{"Items":[{"Id":22780,"Title":"Zambia clarifies IMF debt remarks amid public misinterpretation","Author":null,"Summary":"The Ministry of Foreign Affairs in Zambia has clarified recent comments made by Foreign Affairs Minister Mulambo Haimbe, confirming that the country does not have any arrears with the International Monetary Fund (IMF).","Body":"

\"\"The Ministry of Foreign Affairs in Zambia has clarified recent comments made by Foreign Affairs Minister Mulambo Haimbe, confirming that the country does not have any arrears with the International Monetary Fund (IMF).

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His remarks at the Antalya Diplomacy Forum triggered public discussion after they were broadly understood to suggest that Zambia had no outstanding obligations to the IMF.

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In a statement issued by Principal Public Relations Officer Eva Hatontola, the government clarified that the minister’s remarks referred only to arrears, meaning overdue payments, and not to Zambia’s overall debt to the IMF.

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The ministry further explained that Zambia has consistently met all its repayment obligations, with no missed payments or defaults under its IMF arrangements, according to a Lusaka Times report.

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It added that the country has maintained this record throughout its debt restructuring process and successfully concluded its Extended Credit Facility (ECF) programme in January 2026.

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Despite these gains, Zambia still owes around US$1.8 billion to the IMF. The government stressed that this debt is being fully serviced in line with the agreed repayment terms and conditions.

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Moreover, Hatontola also noted that the minister’s comments were made in the broader context of Zambia’s debt restructuring process, its past default situation, and the IMF-supported reform programme that has helped stabilise the economy.

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She further clarified that although Zambia has no arrears with the IMF or other multilateral lenders, it still carries ongoing financial obligations linked to earlier financing agreements.

\r\n\r\n

Furthermore, the government reaffirmed its commitment to prudent economic management, debt sustainability, and continued reforms designed to support economic growth, attract investment, and drive national development.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-04-21T00:00:00","CreatedDate":"2026-04-27T10:47:20.617","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":74291,"Name":"Zambia-clarifies-IMF-debt-remarks-amid-public-misinterpretation","Header":null,"MetaTitle":"Zambia clarifies IMF debt misunderstanding","MetaKeywords":"Zambia IMF clarification, Zambia debt vs arrears, IMF Zambia repayments, Zambia debt restructuring, African sovereign debt, fiscal discipline Zambia, IMF Extended Credit Facility, Zambia economy outlook, debt sustainability Africa, Zambia financial policy","MetaDescription":"Zambia confirms it has no IMF arrears, clarifying earlier remarks while continuing to service $1.8bn in debt obligations.","IsDeleted":false,"CreatedDate":"2026-04-27T10:47:20.617","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_ac16f385-b40d-42ec-99dc-20c369d13654.jpeg"}]},{"Id":22734,"Title":"Zambia’s private sector growth surges to six-month high","Author":null,"Summary":"Zambia’s private sector saw its strongest improvement in business conditions in six months in March, according to the latest Purchasing Managers’ Index data released by Stanbic Bank and S&P Global.","Body":"

\"\"Zambia’s private sector saw its strongest improvement in business conditions in six months in March, according to the latest Purchasing Managers’ Index data released by Stanbic Bank and S&P Global.

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The PMI climbed to 51.4 from 49.3 in February, moving back above the 50.0 threshold that signals expansion and marking the fastest growth since September 2025.

\r\n\r\n

The rebound was driven by renewed increases in output and new orders. Firms reported only their second rise in activity in six months, attributing the uptick to fresh gains in new business.

\r\n\r\n

New orders grew at their quickest pace since September 2025, supported by effective advertising and stronger client demand.

\r\n\r\n

Despite the overall improvement, output declined in the manufacturing and wholesale and retail sectors, Investing.com reports.

\r\n\r\n

Furthermore, employment dropped at the fastest rate since September 2024, even as business confidence rose to its highest level since May 2025, with firms expressing optimism about stronger future demand from customers.

\r\n\r\n

On the pricing side, overall input costs were broadly stable, as lower purchase prices offset rising wage expenses. Wage costs increased at the quickest pace in six months due to incentive and cost-of-living payments, while favourable exchange rate movements contributed to another monthly decline in purchase prices.

\r\n\r\n

Output prices fell at their fastest rate since May 2020, as companies aimed to stay competitive and pass cost savings on to customers.

\r\n\r\n

In addition, rising new orders triggered an increase in backlogs, prompting firms to boost input purchases at the quickest pace in four months and build up inventories in anticipation of stronger customer demand.

\r\n\r\n

Supplier performance worsened for the first time since December 2024, affected by road transport delays and disruptions to international supply chains caused by the war in the Middle East.

\r\n\r\n

The data were gathered over the period from 12th – 25th March.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-04-07T00:00:00","CreatedDate":"2026-04-07T15:16:11.403","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":74244,"Name":"Zambias-private-sector-growth-surges-to-six-month-high","Header":null,"MetaTitle":"Zambia private sector growth hits six-month high","MetaKeywords":"Zambia PMI, Zambia economy March 2026, Zambia private sector growth, Stanbic Bank PMI, S&P Global Zambia, Zambia business conditions, Africa economic growth, Zambia demand increase, Zambia employment trends, emerging markets PMI","MetaDescription":"Zambia’s private sector returned to growth in March, with rising orders and output boosting business conditions to a six-month high.","IsDeleted":false,"CreatedDate":"2026-04-07T15:16:11.403","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_97918f01-e68d-4184-9738-2ea32d07b4c0.jpeg"}]},{"Id":22675,"Title":"World Bank pledges $45m to boost Zambia’s economic reforms","Author":null,"Summary":"The World Bank announced on Sunday that it has approved a $45 million disbursement to back Zambia’s macroeconomic reform initiatives.","Body":"

\"\"The World Bank announced on Sunday that it has approved a $45 million disbursement to back Zambia’s macroeconomic reform initiatives.

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This funding, provided through the Second Zambia Climate and Economic Resilience Programmatic Development Policy Financing, is intended to help bolster the nation’s economic resilience.

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The approved initiative will advance Zambia’s reform agenda through three interconnected policy pillars, each based on reforms the government has already implemented, Xinhua news agency reports.

\r\n\r\n

The first pillar targets improvements in fiscal management and overall economic resilience.

\r\n\r\n

The second pillar seeks to boost private-sector investment and reinforce resilience in critical enabling sectors.

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The third pillar focuses on strengthening disaster risk management and climate resilience, addressing Zambia’s susceptibility to climate-related shocks that impact agriculture, water resources, and electricity supply.

\r\n\r\n

Finance and National Planning Minister Situmbeko Musokotwane stated that the World Bank’s budget support demonstrates increasing international confidence in Zambia’s reform efforts and the government’s dedication to improving economic governance.

\r\n\r\n

“The approval of this development policy operation demonstrates continued confidence by our cooperating partners in Zambia’s economic reform program,” he said.

\r\n\r\n

In addition, Musokotwane noted that the reforms backed by the program aim to strengthen macroeconomic stability while setting Zambia on a path for sustained growth and better living standards for its citizens.

\r\n\r\n

He went on to add that the government is committed to upholding fiscal discipline, enhancing resilience to climate-related shocks, and fostering an environment that encourages private-sector investment and job creation.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-03-16T00:00:00","CreatedDate":"2026-03-23T10:43:31.277","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":74176,"Name":"World-Bank-pledges-usd45m-to-boost-Zambias-economic-reforms","Header":null,"MetaTitle":"World Bank backs Zambia with $45m funding","MetaKeywords":"Zambia economic reforms, World Bank Zambia, Zambia funding, Africa development finance, Zambia climate resilience, Zambia fiscal policy, emerging markets Africa, Zambia investment outlook, World Bank support Africa, Zambia economy","MetaDescription":"The World Bank has approved $45m to support Zambia’s economic reforms, boosting fiscal stability, investment, and climate resilience.","IsDeleted":false,"CreatedDate":"2026-03-23T10:43:31.277","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_00af5b83-aff1-4005-b9f3-3d8a968abcc4.jpeg"}]},{"Id":22615,"Title":"Hichilema unveils Brand Zambia Initiative, calls on citizens to champion the nation","Author":null,"Summary":"President Hakainde Hichilema has officially launched the Brand Zambia Initiative, a national programme aimed at strengthening the country’s identity, promoting economic growth, and attracting investment while fostering unity and patriotism among citizens.","Body":"

\"\"President Hakainde Hichilema has officially launched the Brand Zambia Initiative, a national programme aimed at strengthening the country’s identity, promoting economic growth, and attracting investment while fostering unity and patriotism among citizens.

\r\n\r\n

The initiative is designed to position Zambia more prominently on the global stage by highlighting its rich heritage, natural resources, and development potential.

\r\n\r\n

He emphasised that building and strengthening Zambia’s national brand is a shared responsibility. Tourism operators, manufacturers, government institutions, the private sector and individual citizens must work in coordination to align their efforts and strategies in support of the Brand Zambia Initiative.

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During the event, the President also unveiled the campaign’s official logo, which reflects Zambia’s rich heritage and unique identity, Lusaka Times reports.

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He further urged the Brand Zambia Initiative Technical Committee to collaborate closely with BuyZed Campaign Founder Evans Ngoma to strengthen efforts to promote and market Zambia globally.

\r\n\r\n

Hichilema said that Zambia is richly endowed with natural resources, which can be strategically leveraged to advance the country’s goals and vision, and to successfully realise the objectives of the branding initiative.

\r\n\r\n

The President has called on all Zambians to take an active role in shaping the nation’s future, stressing the importance of positioning Zambia as a leading tourist destination by effectively harnessing its natural resources.

