World Bank withholds funding to Zambia

 

The Zambian 2021 budget is thrown in further turmoil as the World Bank resolves to halt its budgetary support to Zambia until after 2021. Our Ministry of Finance sources have informed us that the halting of the budget support is on account of the World Bank not getting what is termed as a letter of comfort from the IMF.

This halted budgeted support is part of the K30.2 billion foreign financing and grants – ZMW 30.62 billion. Our sources have informed us that the Minister of Finance, Bwalya Ngandu, is contemplating to resign. He has told his close associates that he doesn’t want to be remembered as the one who presided over the collapsed Zambian economy, the Zimbabwean style. He says most things that happen like the dismissal of the Governor of Bank of Zambia. He just heard it through gossip.

The Ministry of Finance source also predicted that the exchange rate will be more than K50 per dollar by election time. Our reserve standing $750 million will be depleted further in October 2020 when the second Eurobond debt servicing amounting to $157 million is due.

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COMMENTS

WORDPRESS: 7
  • comment-avatar
    Disgusted2 2 weeks ago

    Every Zambian should keep a picture of lungu on their phone with the caption ‘The man who destroyed my country’

  • comment-avatar
    Disgusted 2 weeks ago

    Every Zambian should keep a picture of lungu on the phone with a. Action ‘Tgechnologies man who destroyed my ciuntry’

  • comment-avatar
    No3rdTerm 3 weeks ago

     ZAMBIANS WAKE UP!
    Anyone who supports the cursed PF needs to be examined in the head. I said a few weeks ago on this platform, NO ONE WILL GIVE US A PENNY. Let’s hold a people’s referendum to kick PF OUT BEFORE 2021. It’s too far. How will we survive? Bwalya Ngandu is a coward. He didn’t even protect his former boss at BOZ. He is part of the PF mess.
    ZAMBIA WAKE UP.

  • comment-avatar
    jordan chulu 3 weeks ago

    This is Zambia for you. It has been destroyed by PF, it is dead dusted and buried economically.

  • comment-avatar
    Rose Mwila 3 weeks ago

    Lungu, forcus on Economy, ifyo ifya ma Privatazation, fyabupuba. witch huntfye.
    come to your senses, world Bank, bakana.

  • comment-avatar

    Seer 1 save us from these PF thugs

  • comment-avatar
    Ichalo Lifupa... 3 weeks ago

    We told you to leave HH alone. 

    No lender can give any government money to spend on expensive assorted military equipment and accessories.

    No lender can advance money to any country with poor human rights and governance issues.

    No lender can lend monies to be misused on political elections which disadvantages other stakeholders.

    Economically, this is Zimbabwe reloaded!