HH Calls on World Bank for economic support amid climate challenges

President Hakainde Hichilema has appealed to the World Bank Group to take urgent action to prevent Zambia, and countries in a similar situation, from facing economic shutdown. The call came during a meeting at State House with World Bank officials, including Regional Vice President for Southern and Eastern Africa Victoria Kwakwa.

In his address, President Hichilema emphasized the critical need for the World Bank to expedite its decision on the Catastrophe Deferred Drawdown Option (Cat DDO). This financial instrument provides immediate liquidity to member countries of the International Bank for Reconstruction and Development (IBRD) following natural disasters.

The President argued that climate change has introduced unforeseen complications that were not factored into our debt restructuring and sustainability program.

“Our growth projection was that, this year we would go to 4.7 percent but with climate change, we are talking about two percent plus. The drought has injected two national risks, energy and food,” he said.

The meeting at State House underscores the government's proactive approach in seeking international support to address its economic challenges.

As climate change continues to pose unprecedented threats to developing economies, the response from global financial institutions like the World Bank could set a precedent for future crisis management strategies.

Kwakwa acknowledged the economic challenges Zambia faces as a result of climate change. She told the President, “We will continue to work with you to push this agenda and also put in place things that will stimulate growth in a way that you are able to achieve your objectives of reducing poverty and uplifting all Zambians.”