EU resumes budgetary support to Zambia after 10-year hiatus

Lusaka, Oct 2 (IANS) The European Union (EU) announced Tuesday the resumption of budgetary support to Zambia, marking the first such disbursement in a decade.

The initial tranche of 20 million euros (about 22 million US dollars) has been released, part of a broader 60 million euros package scheduled for transfer to Zambia's National Treasury between 2024 and 2026.

During a joint press conference with Zambia's Minister of Finance and National Planning Situmbeko Musokotwane, EU Ambassador to Zambia Karolina Stasiak expressed optimism about Zambia's renewed commitment to governance reforms since the new cabinet's appointment after the 2021 general elections.

"The past few years have been particularly challenging for Zambia, with a series of crisis, including the Covid-19 pandemic, a debt default, a cholera epidemic, and a drought which has led to a severe economic crisis. The government has not been spared and in spite of these considerable challenges, it has remained steadfast in its efforts to strengthen governance, restore macroeconomic stability, and promote higher, more resilient, and inclusive growth," she said.

Stasiak also emphasized the EU's support aims to provide financial relief and alleviate the economic strain on Zambia's vulnerable populations, Xinhua news agency reported.

On his part, Musokotwane reaffirmed Zambia's commitment to building a stronger and more prosperous future, with improved access to education, healthcare, and sound public financial management.

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