\r\n\r\n

He also highlighted the need to uphold core national values, including peace, unity, hard work and patriotism.

\r\n\r\n

Yet, the Head of State expressed concern over negative portrayals of Zambia by some individuals, urging citizens to use all available platforms to promote positive stories and highlight the country’s achievements and potential.

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Earlier, United Nations Development Programme (UNDP) Resident Representative James Wakiaga said the initiative will contribute to reshaping Zambia’s image both at home and abroad.

\r\n\r\n

Dr. Wakiaga noted that the programme is expected to foster national unity and reaffirmed the UNDP’s commitment to providing financial support to the government in advancing the initiative.

\r\n\r\n

Meanwhile, Brand Zambia Initiative Ambassador Sophie Masipa outlined the process and criteria used in developing the slogan “Zambia Moves You,” which will guide the identification of strategies aligned with the country’s unique offerings.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-03-04T00:00:00","CreatedDate":"2026-03-05T16:49:35.963","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":74116,"Name":"Hichilema-unveils-Brand-Zambia-Initiative-calls-on-citizens-to-champion-the-nation","Header":null,"MetaTitle":"Zambia Launches ‘Brand Zambia’ Investment Drive","MetaKeywords":"Brand Zambia Initiative, Zambia investment promotion, Hakainde Hichilema, Zambia tourism strategy, Zambia economic development, African investment destinations, Zambia national branding, Zambia economy, Zambia tourism promotion, Zambia global image","MetaDescription":"President Hichilema launches the Brand Zambia Initiative to boost investment, tourism and national identity while promoting Zambia globally.","IsDeleted":false,"CreatedDate":"2026-03-05T16:49:35.963","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_819b3e62-1642-41fd-8765-222b6de51c8b.jpeg"}]},{"Id":22559,"Title":"Over-appreciated Kwacha could harm economy, says Zambia’s Ministry of Finance","Author":null,"Summary":"Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, has warned that although the recent appreciation of the Kwacha is encouraging, an excessive rise in the local currency could create economic instability.","Body":"

\"\"Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, has warned that although the recent appreciation of the Kwacha is encouraging, an excessive rise in the local currency could create economic instability.

\r\n\r\n

As of Tuesday, the Kwacha was trading between K18.23 and K18.58 against the US Dollar, signalling sustained strong performance.

\r\n\r\n

Speaking at the joint FNB Zambia and American Chamber of Commerce in Zambia Economic Review Breakfast in Lusaka, Dr. Musokotwane cautioned against unrealistic expectations that the Kwacha could strengthen to the point of matching the US Dollar.

\r\n\r\n

He noted that a one-to-one exchange rate between the Kwacha and the greenback would misalign incomes and purchasing power, creating distortions that are inconsistent with Zambia’s underlying economic fundamentals, Lusaka Times reports.

\r\n\r\n

“Imagine for a moment that we got to one Kwacha equal to one Dollar, with your salary of, say, K20,000 per month, in one go, your salary is worth US$20,000 per month. That would be a very strange country because there are not many countries in this world where you have a salary of 20,000 Dollars per month,” he said.

\r\n\r\n

Furthermore, Dr. Musokotwane added that such a sharp appreciation would likely fuel an unusually high demand for foreign currency, as consumers would quickly move to purchase costly imported goods, leading to a swift drawdown of US Dollar reserves.

\r\n\r\n

“Knowing us in Zambia, everyone now wants to import a Mercedes Benz. So what happens next? Of course, we go to the banks to say, I want US$100,000, US$20,000 to buy a Mercedes Benz, and very quickly, the Dollars run out,” he continued.

\r\n\r\n

In addition, he also observed that exporters would be adversely affected if they were compelled to exchange their foreign earnings at an artificially elevated rate, reducing their competitiveness in international markets.

\r\n\r\n

The minister underscored the need to strike a careful balance between the interests of importers and exporters while maintaining overall economic stability. He further praised the Bank of Zambia for its effective management of the foreign exchange market under a liberalised system.

\r\n\r\n

Musokotwane also stressed that Zambia’s sustainable long-term economic growth will hinge on increasing exports, rather than depending predominantly on domestic consumption.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-02-18T00:00:00","CreatedDate":"2026-02-20T09:30:34.243","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":74056,"Name":"Over-appreciated-Kwacha-could-harm-economy-says-Zambias-Ministry-of-Finance","Header":null,"MetaTitle":"Strong Kwacha could harm economy, warns Zambia minister","MetaKeywords":"Zambian Kwacha, Zambia economy, currency markets, exchange rates, US Dollar, African currencies, forex markets, Zambia finance minister, currency appreciation, export competitiveness, central banks, emerging markets","MetaDescription":"Zambia’s finance minister warns that excessive Kwacha strength could distort the economy, weaken exporters, and drain Dollar reserves despite recent currency gains.","IsDeleted":false,"CreatedDate":"2026-02-20T09:30:34.243","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_85d01215-5391-46e2-96ab-427d0ad2c64c.jpeg"}]},{"Id":22172,"Title":"Zambia to finalise IMF deal post-August elections, finance minister confirms","Author":null,"Summary":"Zambia will wait until after its general elections in August to finalise talks with the International Monetary Fund on a new economic program, Finance Minister Situmbeko Musokotwane has said.","Body":"

\"\"Zambia will wait until after its general elections in August to finalise talks with the International Monetary Fund on a new economic program, Finance Minister Situmbeko Musokotwane has said.

\r\n\r\n

Musokotwane told reporters in Cape Town on Tuesday that discussions for a new deal with the Washington-based lender will start “almost immediately” following the conclusion of the previous program in January, but the election year will postpone the agreement’s completion, Bloomberg reports.

\r\n\r\n

“The conclusion of the negotiations will have to be after the elections. The IMF would like to negotiate with a government that has time to implement what has been negotiated,” Musokotwane said.

\r\n\r\n

Zambian President Hakainde Hichilema is running for a second term in the upcoming elections. When he assumed office in 2021, he inherited a government that had defaulted on its debt and promptly secured an IMF program to support an extensive public debt restructuring.

\r\n\r\n

With the economy now on a steadier footing, the next IMF program is expected to prioritise economic growth and job creation. Indeed, last month, Musokotwane underscored that creating jobs for Zambia’s youth will be a central focus.

\r\n\r\n

Whereas a new agreement would help manage government spending and revenue, strengthening investor confidence in the southern African country, according to Mutisunge Zulu, chief risk officer at Zambia National Commercial Bank Plc, the nation’s largest bank by market value.

\r\n\r\n

Furthermore, Zambia, Africa’s second-largest copper producer, is aiming for its smallest budget deficit since 2011, benefiting from copper prices that surged over 40% last year.

\r\n\r\n

Mining contributes around a quarter of the country’s total revenue, with copper alone accounting for more than 70% of export earnings.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-02-10T00:00:00","CreatedDate":"2026-02-16T10:44:50.347","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73574,"Name":"Zambia-to-finalise-IMF-deal-post-August-elections-finance-minister-confirms","Header":null,"MetaTitle":"Zambia to Finalise IMF Deal After Elections","MetaKeywords":"Zambia IMF, Zambia economy, IMF program, African economy, copper exports Zambia, Hakainde Hichilema, emerging markets, Zambia finance minister, economic reform Zambia","MetaDescription":"Zambia will complete IMF negotiations after August elections, aiming to boost growth, create jobs, and strengthen investor confidence amid strong copper revenues.","IsDeleted":false,"CreatedDate":"2026-02-16T10:44:50.347","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_fcdef4b1-e4a1-4a04-8e48-0785e2b64485.jpeg"}]},{"Id":22145,"Title":"Zambia’s private sector gains momentum in January as output picks up","Author":null,"Summary":"Zambia’s private sector showed modest improvement in January, with the Stanbic Bank Zambia PMI edging up to 50.2 from 50.1 in December, signalling slight growth in business conditions.","Body":"

\"\"Zambia’s private sector showed modest improvement in January, with the Stanbic Bank Zambia PMI edging up to 50.2 from 50.1 in December, signalling slight growth in business conditions.

\r\n\r\n

The data indicated a rebound in output and new orders after months of stagnation. The survey attributed this to stronger customer demand, supported by an appreciation of the Kwacha against the US Dollar, which boosted money circulation, whilst more reliable power supplies also bolstered business activity.

\r\n\r\n

Growth in output and new orders was mainly driven by the agriculture and services sectors. New orders rose at a moderate pace, with respondents noting that improved purchasing power from the favourable exchange rate was supporting higher demand.

\r\n\r\n

Furthermore, on the pricing side, Zambian firms saw a drop in purchase prices as the stronger Kwacha made imported goods and transport cheaper. Although the decline was slight, it was the fastest reduction since September 2022, Investing.com reports.

\r\n\r\n

However, overall input costs still rose, driven by higher wage expenses from staff incentive payments. This increase in total costs was felt across all sectors.

\r\n\r\n

To stay competitive amid cheaper imports, companies lowered their selling prices. The decline was modest but marked the fastest drop since September 2021.

\r\n\r\n

In addition, employment fell for the first time in nine months, at the steepest rate since November 2024. Reduced staffing strained capacity, leading to the fastest rise in work backlogs since June last year.

\r\n\r\n

Input purchasing continued to expand moderately in January, although inventory buildup slowed, even as vendor performance saw its largest improvement since October 2025.

\r\n\r\n

Moreover, business confidence for the year ahead strengthened to its highest level in three months, driven by expectations of continued growth in new orders and a stable exchange rate.

