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Zambia: EU doubles budget support by ¤30 million

  1. Posted on Tuesday 26 January 2010 - 09:32
    Sanday
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    In the wake of the global economic and financial crisis, the European Union last August introduced a new mechanism designed to cushion the fiscal effects of the economic and financial crisis on developing countries such as Zambia.

    The Vulnerability FLEX mechanism was established, with an amount of ¤500 million set aside from the 10th European Development Fund (EDF) to support the most affected African, Caribbean Pacific countries in 2009 and 2010.

    With the crisis negatively impacting on domestic revenues and on the fiscal deficit, Zambia was considered eligible for Vulnerability FLEX support last year.

    The Zambian Government applied to the European Commission for an additional ¤30 million(ZMK 200 billion) and the application was received in late October 2009 and agreed upon in late November the same year, after the conclusion of the Poverty Reduction Budget Support dialogue with Zambian authorities.

    The increased commitment to Zambia was been ratified on 10 December, 2009 when Zambia’s Finance Minister, Situmbeko Musokotwane and EU Head of the EU Delegation in Zambia, Derek Fee signed the Addendum to the Country Strategy Paper of December 2007.

    The additional funds will be disbursed in the form of General Budget Support, which is directly transferred to the Zambian government’s budget.

    The transferring resources directly to the budget allows the Government to determine how best to use the funds in line with its National Development Plan.
    According to the European Union, in turn, this is based on a commitment to create an effective development partnership based on mutual commitment, accountability, trust and frank and open dialogue.Zambia: EU doubles budget support by ¤30 million

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