Zambia 11.07.24

·         The IMF have approved Zambia’s next tranche of their loan agreement. The pay-out of $570mn was immediately disbursed. https://www.reuters.com/world/africa/imf-approves-570-mln-zambia-payout-increases-loan-17-bln-2024-06-26/

·         Zambia has approved the construction of a 300MW coal-fired power plant as the country has faces its worst drought in four decades, reducing hydroelectric production. The country is 85% dependent on hydroelectricity and therefore they have struggled with power shortages. https://energynews.pro/en/zambia-new-coal-fired-power-plant-to-tackle-historic-drought/

·         The world bank has also approved an additional grant for the country following the drought.  The international development association grant will amount to $200mn and will help over 1.6mn vulnerable Zambians. https://smartwatermagazine.com/news/world-bank/world-bank-grant-aid-vulnerable-zambians-affected-drought