World Bank approves funds for Zambia

World Bank has approved a 270 million dollars loan to Zambia to help it recover from the effects of the coronavirus pandemic, the economic impact of the war in Ukraine and to manage its debt crisis.

In late 2020 Zambia became the first African country since the onset of the pandemic to default on its debt.

In August, the International Monetary Fund approved a 1.3 billion dollars loan to help Zambia – a major copper producer – restructure its debts.

The president of the World Bank has urged other creditors to help reduce Zambia’s debt.