LUSAKA, March 15 (Xinhua) -- The World Bank has approved the disbursement of 45 million U.S. dollars to support Zambia's macroeconomic reform program, according to a statement released on Sunday.
The funding, approved under the Second Zambia Climate and Economic Resilience Programmatic Development Policy Financing, is aimed at supporting efforts to strengthen the country's economic resilience.
The approved operation will support Zambia's reform agenda through three interlinked policy pillars, each anchored in specific reforms already undertaken by the government.
The first pillar focuses on strengthening fiscal management and economic resilience. The second supports measures aimed at promoting private-sector investment and strengthening resilience in key enabling sectors.
The third pillar is aimed at enhancing disaster risk management and climate resilience, reflecting Zambia's vulnerability to climate-related shocks affecting agriculture, water resources, and electricity supply.
Minister of Finance and National Planning Situmbeko Musokotwane said the budget support from the World Bank reflects growing international confidence in Zambia's reform agenda and the government's commitment to strengthening economic governance.
"The approval of this development policy operation demonstrates continued confidence by our cooperating partners in Zambia's economic reform program," he said.
Musokotwane said the reforms supported under the program are designed to reinforce macroeconomic stability while positioning Zambia for sustained growth and improved livelihoods for its people.
He added that the government remains committed to maintaining fiscal discipline, strengthening resilience to climate-related shocks, and creating conditions for the private sector to expand investment and generate jobs. ■