\r\n\r\n

Musenge Komeki, Head of Sales at Stanbic Bank, highlighted that although the private sector showed modest improvement, companies reduced their selling prices even as rising wage-related input costs increased overall expenses.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-02-04T00:00:00","CreatedDate":"2026-02-06T13:14:28.687","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73547,"Name":"Zambias-private-sector-gains-momentum-in-January-as-output-picks-up","Header":null,"MetaTitle":"Zambia private sector gains momentum in January","MetaKeywords":"Zambia PMI, Zambia private sector, Zambian economy, Africa PMI, Kwacha exchange rate, business confidence Zambia, January PMI","MetaDescription":"Zambia’s private sector edged into expansion in January as output and new orders picked up, supported by a stronger Kwacha, improved power supply and firmer demand.","IsDeleted":false,"CreatedDate":"2026-02-06T13:14:28.687","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_162eaf02-5677-4c0d-8690-228b7cbc1a4f.jpeg"}]},{"Id":22121,"Title":"Zambia inflation slips into single digits for first time in nearly three years","Author":null,"Summary":"Zambia’s year-on-year inflation continued to ease in January, falling below 10% for the first time in almost three years and bolstering expectations of additional reductions in interest rates.","Body":"

\"\"Zambia’s year-on-year inflation continued to ease in January, falling below 10% for the first time in almost three years and bolstering expectations of additional reductions in interest rates.

\r\n\r\n

Consumer prices in the copper-producing southern African country increased by 9.4%, down from 11.2% in the previous month, acting Statistician-General Sheila Mudenda said at a briefing in Lusaka on Wednesday.

\r\n\r\n

The Kwacha has strengthened 16% against the US Dollar since December, supported by central bank limits on domestic foreign-currency transactions and rising copper prices, helping to curb inflationary pressures.

\r\n\r\n

Copper, which generates over 70% of Zambia’s export earnings and up to a quarter of state revenue, has surged to record levels amid supply disruptions at major mines and a shortage of ore.

\r\n\r\n

The Kwacha could strengthen further once negotiations for a new International Monetary Fund program are finalised, Bloomberg reports.

\r\n\r\n

The lender’s executive board authorised a payout of roughly $190 million to Zambia on Tuesday, bringing its current financing program to a close and opening the door to discussions on new assistance.

\r\n\r\n

The slowdown in inflation could encourage the Bank of Zambia to continue lowering rates at its 11th February meeting, after it reduced the benchmark rate by 25 basis points to 14.25% in November, the first cut since August 2020.

\r\n\r\n

Inflation has still remained above the central bank’s target ceiling of 6%-8% since May 2019.

\r\n\r\n

Yearly food inflation slowed to 10.9% in January from 12.9% the previous month, while non-food inflation eased to 7.3% from 8.7% in December. Overall consumer prices increased by 0.5% during the month.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-01-28T00:00:00","CreatedDate":"2026-02-03T11:52:49.65","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73523,"Name":"Zambia-inflation-slips-into-single-digits-for-first-time-in-nearly-three-years","Header":null,"MetaTitle":"Zambia inflation falls to single digits","MetaKeywords":"zambia inflation, zambia economy, kwacha, bank of zambia rates, african inflation, emerging markets, copper prices, imf programme, interest rate cuts","MetaDescription":"Zambia’s inflation drops below 10% for the first time in nearly three years, strengthening expectations of further interest rate cuts amid a stronger Kwacha.","IsDeleted":false,"CreatedDate":"2026-02-03T11:52:49.65","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_c1f98f1d-8b6a-4554-ad38-214af28d5bcb.jpeg"}]},{"Id":22072,"Title":"Zambia leads African markets with second-best global stock performance","Author":null,"Summary":"Zambia’s stock market ranks among the world’s best-performing markets this year, driven by record copper prices and optimism about stronger economic growth.","Body":"

\"\"Zambia’s stock market ranks among the world’s best-performing markets this year, driven by record copper prices and optimism about stronger economic growth.

\r\n\r\n

The Lusaka Securities Exchange’s benchmark index has surged nearly 17% in Dollar terms in 2026, placing it second only to Bulgaria among the 92 exchanges tracked by Bloomberg.

\r\n\r\n

Aside from Zambia, only Colombia, South Korea, and Turkey have posted double-digit gains this year, while Nigeria leads other African markets with an 8% increase.

\r\n\r\n

Assets in Zambia are being boosted by several positive developments. Copper, the country’s primary export, has climbed to consecutive record highs above $13,000 per ton.

\r\n\r\n

Domestically, energy supply has improved, and agricultural output has rebounded following the severe 2024 drought.

\r\n\r\n

These factors are expected to drive economic growth to 6.4% in 2026, up from an estimated 5.8% in 2025, according to the International Monetary Fund.

\r\n\r\n

“The bourse is increasingly serving as a barometer of Zambia’s economic trajectory signalling resilience,” said Mutisunge Zulu, chief risk officer at the Zambia National Commercial Bank Plc. “The index now tells a coherent story of mining–energy interdependence, balance-sheet strengthening, and improving investor confidence.”

\r\n\r\n

Gains on the Lusaka index were led by Standard Chartered’s Zambia unit, Zambia Sugar Plc, and Pamodzi Hotels Plc.

\r\n\r\n

Meanwhile, the Kwacha has surged nearly 12% against the US Dollar this year, making it the top-performing currency globally among those monitored by Bloomberg.

\r\n\r\n

Zambia’s stock market rally is also prompting a wider reassessment of African assets, as rising metals prices attract investors looking to diversify beyond the continent’s larger markets.

\r\n\r\n

Hasnain Malik, head of emerging-markets equity and geopolitics strategy at Tellimer, said that years of foreign investor caution over Africa’s currency volatility, sovereign risks, and capital controls are beginning to ease.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-01-15T00:00:00","CreatedDate":"2026-01-15T11:34:36.463","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73470,"Name":"Zambia-leads-African-markets-with-second-best-global-stock-performance","Header":null,"MetaTitle":"Zambia Ranks Among World’s Best Stock Markets","MetaKeywords":"Zambia stock market, Lusaka Securities Exchange, African markets, copper prices, emerging markets, Zambia economy, African equities, Kwacha performance, IMF growth outlook","MetaDescription":"Zambia’s stock market is among the world’s top performers in 2026, driven by record copper prices, a stronger currency and improving growth prospects.","IsDeleted":false,"CreatedDate":"2026-01-15T11:34:36.463","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_754ddd85-4506-4532-981d-abd7503b893a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_754ddd85-4506-4532-981d-abd7503b893a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_754ddd85-4506-4532-981d-abd7503b893a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_754ddd85-4506-4532-981d-abd7503b893a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_754ddd85-4506-4532-981d-abd7503b893a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_754ddd85-4506-4532-981d-abd7503b893a.jpeg"}]},{"Id":22049,"Title":"Zambia abandons plan to extend IMF loan programme","Author":null,"Summary":"Zambia has decided against its plan to prolong its International Monetary Fund loan programme ahead of its scheduled end later this month, the IMF said on Wednesday.","Body":"

\"\"Zambia has decided against its plan to prolong its International Monetary Fund loan programme ahead of its scheduled end later this month, the IMF said on Wednesday.

\r\n\r\n

“While the authorities initially requested a one-year extension of the Extended Credit Facility (ECF) arrangement, they have since informed the IMF team that they will not pursue this option,” according to an IMF spokesperson. “Consequently, the IMF is not engaged in discussions to extend the ECF beyond its scheduled expiration at the end of this month,” they went on to say.

\r\n\r\n

The programme, agreed in 2022, was designed to help Zambia restore debt sustainability following its 2020 default.

\r\n\r\n

The sixth and final review under the arrangement is due to be considered by the IMF’s executive board at the end of January, Reuters news agency reports.

\r\n\r\n

Zambia had been seeking to obtain around $145 million in extra financing through an extension of the programme.

\r\n\r\n

No explanation was provided for the move, which comes as President Hakainde Hichilema’s government gears up for elections in August while contending with double-digit inflation.

\r\n\r\n

The government has projected a stronger fiscal outlook for 2026, forecasting that the budget deficit will be cut by more than half and economic growth will exceed 6%, after years of drawn-out debt restructuring talks and a severe drought.

\r\n\r\n

The country has been gaining from record-high copper prices as it concludes a debt restructuring process that has dragged on for years. This has supported the Kwacha, which has carried its rally into 2026, rising again on Wednesday and posting the strongest performance among global currencies tracked by Bloomberg.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2026-01-09T00:00:00","CreatedDate":"2026-01-13T11:45:09.767","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73446,"Name":"Zambia-abandons-plan-to-extend-IMF-loan-programme","Header":null,"MetaTitle":"Zambia drops IMF loan extension ahead of programme end","MetaKeywords":"Zambia, IMF, Extended Credit Facility, Zambia debt, IMF loan, Zambia economy, African markets, sovereign debt, fiscal policy, copper prices","MetaDescription":"Zambia has decided not to extend its IMF loan programme, opting to let the agreement expire later this month as elections approach.","IsDeleted":false,"CreatedDate":"2026-01-13T11:45:09.767","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_6f2eaacd-5188-40f3-bf31-6f633d683918.jpeg"}]},{"Id":22014,"Title":"Zambia unveils pension reforms to boost security and inclusion","Author":null,"Summary":"Zambia’s Minister of Labour and Social Security, Brenda Tambatamba, has announced pension reforms designed to enhance the efficiency, effectiveness, and long-term sustainability of the country’s retirement system.","Body":"

\"\"Zambia’s Minister of Labour and Social Security, Brenda Tambatamba, has announced pension reforms designed to enhance the efficiency, effectiveness, and long-term sustainability of the country’s retirement system.

