Browsing: Zambia

The Zambia Development Agency (ZDA) has recorded 73.53 percent increase in investment ventures this year compared to prior year.

During a press briefing held in Lusaka on Monday, the agency’s acting managing Director, Albert Halwampa attributed the increase to the favourable macroeconomic environment which government has improved following the decrease of inflation as well as the appreciation and stability of the Kwacha.

He said 95 investment ventures were registered with an investment of US$1.1 billion while 92 investments were recorded in 2021 with an investment of US$ 631 million.

  • Zambia Development Agency recorded an increase in investment ventures attributed to the favourable macroeconomic environment which government has improved following the decrease of inflation as well as the appreciation and stability of the Kwacha.
  • 95 investment ventures were registered with an investment of US$1.1 billion while 92 investments were recorded in 2021 with an investment of US$ 631 million.

He further …

Sovereign debt distress risk in African countries has doubled since the advent of the COVID pandemic.

According to the Africa Report, only 3 of the countries in Africa with the highest likelihood of sovereign debt distress and default elected to have their debt restructured. Interestingly despite there being an increased risk of sovereign debt distress and increased risk of default, the issuance of Eurobonds has not abated. It has continued.

Eurobonds are long term debt securities issued in United States dollars by a country, company or entity that is not based on domiciled in the United...

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Jayesh Shah is a man who should be accustomed to making headlines.

He is a multimillionaire Zimbabwean businessman who has more than his fair share of admirers and scorners. Every prominent Zimbabwean person, be it in government or business, who has ever needed a bridging loan or some kind of financing and was unable to get funding from the banks and other financial companies knows who Jayesh Shah is. The wealthy Indian businessman prefers to fly under the radar.

For a long time, one would be hard-pressed to find a picture of this elusive business tycoon on the internet. He runs a company called Al Shams Global which news reports suggest that has interests in the distribution of hardware.

Shah made headlines earlier this month when the news wires broke the story that the central bank of Zambia had been ordered by the High Court of Zambia to settle a …

The omens are good, with Zambia enjoying an abundance of goodwill from the international community and President Hakainde Hichilema acknowledged as a pragmatic economic custodian.

Zambia’s mining industry is booming with the production of multiple mineral raw materials, including copper. Contributing heavily to the country’s economy, mining in Zambia provides export income, royalty payments and employment.

This deep-rooted institutional understanding of the copper industry, coupled with its world-class resource base and exceptional peace and security record in a volatile region, explains why Zambia has historically attracted miners from across the globe.

  • The Zambian government will make further cuts to copper mining royalties, Finance Minister Situmbeko Musokotwane said.
  • Zambia uses a sliding scale mining royalty system based on the copper price. Under the planned changes, charges will apply on the incremental value in each adjusted price band, as opposed to the aggregate value, Dr Musokotwane told parliament.
  • Musokotwane’s other key budget

President Hichilema’s plan for kickstarting the economic recovery in Zambia included taming inflation, job creation for the youth, restoring the confidence of international investors and addressing external debt.

  • Hakainde Hichilema has guided Zambia towards economic recovery and stability since taking office in August last year.
  • COVID-19 pandemic, climate change, high debt portfolio and other headwinds decimated Zambia’s economy in 2021 to less than 3% of GDP.
  • The proven stability approach sets an example for other African nations looking to bounce back from a raft of economic and inflationary pressures.

The dawn of hope for Zambia

Hakainde Hichilema is one of the most successful businesspersons in Zambia. During the presidential election in 2021, Hichilema contested on a United Party of National Development, in which he is the party leader.

The six-time presidential candidate was, in August 2021, declared the winner of the presidential poll. His victory ended incumbent President Edgar Lungu’s

The Zambia Information Communication Technology Authority (ZICTA) claims that it has switched off or de-activated about 2.1 million mobile SIM cards after a cleanup exercise following a spike in mobile money scams in which the country has been experiencing and said these were illegally registered.

While SIM card fraud is nothing new, it dramatically worsened in the wake of the COVID-19 pandemic. People are conducting activities from their phones at an unprecedented rate and scammers are taking full advantage of this increased usage. With more access to online transactions at our fingertips, comes more access to users’ personal information, and subsequently, the margin of vulnerability widens.

ZICTA consumer protection and compliance manager Edgar Mlauzi said the ICT authority is “working tirelessly” to combat digital fraud.

He said the deactivated SIM cards belong to subscribers who had more than ten SIM cards under one name, which the regulator believes are used …

  • The power export deal has a three-to-five-year tenure, and negotiations were premised on Zimbabwe making pre-payments for the 100 megawatts of US$6.3 million per month
  • Zambia’s current national electricity generation capacity stands at 3,456.8 megawatts against a peak national demand of about 2,300 megawatts
  • Zambia recently declared a surplus of 1,156.8 megawatts following the commissioning of four out of five generators at its 750-megawatt Kafue Lower Gorge Power Station

Zambia will start exporting electricity to struggling Zimbabwe in August following a power export agreement signed recently.

Minister of Energy Peter Kapala said on Tuesday that state power utility Zesco Limited will start exporting 100 megawatts of electricity to Zimbabwe next month.

“This was the same deal I referred to last week as the one where power from Kafue Gorge Lower (power plant) would be exported to Zimbabwe and Namibia through deals signed in the last few months,” he said in …

  • Zambia is cancelling projects worth more than two billion dollars that were financed by commercial loans
  • In keeping with 2016 Constitution Act No. 2, the Loans and Guarantees (Authorisation) Act is being repealed as part of the government’s attempts to enhance public debt management.
  • At the end of the year 2021, its total external debt amounted to US$17.37 billion, of which China was responsible for US$5.78 billion.

According to the Ministry of Finance, Zambia is cancelling projects worth more than two billion dollars that were financed by commercial loans in order to limit the danger of amassing more non-concessional debt.

As stated in the statement, the decision to cancel the projects was made as part of a more extensive process to restructure the country’s debt. The report also stated that the government expected its bilateral creditors to provide adequate financing assurances in order for an International Monetary Fund (IMF) programme

  • Zambian Kwacha is now 1: 1.04 South African Rand while USD1 is now 16.30 Zambian Kwacha
  • Since the election of Hakainde Hichilema as president in August 2021, the Zambian Kwacha continues to perform well on the back of favourable political sentiment
  • Zambia is Africa’s largest copper producer, which is one of the reasons it has one of the strongest currencies on the continent

The Zambian Kwacha has been rated to be stronger than the South African rand and other currencies in the southern African region. The Zambian Kwacha has continued to demonstrate its overall stability for a couple of months now.

A recent check shows that the Zambian Kwacha is now 1: 1.04 South African Rand while USD1 is now 16.30 Zambian Kwacha.

Since the election of Hakainde Hichilema as president in August 2021, the Zambian Kwacha continues to perform well on the back of favourable political sentiment, says Bank …

  • Zambia is attempting to negotiate a deal to restructure its unsustainable debt load and gain access to funds from the IMF
  • According to figures provided by the government, at the end of 2021, it had an external debt of $17.27 billion. 18 Chinese financial institutions, both official and private, controlled around $6.6 billion of that total
  • The first sovereign default of the epidemic period occurred in Zambia in the year 2020

On Thursday last week, officials from Zambia had their first meeting with an official committee comprised of the country’s international creditors.

This comes as Lusaka is attempting to negotiate a deal to restructure Zambia’s debt load and gain access to funds from the IMF.

China is a member of the official creditor committee, which is comprised of members of the Paris Club, an informal club of creditor nations that meets each month in Paris, France, to seek solutions when …