Zambia’s cabinet approved a 8 billion kwacha ($439 million) economic stimulus package financed through a COVID-19 bond in an effort to alleviate the pandemic’s impact, the presidency said on Tuesday.
Zambia, Africa’s second largest copper producer, has been wrestling with growing public debt even before the coronavirus outbreak forced lockdowns across the globe, crimping international demand for raw materials.
Zambia has reported 1 416 confirmed coronavirus cases and 11 deaths so far.
The proceeds from the bond will go towards needy areas, including payment of retirees, contractors and suppliers, which have been hit by reduced liquidity due to COVID-19, the presidency said.
