May 20, 2017 / 8:51 AM / in 7 months

World Bank approves $600 million in loans for Zambia over 3 years

LUSAKA (Reuters) - The World Bank will lend Zambia $600 million under its International Development Assistance (IDA) programme over the next three years, the southern African nation’s presidency said on Friday.

World Bank headquarters building signs decorate during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas

Presidential spokesman Amos Chanda told journalists after World Bank vice-president for Africa Makhtar Diop paid a courtesy call on President Edgar Lungu that $150 million would come in direct support for the budget.

“The World Bank is very confident with the steps that Zambia is taking to stabilise the economy,” Chanda said.

Zambia is likely to receive $1.6 billion from the International Monetary Fund (IMF) later this year, the presidency said on April 21, with a review meeting set for June to finalise the agreement.

Reporting by Chris Mfula; editing by Ed Stoddard/Mark Heinrich

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