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World Bank releases 100 mln USD to support Zambia's macroeconomic stability

LUSAKA
2022-12-22 01:49

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LUSAKA, Dec. 21 (Xinhua) -- The World Bank on Wednesday announced the release of 100 million U.S. dollars to support Zambia to stabilize its economy.

The concession credit was the second tranche of the World Bank's 275 million dollar concessional development policy financing for Zambia approved by its Board of Directors on Oct. 25 in support of Zambia's reforms to restore fiscal and debt sustainability and promote private-led growth, it said in a statement.

The latest release will bring total disbursements on concessional terms from the bank's International Development Association (IDA) to Zambia to 740 million dollars this year, the statement said.

The bank's concessional disbursement in 2022 was providing strong support for and in recognition of the remarkable leadership to reduce the fiscal deficit and implement difficult reforms, the statement said, quoting World Bank president David Malpass.
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