\r\n\r\n

Addressing the National Symposium on Pension Reforms on Tuesday, Ms Tambatamba stated that the government is collaborating with public social security schemes to implement changes that will meet both the current and future needs of workers.

\r\n\r\n

“These pressing issues impact the lives of citizens, which is why the government is working towards it,” she said.

\r\n\r\n

According to media reports, Ms Tambatamba said the reforms will focus on ensuring timely benefit payments, harmonising pension schemes, and enhancing governance and transparency.

\r\n\r\n

She also stated that the reforms aim to expand coverage to previously excluded workers and revise the legal framework to create a more inclusive, citizen-focused pension system, Lusaka Times reports.

\r\n\r\n

Meanwhile, Zambia’s Trade Unions Secretary-General, Joy Beene, said that the unions are taking a firm position on the ongoing pension reforms, underscoring that the changes should not merely reduce pressure on the national treasury.

\r\n\r\n

He added that the reforms must focus on restoring dignity, financial security, and hope for both current and future pensioners.

\r\n\r\n

Beene also stressed that any pension reform must adhere to the principle of non-regression, guaranteeing that no worker is excluded as a result of the changes.

\r\n\r\n

In addition, Zambia Federation of Employers President, Myra Ngoma, called on the government to ensure that the reforms clearly define its role in social security.

\r\n\r\n

In June this year, the government advanced pension reforms through nationwide stakeholder consultations, including a national symposium, aimed at building consensus on changes to three public pension schemes.

\r\n\r\n

The consultations led to the drafting of three reform bills; the National Pension Scheme Bill 2025, the Public Service Pensions Fund Bill 2025, and the Local Authorities Superannuation Fund Bill 2025, intended to enhance governance, sustainability, and service delivery within Zambia’s pension system.

\r\n\r\n

Formal nationwide stakeholder consultations on Zambia’s pension reforms commenced following extensive engagements in June 2025, during which the Ministry of Labour and Social Security and other social security institutions conducted sessions across all 10 provinces to collect input for the draft pension reform bills.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-12-17T00:00:00","CreatedDate":"2025-12-18T11:53:04.247","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73410,"Name":"Zambia-unveils-pension-reforms-to-boost-security-and-inclusion","Header":null,"MetaTitle":"Zambia Unveils Pension Reforms to Boost Inclusion","MetaKeywords":"Zambia pension reforms, social security Zambia, retirement system, pension inclusion, labour policy, emerging markets, governance reforms","MetaDescription":"Zambia announces pension reforms aimed at improving security, governance and inclusion, expanding coverage and strengthening long-term sustainability.","IsDeleted":false,"CreatedDate":"2025-12-18T11:53:04.247","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_126c6ae9-d30d-477a-b078-be1d18965074.jpeg"}]},{"Id":21941,"Title":"Zambia’s Dollar bonds soar as S&P lifts default tag","Author":null,"Summary":"Zambia’s Dollar-denominated bonds climbed after S&P Global Ratings removed its default rating for the Southern African nation, five years after it became the first sovereign to default during the pandemic.","Body":"

\"\"Zambia’s Dollar-denominated bonds climbed after S&P Global Ratings removed its default rating for the Southern African nation, five years after it became the first sovereign to default during the pandemic.

\r\n\r\n

Bonds maturing in 2033 rose 0.3 cents to 95.91 cents on the Dollar on Monday, based on CBBT composite pricing, marking a 15% gain since hitting a record low in April.

\r\n\r\n

On Friday, S&P assigned Zambia a long-term foreign currency sovereign rating of CCC+ with a stable outlook, seven notches below investment grade.

\r\n\r\n

While this is encouraging for investors, the country is still considered highly vulnerable to default, say analysts. The real milestone will be when Zambia achieves a B- rating, as that would attract a whole new group of investors, they added.

\r\n\r\n

Zambia now joins other African nations, such as South Africa and Nigeria, that have received recent upgrades thanks to a stronger macroeconomic environment and structural reforms beginning to show results.

\r\n\r\n

In a statement on Sunday, the Zambian government called the upgrade a significant milestone in the country’s economic recovery and a clear sign of international confidence in its reform agenda.

\r\n\r\n

“The decision by S&P Global Ratings is a strong vote of confidence in Zambia’s economic reforms, governance credibility and the resilience of our people,” said finance minister Situmbeko Musokotwane. “It confirms that Zambia has moved out of default status and is steadily restoring its place as a credible, stable and investable economy.”

\r\n\r\n

Other Zambian financial assets have also surged, with the nation’s benchmark stock index rising 98% in Dollar terms this year. The Kwacha has gained 20% against the Dollar, making it Africa’s third-best-performing currency, according to Bloomberg data.

\r\n\r\n

Furthermore, while acknowledging Zambia’s progress in debt restructuring, S&P highlighted ongoing uncertainties around the process’s completion and economic risks linked to next year’s elections.

\r\n\r\n

Some of the outstanding debt includes a roughly $50 million loan from the African Export–Import Bank, which, according to the government, has indicated it may seek arbitration to avoid granting debt relief.

\r\n","IsApproved":false,"IsDeleted":false,"PublishedDate":"2025-11-25T00:00:00","CreatedDate":"2025-11-25T14:07:41.533","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73335,"Name":"Zambias-Dollar-bonds-soar-as-SandP-lifts-default-tag","Header":null,"MetaTitle":"Zambia bonds jump as S&P removes default rating","MetaKeywords":"Zambia bonds surge, S&P rating Zambia, default removed, CCC+ rating, Zambia economic recovery, Kwacha strength, African sovereign debt, investor confidence Zambia, Bloomberg data, reform momentum","MetaDescription":"Zambia’s Dollar bonds surged after S&P lifted its default tag, assigning a CCC+ rating as reforms boost confidence, the Kwacha strengthens, and investor interest increases.","IsDeleted":false,"CreatedDate":"2025-11-25T14:07:41.533","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_9d191bcf-9afc-4257-90c6-53e0c23d7081.jpeg"}]},{"Id":21916,"Title":"Zambia slashes key interest rate after five years amid falling inflation","Author":null,"Summary":"Zambia’s central bank reduced its key lending rate for the first time in five years on Wednesday, signalling a response to ongoing declines in inflation and expectations of a potential economic slowdown.","Body":"

\"\"Zambia’s central bank reduced its key lending rate for the first time in five years on Wednesday, signalling a response to ongoing declines in inflation and expectations of a potential economic slowdown.

\r\n\r\n

The Bank of Zambia announced a 25-basis point reduction in its Monetary Policy Rate, bringing it down to 14.25%.

\r\n\r\n

This move marks a shift from the bank’s recent stance, as it had kept the policy rate steady during meetings in May and August of this year. The previous rate cut occurred back in August 2020.

\r\n\r\n

By lowering the rate now, the central bank appears to be aiming to stimulate economic activity while maintaining vigilance over price stability amid changing economic conditions.

\r\n\r\n

Inflation in Zambia has remained above the Bank of Zambia’s target range of 6%–8% since 2019, as the Southern African copper-producing nation grappled with a prolonged debt crisis, Reuters news agency reports.

\r\n\r\n

However, recent data indicate a steady improvement in price stability, with inflation declining for six consecutive months and reaching 11.9% in October.

\r\n\r\n

“Projections indicate a faster deceleration towards the lower bound of the ... target band over the forecast horizon,” the central bank said during a presentation.

\r\n\r\n

“The risks to the inflation outlook are still assessed to be supportive of lower inflation,” it went on to add, pointing to optimistic weather forecasts for the current agricultural season, stronger external economic conditions, and increased revenues from copper exports.

\r\n\r\n

After years of unsustainable borrowing, Zambia defaulted on its external debt in November 2020 but managed to reach a restructuring agreement with its main creditors last year.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-11-12T00:00:00","CreatedDate":"2025-11-18T10:41:07.127","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73308,"Name":"Zambia-slashes-key-interest-rate-after-five-years-amid-falling-inflation","Header":null,"MetaTitle":"Zambia Cuts Interest Rate as Inflation Eases","MetaKeywords":"Zambia, interest rate cut, Bank of Zambia, inflation decline, monetary policy, Reuters, economic outlook, copper exports, debt restructuring, African markets","MetaDescription":"Zambia cuts its key rate for the first time in five years as inflation steadily declines. The central bank signals optimism with improving price stability and stronger economic conditions.","IsDeleted":false,"CreatedDate":"2025-11-18T10:41:07.127","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_89f76c84-0d5d-4a7f-bda2-5b8be687927a.jpeg"}]},{"Id":21892,"Title":"Zambia’s economy bounces back with 4.5% GDP growth – IMF","Author":null,"Summary":"Zambia’s economy has shown resilience despite last year’s drought, buoyed by record maize yields and strong mining output, according to a statement from the International Monetary Fund (IMF).","Body":"

\"\"Zambia’s economy has shown resilience despite last year’s drought, buoyed by record maize yields and strong mining output, according to a statement from the International Monetary Fund (IMF).

\r\n\r\n

Economic activity continues to grow, and inflationary pressures have eased in 2025, with GDP expanding 4.5% in the first half of the year.

\r\n\r\n

The IMF said that program implementation is making progress, although challenges persist, and authorities are pushing forward with legislative reforms aligned with program commitments, Market Forces Africa reports.

\r\n\r\n

During meetings with Zambian authorities, the IMF team, led by Mercedes Vera Martin, reviewed recent economic developments and discussed policy priorities under the country’s program supported by the Extended Credit Facility (ECF) arrangement.

\r\n\r\n

“The IMF team held constructive and productive discussions with the Zambian authorities on recent economic developments and policy measures needed to advance reforms under the ECF-supported program,” Martin said.

