[By Bright Tembo]
THE African Development Bank (AfDB) has lifted sanctions imposed on Zambia following the payment of loan interest arrears of US$1.4 million.
In a letter to the Director of Public Debt Management at the Ministry of Finance, the AfDB stated that the bank had received payment of the Group’s Bills and had accordingly lifted the sanctions.
“We are pleased to acknowledge receipt of your payment in respect of bank group bills, accordingly sanctions have been lifted,” the letter read.
Last week the AfDB placed Zambia on fiscal sanctions for failing to clear arrears on the Bank Group Bills.
The government attributed the delay to the high dollar exchange rate which required more kwacha to pay the loan.