Country data and document
DEBT RELIEF INITIATIVES AND IMMUNIZATION FINANCING
Since 2000 Zambia is benefiting from debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The sum of forgone debt service will amount to approximately US$3.9 billion over time. Moreover, debt stock cancellations granted by the International Development Association, the International Monetary Fund and the African Development Fund under the Multilateral Debt Relief Initiative (MDRI) in 2006 are supposed to result in additional savings of US$ 2.78 billion.
During the interim period (2000-2005) the Zambian government maintained a system which facilitated the tracking and monitoring of HIPC resources in order to ensure that these funds were allocated to priority poverty-reducing programs. Since 2005, a comprehensive reporting system on poverty related expenditures (including expenditures financed by all sources, not just debt relief) is supposed to provide enough transparency and accountability on the use of public funds.