\r\n\r\n

“The Zambian economy has demonstrated resilience amid last year’s drought, with real GDP growth at 3.8% in 2024 and 4.5% in the first half of 2025, boosted by a record-high maize harvest and mining production.”

\r\n\r\n

She went on to add: “Real GDP growth is projected at 5.2% and 5.8% in 2026, respectively, as limited hydropower generation and periodic load management would continue to weigh on non-mining economic performance. Inflationary pressures are easing, supported by lower fuel and food prices, exchange rate appreciation, and the impact of tight monetary policy.

\r\n\r\n

“Preliminary data show a current account deficit of 2.0% of GDP in the first half of 2025, resulting from lower official grants, partly reflecting the unwinding of drought-related support, and a broad-based increase in imports.”

\r\n\r\n

Furthermore, liquidity conditions have strengthened in Zambia, investor interest in government securities has stayed high, and strong private sector lending has bolstered the manufacturing, agriculture, and energy industries.

\r\n\r\n

Progress has also been made in implementing the program, though challenges persist. Authorities are moving forward with legislative reforms aimed at enhancing financial sector supervision, improving the oversight and governance of state-owned enterprises, and reinforcing the anti-corruption framework, in line with program commitments.

\r\n\r\n

Moreover, discussions also addressed reforms to enhance competition, strengthen the role of the private sector in agriculture, and advance the implementation of the open-access framework for the Tazama pipeline according to approved guidelines.

\r\n\r\n

The authorities reiterated their firm commitment to policies that maintain macroeconomic stability and support sustained growth, with fiscal consolidation efforts set to continue.

\r\n\r\n

Maintaining this momentum will be crucial for boosting confidence, rebuilding safeguards to mitigate vulnerabilities, and ensuring that the gains from renewed stability benefit all Zambians, Martin concluded.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-11-07T00:00:00","CreatedDate":"2025-11-12T08:58:40.937","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73284,"Name":"Zambias-economy-bounces-back-with-4-point-5-percent-GDP-growth-IMF","Header":null,"MetaTitle":"Zambia’s economy rebounds with 4.5% GDP growth – IMF","MetaKeywords":"Zambia economy, IMF, GDP growth, mining, maize yield, inflation, fiscal reform, Extended Credit Facility, Mercedes Vera Martin, Lusaka, African growth","MetaDescription":"The IMF reports Zambia’s economy grew 4.5% in H1 2025, driven by record maize yields and mining output, with inflation easing and reforms boosting investor confidence.","IsDeleted":false,"CreatedDate":"2025-11-12T08:58:40.937","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_c4bf0a0b-b12b-4ec0-9fb9-4576e4754ed6.jpeg"}]},{"Id":21787,"Title":"Kwacha surge pushes Zambia’s inflation to two-year low","Author":null,"Summary":"Zambia’s annual inflation slowed to its lowest level in two years in September, supported by a stronger currency that helped reduce import costs.","Body":"

\"\"Zambia’s annual inflation slowed to its lowest level in two years in September, supported by a stronger currency that helped reduce import costs.

\r\n\r\n

Consumer prices increased by 12.3% year-on-year, down from 12.6% in August, according to Acting Statistician-General Sheila Mudenda, who briefed reporters on Thursday in the capital, Lusaka.

\r\n\r\n

Food prices, which account for more than half of the overall inflation basket, rose 14.6% annually in September, slightly easing from 14.9% in August. Non-food price growth also slowed, climbing 9% compared with 9.3% the previous month. On a monthly basis, overall prices edged up by 0.5%, Bloomberg reports.

\r\n\r\n

The data reflects a gradual easing of inflationary pressures in Zambia, driven largely by currency stability and moderated import costs, signalling potential relief for consumers after months of high price increases.

\r\n\r\n

Africa’s second-largest copper producer is benefiting from a stronger fiscal environment and rising copper prices, which have helped the Kwacha gain 17.3% against the Dollar this year, ranking it as the continent’s second-best-performing currency among those tracked by Bloomberg.

\r\n\r\n

A continued easing of inflation could prompt the central bank’s monetary policy committee to lower its key interest rate in November, after keeping it steady at 14.5% for two consecutive meetings. The bank forecasts inflation will return to its 6%–8% target range in the first quarter of next year, with an average of 13.3% expected in 2025.

\r\n\r\n

This month, the International Monetary Fund approved an extension of the southern African nation’s existing program, giving it time to complete the final review and prepare for a possible continuation.

\r\n\r\n

The 38-month facility, originally set to conclude with the sixth review next month, will now remain in effect until 30th January.

\r\n\r\n

Preliminary figures indicate that the economy expanded by 5.2% in the second quarter, up from 4.5% in the previous quarter.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-09-26T00:00:00","CreatedDate":"2025-09-29T08:59:35.893","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73177,"Name":"Kwacha-surge-pushes-Zambias-inflation-to-two-year-low","Header":null,"MetaTitle":"Zambia inflation slows as Kwacha strengthens","MetaKeywords":"Zambia inflation, Kwacha surge, Zambia economy, Zambia central bank, copper prices, Zambia currency, Zambia growth","MetaDescription":"Zambia’s inflation fell to a two-year low in September as the stronger Kwacha eased import costs, boosting economic stability and consumer relief.","IsDeleted":false,"CreatedDate":"2025-09-29T08:59:35.893","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_d68aa45e-5fbf-4ce1-8dca-7ffb291c4460.png"}]},{"Id":21755,"Title":"Zambia’s debt deal hits roadblock over Afreximbank","Author":null,"Summary":"Zambia’s debt restructuring has stalled due to difficult negotiations with the African Export-Import Bank and is unlikely to be settled before next year, a senior finance official told Reuters.","Body":"

\"\"Zambia’s debt restructuring has stalled due to difficult negotiations with the African Export-Import Bank and is unlikely to be settled before next year, a senior finance official told Reuters.

\r\n\r\n

The copper-rich but heavily indebted country reached a debt-reduction agreement with its main private creditors last June after more than three years of talks.

\r\n\r\n

However, the process remains incomplete because of disputes over whether Afreximbank and the Trade and Development Bank should accept losses or be exempted, similar to the treatment given to the IMF and World Bank.

\r\n\r\n

“Unfortunately, we are a guinea pig,” according to Zambia's Secretary to the Treasury, Felix Nkulukusa last week. “Everything is being tested on us.”

\r\n\r\n

While talks with the Trade and Development Bank have intensified over the past two months, discussions with Afreximbank have made little headway.

\r\n\r\n

Afreximbank is concerned that losing its so-called ‘preferred creditor status’ could trigger a downgrade of its credit rating. Development banks with government backing usually rely on this status for protection, which allows them to offer lower borrowing costs and finance projects deemed too risky by commercial lenders.

\r\n\r\n

Afreximbank and TDB make up slightly less than 8% of the debt Zambia has slated for restructuring, yet the stakes involved have turned their inclusion into a tough deadlock to resolve.

\r\n\r\n

“We still are stuck. Afrexim and TDB, that is what remains (to be resolved) and probably that will take us into 2026,” Nkulukusa said, going on to add that he was “very positive that everything will get sorted out next year.”

\r\n\r\n

That timeline is likely to overlap with the build-up to Zambia’s presidential election in August, where President Hakainde Hichilema’s administration is currently seen as having strong prospects of retaining power.

\r\n\r\n

Furthermore, Zambia is also negotiating with the International Monetary Fund for a one-year extension of its $1.3 billion bailout program, which is set to expire in January.

\r\n\r\n

Such an extension would carry the country through the election period and give the next government time to secure a longer-term agreement with the IMF.

\r\n\r\n

According to Nkulukusa, Zambia’s economy has started to recover following its debt default and the severe droughts of recent years.

\r\n\r\n

The country’s economy is forecast to expand by 5.8% this year and by 6.4% in 2026. Strong mining revenues have supported the stability of the local currency, while inflation, currently close to 13%, is forecast to ease to around 7% by early next year.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-09-22T00:00:00","CreatedDate":"2025-09-23T09:24:46.337","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73144,"Name":"Zambias-debt-deal-hits-roadblock-over-Afreximbank","Header":null,"MetaTitle":"Zambia’s Debt Deal Stalls Over Afreximbank","MetaKeywords":"Zambia debt, Afreximbank, debt restructuring, IMF bailout, Zambia economy, Trade and Development Bank, Hichilema election","MetaDescription":"Zambia’s debt restructuring faces delays as talks with Afreximbank stall, pushing resolution into 2026 despite economic recovery and IMF negotiations.","IsDeleted":false,"CreatedDate":"2025-09-23T09:24:46.337","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_11e5e6ed-ded2-4fe1-ab25-69166cfad60c.jpeg"}]},{"Id":21735,"Title":"Zambia restructures 92% of external debt, signals strong economic comeback","Author":null,"Summary":"Zambia’s President Hakainde Hichilema has declared that the country has restructured 92% of its external debt, a significant step in its economic recovery journey.","Body":"

\"\"Zambia’s President Hakainde Hichilema has declared that the country has restructured 92% of its external debt, a significant step in its economic recovery journey.

\r\n\r\n

Addressing the 5th Session of the 13th National Assembly in Lusaka on Friday, he further highlighted that the economy grew at an average rate of 5.2% from 2021 to 2024, three times faster than the growth recorded between 2017 and 2020.

\r\n\r\n

He pointed out that the external debt restructuring has opened up fiscal space to channel investments into critical sectors such as energy, mining, and infrastructure.

\r\n\r\n

This achievement comes after prolonged negotiations with both bilateral and commercial creditors, designed to ease Zambia’s debt pressure and reinforce macroeconomic stability, APA News reports.

