In a move to bolster Zambia’s fight against the devastating drought gripping Southern Africa, the World Bank has approved a critical grant of $208 million.
The funds will target the social and economic hardships brought on by the region’s worst drought in recent memory.
This scorching dry spell is attributed to a confluence of factors.
The El Nino phenomenon, characterized by abnormally warm Pacific waters that raise global temperatures, is a contributing force.
Additionally, rising average temperatures driven by greenhouse gas emissions are further exacerbating the crisis.
The drought’s severity has compelled Zambia, along with neighboring Malawi and Zimbabwe, to declare states of disaster.
Food production has been significantly impacted, jeopardizing the livelihoods of millions across the region.
The World Bank’s grant aims to equip Zambia with the resources needed to effectively address the drought’s consequences.
A cornerstone of their plan involves providing emergency cash assistance to affected households. Over the next year, at least 1.6 million households residing in Zambia’s 84 drought-stricken districts will receive this critical financial support, according to a statement released by the Zambian finance ministry.
Beyond emergency cash assistance, the World Bank’s financing will also bolster existing social protection programs within Zambia. This additional layer of support aims to strengthen the nation’s capacity to weather the drought’s impact.
The World Bank’s intervention comes on the heels of the International Monetary Fund (IMF) extending its own helping hand. Last month, the IMF board approved Zambia’s request for an increased financial support package.
The IMF’s contribution has grown from $1.3 billion to $1.7 billion, further solidifying the international community’s commitment to aiding Zambia through this challenging period.
