World Bank commits to back Zambia's 2027 budget and joins talks on El Niño plans

The World Bank has committed to supporting Zambia's 2027 fiscal programme through a Development Policy Operation, according to a statement from the Office of the Secretary to the Treasury issued on Thursday 22 October. The commitment was given by Ndiame Diop, the bank's Vice President for Eastern and Southern Africa. The statement did not give an amount. A Development Policy Operation is money paid into a government's budget in return for agreed reforms, rather than money tied to one building project, and it usually comes on softer terms than commercial borrowing. Mr Diop also said the bank was willing to help with three specific programmes: the rehabilitation of the northern railway circuit, the Agri-Connect Project and a proposed Skills Enhancement Project. The pledge follows the 2026 IMF and World Bank Group Annual Meetings, held from 12 to 18 October. A Zambian delegation led by Finance and National Planning Minister Dr Situmbeko Musokotwane attended and met the IMF's African Department Director, Zeine Zeidane. Zambia has reached a staff-level agreement with the IMF on a proposed three-year Extended Credit Facility of about US$1.5 billion, which still needs approval from IMF management and its Executive Board. Mr Musokotwane said, "Our priority for the next five years is growth, growth, growth," and added that "we have to change our mindset." The government has set targets for 2031 of 10 million tonnes of maize a year, 10,000 megawatts of electricity capacity, five million tourist arrivals and three million tonnes of copper. In farming it is also aiming for one million tonnes of sugar and three million tonnes of soybeans. The statement says meeting the farming targets will need investment in roads, irrigation and electricity. Separately, on 22 October, Environment Minister Dr Gilbert Siame and Permanent Secretary Dr Douty Chibamba met a World Bank delegation led by Abigail Baca, Team Leader for Eastern and Southern Africa Disaster Risk Management, in Lusaka