ZAMBIA TO RECEIVE $200 MILLION GRANT FROM WORLD BANK TO ASSIST IN NAVIGATING ECONOMIC CHALLENGES

Finance Minister Situmbeko Musokotwane has disclosed that Zambia will receive a $200 Million grant from the World Bank to assist the country in navigating economic challenges following the successful completion of the debt restructuring deal.

Speaking at the launch of the Tax Policy Forum by Zambia Institute for Policy Analysis and Research-ZIPAR-supported by USAID in Lusaka today, Dr. Musokotwane said Zambia is receiving tremendous support from the international community to rebalance its economy.

Dr. Musokotwane has also underlined the importance of the tax policy forum to Zambia’s efforts in attracting investment, promoting entrepreneurship, and fostering economic growth.

The Finance Minister further stated that the forum will facilitate regular dialogue between government and private sector players thereby helping in building trust and credibility in the economy.

At the same event, ZIPAR Executive Director Dr. Herrick Mpuku said there is need to establish and promote a strong foundation and focus on domestic resource mobilization to achieve the nation’s path to economic recovery.

Dr. Mpuku acknowledged government’s efforts in implementing various tax compliance systems and digital tools, but pointed out that critical challenges still exist in the tax system that urgently need to be addressed through tax policy reform and a thorough analysis of tax administration.

And USAID Office of Democracy, Rights, and Governance Director Meral Karan underscored the importance of public-private dialogue rooted in information sharing and accountability for promoting a thriving democracy and resilient economy.