk Off. Until you open the book to the IMF see you again….
By the way the same countries who head up the World bank are the same you will meet at the IMF
GOOD LUCK you not seeing any money soon
The minister of Finance is not an economist and I wonder what it is he understands about Zambia’s fiscal health, liability management and public debt sustainability. Further, the Deputy Secretary to the Cabinet -Finance and Economic Development- Christopher Mvunga is a useless alcoholic and on a fora like this he must have been largely at sea, silent lisner in true GIGO style. The only person with an understanding would be Permanent Secretary -Economic Management and Finance Mukuli Chikuba, but then he was the junior most and ba Chikuba benze chabe ati ziiiii. The exposure to ridicule is terrible, twasebana banee.
Just change the name from zambia to chambia.Then next let
Chinese take over and we remain
As spectators. Lastly let’s inter marry and create future zamchin.
We have A God In Heaven. he will watch over our nation.
Jeremiah 50:31
“Behold, I am against you, O arrogant one,”
Declares the Lord God of hosts,
“For your day has come,
The time when I will punish you.
LET THIS GOVERNMENT REMEMBER ON THING “A DOG DOES NOT BARK TWICE FOR NOTHING” WATCH AND LISTEN
Galatians 6:7 Do not be deceived: God is not to be mocked …
MOST BLOGGERS ON THIS SITE WISH ZAMBIA TO FAIL
YOU ARE PATHETIC
Where are all the P.F R@ts who used to boast “we are a sovereign state & no colonialists /I.M.F can tell us what to do”?
They were advised NOT to borrow for consumption, 48 mysterious mansions, paying Gass3rs & Muppets to write useless stale songs like Dununa Reverse.
Even Chief P.F propaganda L.T blogger B.R Mumba who used to boast of “running the nation with P.F” eventually saw the light & abandoned them many moons ago!!
Elo Lw4nya! P.F.KUNY@BEBELE!
Where are all the P.F R@t’z who used to bo@st “we are a 2overeign state & no c0lonialists /I.M.F can tell us what to do”?
They were advised NOT to b0rrow for c0nsumption, 48 mysterious mans!ons, paying Gass3rs & Muppets to write useless stale songs like Dunun@ Rever2e.
Even Chief P.F pr0paganda L.T blogger B.r.Mu.mb@ who used to boast of “ruining, oops running the nation with P.F” eventually saw the light & abandoned them many moons ago!!
EL0 Lw4ny@! P.F.KUNY@BEB3LE!
We are in trouble with these good for nothing politicians
The issue is will IMF get us into a Programme and if so on what terms and conditions? Can we meet IMF’s conditionality? In the past IMF has refused to lend Zambia $1.3 Billion on the basis that our Debt Stock is unsustainable. Will this change? If so how soon?
So in short there is no extension of budget support since no IMF deal will EVER be reached with these danderheads
The Minister must also seek relief from PF’s inflated tenders, it’ll go a long way in the mitigation of financial stress on the Treasury
NOW PAY RETIREES AT PSPF.