\r\n\r\n

Zambia had long struggled with unsustainable debt, which had risen to more than $12 billion before the government rolled out reforms under the International Monetary Fund’s Extended Credit Facility.

\r\n\r\n

Furthermore, President Hichilema pointed to the strengthening of the Kwacha and a decline in inflation, from 23.1% in January to 15% in August, as clear indicators of the country’s improving fiscal health.

\r\n\r\n

To maintain momentum, the government intends to set up special economic zones in every province to stimulate local production and create jobs.

\r\n\r\n

In the mining sector, the restart of operations at Mopani and Konkola Copper Mines, together with the resolution of challenges at First Quantum Minerals, has boosted copper production, one of the key pillars of Zambia’s export revenue.

\r\n\r\n

In the energy sector, Hichilema admitted that ongoing loadshedding, exacerbated by drought and a generation capacity stuck at 3,700 megawatts for the past 40 years, remains a serious challenge.

\r\n\r\n

He detailed planned reforms to draw private investment, such as introducing cost-reflective tariffs, ensuring open access to the national grid, and promoting independent power producers.

\r\n\r\n

Several renewable energy projects are currently in progress, among them a 94-megawatt solar plant in Kitwe and a 100-megawatt facility in Chisamba, both expected to add capacity within the next seven months.

\r\n\r\n

In addition, a 300-megawatt coal-fired power plant is planned at Maamba Energy in Southern Province.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-09-15T00:00:00","CreatedDate":"2025-09-16T10:05:26.63","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73124,"Name":"Zambia-restructures-92-percent-of-external-debt-signals-strong-economic-comeback","Header":null,"MetaTitle":"Zambia Restructures 92% of Debt, Eyes Growth","MetaKeywords":"Zambia debt restructuring, Zambia economy, Hakainde Hichilema, Zambia mining, Zambia energy sector, copper production, IMF reforms, Kwacha inflation","MetaDescription":"Zambia restructures 92% of its external debt, unlocking growth in mining, energy, and infrastructure while boosting copper output and renewable power projects.","IsDeleted":false,"CreatedDate":"2025-09-16T10:05:26.63","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_f30becde-6396-46f0-b073-663de329a324.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_f30becde-6396-46f0-b073-663de329a324.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_f30becde-6396-46f0-b073-663de329a324.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_f30becde-6396-46f0-b073-663de329a324.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_f30becde-6396-46f0-b073-663de329a324.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_f30becde-6396-46f0-b073-663de329a324.jpeg"}]},{"Id":21682,"Title":"President Hichilema applauds partners strengthening government efforts","Author":null,"Summary":"Zambia’s President Hakainde Hichilema has expressed appreciation for organisations that support the government’s initiatives to enhance the education sector, which he regards as a key driver of the country’s economic growth.","Body":"

\"\"Zambia’s President Hakainde Hichilema has expressed appreciation for organisations that support the government’s initiatives to enhance the education sector, which he regards as a key driver of the country’s economic growth.

\r\n\r\n

He said that education is central to the government’s strategy for economic development and reaffirmed that his administration is committed to working diligently to expand the economy.

\r\n\r\n

During a courtesy visit from UK-based religious leader Bhai Shaib and his delegation at the State House in Lusaka on Thursday, President Hichilema explained that his government is focused on expanding the economy in order to generate resources that can be directed toward supporting the education sector.

\r\n\r\n

“I believe that education is key to the country’s economic growth and my Administration welcomes organisations that invest in the education sector, to supplement our efforts in our journey to provide quality education,” he commented.

\r\n\r\n

Furthermore, the Head of State praised Bhai Shaib, spiritual leader of Guru Nanak Nshkam Sewak Jatha (GNNSJ), for his contributions to education, healthcare, and religious initiatives, Lusaka Times reports.

\r\n\r\n

“Let me commend you for doing a lot of noble work in the area of education, as you know education is very important of course religion, I consider education as the best investment and equaliser, it is the best gift we can give to our children and grandchildren and generations to come,” he went on to say.

\r\n\r\n

In addition, he also said that his government remains committed to expanding the economy to generate employment opportunities, particularly for the youth.

\r\n\r\n

The President highlighted that his administration is striving to boost government revenue to provide support for schoolchildren, the sick and elderly, as well as people with disabilities.

\r\n\r\n

Moreover, Bhai Shaib stated that his organisation has invested in education, healthcare, and religious initiatives to benefit the people of Zambia.

\r\n\r\n

He also revealed that his organisation inaugurated a clinic this week in Lusaka’s Mumana area to help tackle the health challenges facing the local community.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-08-21T00:00:00","CreatedDate":"2025-08-26T11:29:51.283","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73070,"Name":"President-Hichilema-applauds-partners-strengthening-government-efforts","Header":null,"MetaTitle":"Hichilema hails partners in education drive","MetaKeywords":"Zambia, Hichilema, education sector, economic growth, GNNSJ, Bhai Shaib, Lusaka, healthcare initiatives, youth employment, government revenue","MetaDescription":"Zambia’s President Hichilema praised organisations supporting education, calling it vital for economic growth, as his government expands efforts to boost jobs and public services.","IsDeleted":false,"CreatedDate":"2025-08-26T11:29:51.283","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_28ad668c-33bc-4372-a882-6e18075bd969.jpeg"}]},{"Id":21621,"Title":"Zambia’s Dollar bonds slide on debt indicator concerns","Author":null,"Summary":"Worries about Zambia’s deteriorating capacity to manage its debt sent the country’s international bonds tumbling on Wednesday, following the release of the International Monetary Fund’s latest review of the southern African nation.","Body":"

\"\"Worries about Zambia’s deteriorating capacity to manage its debt sent the country’s international bonds tumbling on Wednesday, following the release of the International Monetary Fund’s latest review of the southern African nation.

\r\n\r\n

The price of Zambia’s Dollar-denominated bond maturing in 2053 dropped over 4 cents in early trading, falling to 68.542 cents on the Dollar, a one-month low that pushed it below the critical 70-cent mark, commonly seen by asset managers as a signal of debt distress.

\r\n\r\n

At the time of writing, the bond had recovered slightly, trading at 69.466 cents, according to data from Tradeweb.

\r\n\r\n

The decline in Zambia’s bond prices followed the IMF executive board’s approval of the fifth review of the country’s ongoing lending program late on Tuesday.

\r\n\r\n

Alongside the approval, the Fund released updated economic and debt data, revealing that Zambia’s ability to manage its debt remains fragile. The IMF's composite indicator, a key measure of a government's debt-carrying capacity, slipped to 2.58 from a previous reading of 2.62, signalling further weakening in the country's fiscal resilience.

\r\n\r\n

Zambia, alongside Ukraine and Sri Lanka, was among the countries that issued state-contingent debt instruments as part of its debt restructuring efforts. These instruments are structured to attract investors by offering higher payouts if the country meets specific economic or fiscal targets.

\r\n\r\n

However, analysts noted that investor sentiment took a hit following the decline in a key debt sustainability indicator. Reuters reports.

\r\n\r\n

“A 2.69 cut-off is needed for two semi-annual consecutive reviews for the 2053 bond to become a higher-paying 2035 bond during the 2026-28 observation period,” according to Samir Gadio, Africa strategist at Standard Chartered, in reference to the conditions outlined in the bond issued during Zambia's debt restructuring process.

\r\n\r\n

Zambia restructured its bilateral debt last year through an agreement reached under the G20’s Common Framework initiative. As part of this process, the country consolidated $3 billion worth of bonds into two new bonds, each with distinct payment terms and conditions.

\r\n\r\n

Market participants noted that the drop in the Southern African country's composite indicator score was primarily driven by a decline in the import coverage ratio. However, they also said that there remains potential for this metric to improve in the future.

\r\n\r\n

“There is still a strong chance that the score will be upgraded in 2026,” stated Anthony Simond, senior emerging markets debt portfolio manager at Aberdeen.

\r\n","IsApproved":false,"IsDeleted":false,"PublishedDate":"2025-08-07T00:00:00","CreatedDate":"2025-08-07T16:01:02.527","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":73008,"Name":"Zambias-Dollar-bonds-slide-on-debt-indicator-concerns-Zambia-Bonds-Slide-on-IMF-Debt-Warning","Header":null,"MetaTitle":"Zambia Bonds Slide on IMF Debt Warning","MetaKeywords":"Zambia bonds, IMF debt review, Zambia debt sustainability, Dollar bonds, emerging markets, 2053 bond, 2035 bond trigger, state-contingent instruments, Zambia economy, Common Framework, Tradeweb","MetaDescription":"Zambia’s Dollar bonds fall below distress threshold as IMF debt indicator drops, raising concerns over the country’s fiscal resilience and restructuring terms.","IsDeleted":false,"CreatedDate":"2025-08-07T16:01:02.527","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_57199821-c45f-46b5-8cce-cf47455f839f.jpeg"}]},{"Id":21534,"Title":"World Bank champions mining as Zambia’s growth catalyst ahead of AMW 2025","Author":null,"Summary":"The World Bank has highlighted the importance of the energy transition metals (ETM) value chain in driving sustainable economic growth in Zambia.","Body":"

\"\"The World Bank has highlighted the importance of the energy transition metals (ETM) value chain in driving sustainable economic growth in Zambia.

\r\n\r\n

In a report published this week, the bank noted that although Zambia achieved 4% GDP growth in 2024, the country has the potential to boost its economic growth further by expanding ETM production, enhancing fiscal revenues, and increasing value addition to its mineral resources.

