Zambia showcased the gains of billions of dollars in debt relief on Friday, splashing out on improving agriculture and social services as part of plans to reach UN goals of halving poverty by 2015, the World Bank press review writes Monday.
Finance Minister Ngandu Magande said in his budget speech to parliament that Zambia – one of the major beneficiaries of debt relief under agreements with international lenders – hoped to have its external debt reduced to about 502 million US dollar by July from towering 7,1 billion dollar at the end of 2004.
Zambia has also benefitted from rising Copper prices.
Kilde: www.worldbank.org
