PF gets loan on behalf of Zimbabwe

Chief Government Spokesman Chishimba Kambwili has defended the PF government over criticisms regarding the mounting debt stock for Zambia.
He said this following cabinet’s approval for the contraction of two loans worth 114 million US dollars from the World Bank and from the African Development Bank for the rehabilitation of the Kariba Dam wall.
Mr said that the rehabilitations of the Kariba Dam wall will be undertaken by the Governments of Zambia and Zimbabwe and facilitated by Zambezi River Authority.
He continued, ‘The Kariba Dam is jointly owned by Zambia and Zimbabwe and we did a joint application for a joint loan, the World Bank refused because Zimbabwe has no capacity to pay, so the Zambian Government has taken up the responsibility to get the whole loan on behalf of Zimbabwe and we will lend that money to the Zambezi River Authority because the Zambezi Water Authority has the capacity to pay. This is a sovereign loan which has been guaranteed by the Republic of Zambia, so there is an assessment done before any loan is contracted.

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