The World Bank has reaffirmed its commitment to continue its support towards various projects being undertaken in the country.

World Bank Group Country Director- Paul Noumba disclosed this during a bilateral engagement with Minister of National Development Planning, Alexander Chiteme.

Mr Noumba has stressed that the Bank was committed to help Zambia address issues of poverty eradication, economic development, and aid effectiveness.

He also states that as a way to strengthen aid effectiveness, the bank had resolved to support the creation of Project Implementation Units whose staff shall be recruited on performance-based contracts.

The Country Director further adds that the Bank had approved a two (2) year extension to the Irrigation Development Support Program whose objective is to increase agricultural production through irrigation.

The project has four 4 components through which about 5,300 hectares of land is targeted to be developed with institutional capacity for irrigation enhanced.

Mr Noumba further expressed concern about projects with poor implementation status and urged Government to strengthen its efforts in project monitoring.

And Minister of National Development Planning, Alexander Chiteme expressed gratitude towards the support that the World Bank has always rendered to the country.

The Minister re-affirmed Government’s commitment to stronger Project implementation mechanism which will be attained through creation of a Public Investment Board which will approve all Public Investment projects before their implementation.

Mr Chiteme says the board will also scrutinize the cost implications between the envisaged outcomes and financial input and make recommendations on the most feasible financing modalities and design of projects in order to guarantee value for money whilst attaining higher impacts on beneficiaries.

He has expressed confidence that the setting up of Project Implementation Units and introduction of performance-based contracts will go a long way in improving delivery of project outcomes.

The annual Meetings of the Boards of Governors of the International Monetary Fund IMF and the World Bank Group-WBG bring together Ministers of Finance, Ministers of Development Planning, Central Bankers, private sector executives, and other stakeholders representatives to discuss issues of global concern, including the world economic outlook, poverty eradication, and economic development.

The bilateral meeting took place at the annual meeting of the World Bank and International Monitory Fund in Bali, Indonesia.

This is contained in a statement made available to Money FM News by the MNDP public relations unit.