Zambia gets $64m debt relief

African Business, Nov, 2001

Zambia has saved $64m in debt repayment since it qualified for the World Bank's debt relief programme last year. This will be funnelled into funding social services rather than debt servicing. The relief bonanza is a result of the country's adherence to economic restructuring imposed by the Bank nearly 10 years ago and is a 'reward' for Zambia sticking to the adjustment programme, according to Abraham Mweenda, the Central Bank deputy chief.

The country is in line for more relief next year when debt rescheduling from bilateral and multilateral donors will amount to hundreds of millions of dollars. Zambia's foreign debt burden currently stands at about $6bn.