The World Bank is releasing $100 million for Zambia amid substantial delays in its debt restructuring efforts as its creditors drag their feet. Moneyweb
The World Bank is releasing $100 million for Zambia amid substantial delays in its debt restructuring efforts as its creditors drag their feet, it said on Wednesday. The World Bank approved in October 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 urgently needs debt relief to restore medium-term debt sustainability and attract the new investment needed for growth and jobs,” World Bank President David Malpass said in a statement. “I remain deeply concerned by the slow pace of the creditors’ committee and the impact of the delays on growth and poverty,” he added.
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