WORLD BANK APPROVES $45 MILLION BUDGET SUPPORT FOR ZAMBIA’S ECONOMIC REFORMS
By Leah Ngoma
The World Bank has approved $45 million in budget support for Zambia under the Second Zambia Climate and Economic Resilience Programmatic Development Policy Financing.
The funding, provided through the International Development Association of the World Bank, is aimed at supporting Zambia’s macroeconomic reforms and strengthening the country’s economic resilience.
The support will focus on strengthening fiscal management and transparency in mineral revenue, including disclosure of copper price assumptions and non-mining fiscal balances in budget documents, as well as introducing a credit risk assessment framework to better manage loans and sovereign guarantees.
The programme will also promote private sector investment through the operationalisation of the Public-Private Partnership Project Development Support Fund, new PPP guidelines, and the introduction of the Green Economy and Climate Change Carbon Market Regulations of 2026 to expand green investment opportunities, among others.
Commenting on the development, Finance and National Planning Minister Situmbeko Musokotwane says the approval of the support reflects growing international confidence in Zambia’s reform agenda, adding that government remains committed to maintaining fiscal discipline, strengthening resilience to climate-related shocks, and creating conditions that allow the private sector to expand investment and generate jobs.
This is according to a statement issued by the office of the Secretary to the Treasury.
PHOENIX NEWS