\r\n\r\n

The upcoming African Mining Week (AMW) conference, scheduled for 1-3 October in Cape Town, will include a special country spotlight session on Zambia.

\r\n\r\n

Titled ‘Zambia: Accelerating Exploration and Development Through License Allocation,’ the session will highlight Zambia’s mineral potential and connect project and investment opportunities with financiers and mining companies.

\r\n\r\n

As Africa’s leading event for mining stakeholders, AMW 2025 is ideally placed to boost Zambia’s economic growth by attracting fresh investment into the mining sector.

\r\n\r\n

To drive economic growth in Zambia, the World Bank has underscored the importance of expanding ETM production.

\r\n\r\n

Key recommendations include implementing reforms to increase mineral output, exploring new deposits, and developing the workforce. Aligning with these suggestions, Zambia is actively progressing with a national plan to boost ETM production, particularly copper, while improving seismic data collection to support upcoming exploration efforts.

\r\n\r\n

Zambia has set a national goal to increase its annual copper production to three million tons by 2031. Copper output rose by 29.9% from the first quarter of 2024 to the first quarter of 2025.

\r\n\r\n

Several major projects are in development, including the Kashime copper mine led by Mimosa Resources, the relaunch of Konkola mine under Vedanta Resources, and the Mopani mine operated by International Resources Holding.

\r\n\r\n

To further support exploration, Zambia is carrying out a nationwide geomapping campaign to enhance understanding of its geology and mineral basins, which was 80% complete as of June 2025.

\r\n\r\n

Moreover, beyond boosting ETM production and revenue, developing Zambia’s copper value chain opens up numerous economic opportunities, including job creation, increased participation of local businesses, and expanded trade and financing. As part of its value addition strategy, Zambia plans to set up mineral market centres and washing plants in Mumbwa, Rufunsa, Chisamba, and Kasempa to empower small-scale miners.

\r\n\r\n

In addition, a national training program for licensed artisanal miners is being developed to enhance safety, productivity, and skills. These initiatives aim to support local miners and increase the value generated from the ETM value chain.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-07-04T00:00:00","CreatedDate":"2025-07-14T09:21:41.903","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72916,"Name":"World-Bank-champions-mining-as-Zambias-growth-catalyst-ahead-of-AMW-2025","Header":null,"MetaTitle":"World Bank: Mining to Power Zambia's Growth","MetaKeywords":"Zambia mining growth, World Bank Zambia, copper production, energy transition metals, AMW 2025, Zambia GDP, mining investment Africa, ETM value chain, African Mining Week, Zambia copper","MetaDescription":"The World Bank backs Zambia’s mining sector as a key growth driver ahead of AMW 2025. Copper production, reforms, and value chains are central to the country's economic strategy.","IsDeleted":false,"CreatedDate":"2025-07-14T09:21:41.903","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_70683d95-5f1b-4a72-8932-5528ba7ffe2d.jpeg"}]},{"Id":21272,"Title":"Zambia’s economy set to surge at fastest pace since 2021 ","Author":null,"Summary":"Zambia is on track to achieve at least 6% economic growth this year, fuelled by favourable rainfall and increased metal production for Africa’s second-largest copper producer, according to Finance Minister Situmbeko Musokotwane.","Body":"

\"\"Zambia is on track to achieve at least 6% economic growth this year, fuelled by favourable rainfall and increased metal production for Africa’s second-largest copper producer, according to Finance Minister Situmbeko Musokotwane.

\r\n\r\n

He noted that this would be the country's fastest economic expansion since 2021, compared to roughly 4% growth recorded last year.

\r\n\r\n

Zambia is recovering from a prolonged and challenging debt restructuring process, and stronger economic growth boosts the chances of larger returns for creditors, including bondholders.

\r\n\r\n

The country is rebounding from a severe drought last year that devastated crops and depleted hydroelectric power sources.

\r\n\r\n

Now, both the corn harvest, its staple crop, and copper output are expected to reach record levels, Bloomberg reports.

\r\n\r\n

Musokotwane expressed confidence in reaching the 6% growth target, speaking in Livingstone, the Zambian town nearest to Victoria Falls. “We just need to maintain this for 10, 15 years - positive growth every year. I think people will begin to see that it’s not a certainty that you are born in poverty and you will end in poverty. Things can change,” he said.

\r\n\r\n

In addition, Zambia’s Dollar-denominated notes maturing in 2033 rose for the third consecutive day, reaching their highest value since the mid-2024 restructuring, while yields fell to 7.62%.

\r\n\r\n

Inflation is beginning to ease, and the Kwacha has become Africa’s second-best performing currency against the Dollar this year, following a strong rally last week. Indeed, the Kwacha has appreciated by 11% in 2025.

\r\n\r\n

The International Monetary Fund, however, holds a more cautious view, projecting economic growth at 5.8%.

\r\n\r\n

The Washington-based lender also cautioned that rising debt-servicing costs have forced the government to amend its 2025 budget by introducing additional revenue measures, according to a statement released on Monday.

\r\n\r\n

Musokotwane made these remarks on the sidelines of Bloomberg’s annual Africa Business Media Innovators conference.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-06-11T00:00:00","CreatedDate":"2025-06-13T10:08:37.327","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72601,"Name":"Zambias-economy-set-to-surge-at-fastest-pace-since-2021","Header":null,"MetaTitle":"Zambia Set for Fastest Growth Since 2021","MetaKeywords":"Zambia economy 2025, Zambia GDP growth, copper production Africa, Situmbeko Musokotwane, Kwacha rally, Zambia inflation, IMF Zambia forecast, Zambia bond market, Zambia agriculture","MetaDescription":"Zambia’s economy is forecast to grow over 6% in 2025, driven by record copper output and crop yields, signalling recovery after drought and debt restructuring.","IsDeleted":false,"CreatedDate":"2025-06-13T10:08:37.327","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_94fff083-b047-47e2-9b1a-3d6016aca68b.jpeg"}]},{"Id":21221,"Title":"Zambia to stay in default with Afreximbank amid debt restructuring talks","Author":null,"Summary":"Zambia plans to restructure its debt with regional lenders, including the African Export-Import Bank (Afreximbank), and will remain in default on those payments until the process is finalised, Finance Minister Situmbeko Musokotwane has announced.","Body":"

\"\"Zambia plans to restructure its debt with regional lenders, including the African Export-Import Bank (Afreximbank), and will remain in default on those payments until the process is finalised, Finance Minister Situmbeko Musokotwane has announced.

\r\n\r\n

This approach conflicts with Afreximbank’s stance that its “preferred-creditor status” exempts it from bearing losses like other commercial creditors. The disagreement could lead to a contentious dispute that might influence how Afreximbank and comparable lenders across Africa are treated in future debt restructurings.

\r\n\r\n

“We have to adhere by the rules agreed upon with all the creditors — in as much as we would want these African banks to have a preferential status, but that’s not our decision. That was not the decision of Zambia. That was the decision of the creditors — all of them,” Musokotwane said in an interview in Abidjan earlier this week.

\r\n\r\n

Both Zambia and Ghana are restructuring their debts under the Common Framework, a plan created by the Group of 20 (G20) major economies to assist poorer countries in managing unsustainable debt following the Covid-19 pandemic.

\r\n\r\n

The framework’s guidelines are designed to coordinate the restructuring process among various creditor groups and prevent any party from receiving unfair preferential treatment, Bloomberg reports.

\r\n\r\n

Although Zambia and Ghana have reached agreements with official bilateral creditors and bondholders, they are still finalising negotiations with their remaining commercial lenders. For Zambia, this involves at least $543 million owed to the Eastern and Southern African Trade and Development Bank (TDB) and over $45 million to Afreximbank.

\r\n\r\n

Afreximbank Managing Director Chandi Mwenebungu told investors on a recent call that the Cairo-based lender’s preferred-creditor status is guaranteed by its founding agreements, and as such, it has not participated in any restructuring in Ghana, Malawi, or Zambia. He added that all three countries are “up to date” with their payments.

\r\n\r\n

Ultimately, it is up to the other lenders to acknowledge the preferred-creditor status claimed by Afreximbank or the TDB, said Chris Humphrey, a senior research associate at ODI Global who published a paper on this issue in January.

\r\n\r\n

In Zambia’s situation, the government stated that its creditors classified the debts as commercial and therefore subject to restructuring.

\r\n\r\n

“It was agreed that Afreximbank and the Trade and Development Bank do not have preferential status, their lending is more or less commercial. We can’t service their debt until we agree on the restructuring,” Musokotwane commented on the sidelines of the African Development Bank’s annual meetings.

\r\n\r\n

Zambia’s economy continues to recover from a difficult debt restructuring process that began when it became Africa’s first sovereign to default during the pandemic in 2020. The country is also still bouncing back from last year’s drought, its most severe in over a century.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-05-29T00:00:00","CreatedDate":"2025-05-30T11:44:40.473","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72547,"Name":"Zambia-to-stay-in-default-with-Afreximbank-amid-debt-restructuring-talks","Header":null,"MetaTitle":"Zambia in Default Amid Afreximbank Dispute","MetaKeywords":"Zambia debt default, Afreximbank dispute, G20 Common Framework, African debt restructuring, Situmbeko Musokotwane, TDB Zambia, Zambia economy, creditor status, sovereign default Africa","MetaDescription":"Zambia will stay in default with Afreximbank as debt restructuring talks continue, challenging the lender’s preferred-creditor status under the G20 Common Framework.","IsDeleted":false,"CreatedDate":"2025-05-30T11:44:40.473","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_8a1b5d26-e8a3-45dc-b41f-0acd5d7c2a42.jpeg"}]},{"Id":21198,"Title":"China joins forces with Zambia to revolutionise healthcare","Author":null,"Summary":"Zambia is embarking on a fresh chapter in healthcare diplomacy as China commits to enhancing its partnership to support the country in bolstering its healthcare infrastructure, particularly in response to the decline in aid from Western donors.","Body":"

\"\"Zambia is embarking on a fresh chapter in healthcare diplomacy as China commits to enhancing its partnership to support the country in bolstering its healthcare infrastructure, particularly in response to the decline in aid from Western donors.

\r\n\r\n

A high-level delegation from Sichuan Province, including experienced medical professionals and health officials, recently visited Lusaka to discuss and assess opportunities for blending traditional Chinese medicine with modern medical practices.

\r\n\r\n

Health Minister Dr. Joseph Katema Muchima warmly received the Chinese delegation, praising the enduring friendship between Zambia and China.

\r\n\r\n

He highlighted Zambia’s willingness to embrace innovative methods aimed at enhancing primary healthcare and decreasing dependence on imported medicines, Lusaka Times reports.

\r\n\r\n

“We are open to learning how to incorporate Chinese medicine into our health system to reduce the disease burden and improve pharmaceutical supply chains,” Dr. Muchima stated.

\r\n\r\n

This visit follows the withdrawal of significant foreign health funding, including HIV/AIDS assistance previously provided through PEPFAR.

\r\n\r\n

China’s involvement marks a shift in global health partnerships, underscoring increased South-South cooperation.

\r\n\r\n

During discussions, Chinese health officials suggested joint initiatives focusing on herbal medicine research, boosting local production of essential medicines, and improving healthcare infrastructure in underserved areas.

\r\n\r\n

Furthermore, the Ministry of Health also announced plans to establish exchange programs with medical universities in China to enhance the training and expertise of Zambian healthcare professionals.

\r\n\r\n

Traditional leaders and local healthcare practitioners expressed strong support for the initiative, encouraging the government to broaden community health programs that integrate indigenous knowledge with modern medical practices.

\r\n\r\n

Both the Ministry of Health and the Chinese Embassy have pledged to develop a formal cooperation framework over the next few months to guide this partnership.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-05-23T00:00:00","CreatedDate":"2025-05-26T10:48:23.857","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72524,"Name":"China-joins-forces-with-Zambia-to-revolutionise-healthcare","Header":null,"MetaTitle":"China Partners with Zambia to Transform Healthcare","MetaKeywords":"China Zambia, healthcare diplomacy, traditional Chinese medicine, Zambia health infrastructure, South-South cooperation, PEPFAR withdrawal, Lusaka, China Africa relations, herbal medicine, medical exchange","MetaDescription":"China strengthens health ties with Zambia, supporting traditional medicine, infrastructure upgrades, and training amid a drop in Western aid.","IsDeleted":false,"CreatedDate":"2025-05-26T10:48:23.857","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_048a2eea-ae5c-45f6-8802-633304e741f9.jpeg"}]},{"Id":21172,"Title":"Zambia to spotlight investment as host of 4th Canada-Africa business summit","Author":null,"Summary":"Zambia is set to host the 4th Canada-Africa Business Conference this September, marking a significant milestone in strengthening economic ties between Canada and Africa.","Body":"

\"\"Zambia is set to host the 4th Canada-Africa Business Conference this September, marking a significant milestone in strengthening economic ties between Canada and Africa.

\r\n\r\n

The high-profile event, scheduled to take place in the capital city of Lusaka on September 29th and 30th, will be officially opened by President Hakainde Hichilema.

\r\n\r\n

The two-day conference will convene a diverse group of stakeholders, including business leaders, government officials, investors, and entrepreneurs, to explore collaborative opportunities across key sectors such as mining, energy, entrepreneurship, and trade.

\r\n\r\n

The event is being organised by the Canada-Africa Chamber of Business, a key player in promoting bilateral commercial relationships.

\r\n\r\n

According to the organisers, the programme will feature a dynamic lineup of keynote speeches, expert panel discussions, and networking sessions. The conference will conclude with a closing reception and an exclusive post-event networking programme, reserved for members of the Chamber.

\r\n\r\n

Garreth Bloor, President of the Canada-Africa Chamber of Business, expressed excitement about hosting the event in Zambia, describing the country as a strategic hub for Canadian enterprises seeking entry into African markets, APA News reports.

\r\n\r\n

“Canada and Zambia stand to accelerate commercial ties through private sector partnerships and investment, building on the momentum already at play in this exciting market – a great country in which we are honoured to hold our upcoming two-day programme,” Bloor stated.

\r\n\r\n

Zambia’s wealth of natural resources, particularly in the mining sector, alongside its growing entrepreneurial landscape, has made it an increasingly attractive destination for international investment, especially from Canadian companies aiming to expand their footprint across Africa.

\r\n\r\n

The conference follows the successful 2024 edition held in Zimbabwe, where delegates participated in on-the-ground site visits, particularly in mining and energy, underscoring Canada’s growing investment presence in Southern Africa.

\r\n\r\n

With Lusaka now preparing to welcome this international delegation, the spotlight will be on Zambia as a gateway for cross-continental partnerships and economic growth.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-05-19T00:00:00","CreatedDate":"2025-05-20T09:06:22.75","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72498,"Name":"Zambia-to-spotlight-investment-as-host-of-4th-Canada-Africa-business-summit","Header":null,"MetaTitle":"Zambia to Host Canada-Africa Business Summit","MetaKeywords":"Zambia, Canada-Africa summit, business conference, Lusaka, Canada-Africa Chamber, investment in Africa, President Hakainde Hichilema, economic growth, mining, energy, trade","MetaDescription":"Zambia will host the 4th Canada-Africa Business Summit in September, spotlighting investment and cross-continental partnerships","IsDeleted":false,"CreatedDate":"2025-05-20T09:06:22.75","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_278c766e-b9f1-4f5c-91d9-71f877bba2b5.jpeg"}]},{"Id":21092,"Title":"Zambia may halt rate hikes as inflation stabilises","Author":null,"Summary":"Zambia's annual inflation rate remained steady in April, thanks to a slower increase in food prices, which gives the central bank room to halt interest rate hikes next month.","Body":"

\"\"Zambia's annual inflation rate remained steady in April, thanks to a slower increase in food prices, which gives the central bank room to halt interest rate hikes next month.

\r\n\r\n

Consumer prices grew by 16.5% this month, unchanged from March, according to Acting Statistician-General Sheila Mudenda, who spoke to reporters in the capital, Lusaka, on Thursday.

\r\n\r\n

The southern African country is recovering from its worst drought in over 100 years, and improved rainfall has helped reduce price increases for vegetables and fruits, Bloomberg reports.

\r\n\r\n

Food price inflation slowed to 18.7% in April, down from 18.9% the previous month.

\r\n\r\n

In an interview with Bloomberg Television on Monday, Zambia’s Finance Minister Situmbeko Musokotwane stated that the country’s corn production, its staple crop, will ensure food self-sufficiency this year following the costly imports required due to the 2024 drought.

\r\n\r\n

Musokotwane also discussed with Bloomberg TV the impact of tariffs on Zambia, a nation still recovering from a difficult debt restructuring and the effects of a historic drought.

\r\n\r\n

Last week, Secretary to the Treasury Felix Nkulukusa expressed optimism that inflation will slow and potentially return to the central bank’s target range of 6% to 8% by the end of the year, after remaining above 8% since May 2019.

\r\n\r\n

This data may influence the Bank of Zambia to keep its key interest rate steady at 14.5% on 29th May, following a 50-basis-point hike in February.

\r\n\r\n

The Bank of Zambia will likely be cautious about reducing rates after the Kwacha lost some of its gains against the Dollar last month, depreciating by 0.7% in April.

\r\n\r\n

The weakened Kwacha has kept non-food inflation persistently high, which rose to 13.4% in April from 13.2% in March. Prices increased by 1% during the month.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-04-25T00:00:00","CreatedDate":"2025-04-28T11:46:12.197","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72417,"Name":"Zambia-may-halt-rate-hikes-as-inflation-stabilises","Header":null,"MetaTitle":"Zambia May Pause Rate Hikes as Inflation Holds Steady","MetaKeywords":"Zambia inflation rate, Bank of Zambia policy, Zambia interest rates, food price inflation Zambia, Zambia economic recovery, Kwacha depreciation, Zambia drought recovery","MetaDescription":"Zambia’s annual inflation held at 16.5% in April, easing food prices and giving the central bank room to pause rate hikes as the country recovers from drought and debt challenges.","IsDeleted":false,"CreatedDate":"2025-04-28T11:46:12.197","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e07202d8-0f7b-4b8d-ba00-67897f1d5306.jpg"}]},{"Id":21078,"Title":"Fresh Kwacha, same value - currency revamp won’t fuel inflation","Author":null,"Summary":"Presidential Economic Advisor, Jito Kayumba has reassured Zambians that the recently introduced Kwacha banknotes are part of a well-planned currency replacement process and will not affect inflation or the nation's money supply.","Body":"

\"\"Presidential Economic Advisor, Jito Kayumba has reassured Zambians that the recently introduced Kwacha banknotes are part of a well-planned currency replacement process and will not affect inflation or the nation's money supply.

\r\n\r\n

During statements in Lusaka on Monday, Kayumba underscored that the new notes are only substituting those currently in circulation. He said that this is a one-to-one exchange, not an injection of additional funds into the economy, so the overall monetary value in circulation stays the same.

\r\n\r\n

“This currency change is essentially a swap. It replaces the existing notes, not adds to them. Therefore, there’s no effect on inflation. If new money had been injected on top of what is already circulating, then it would have raised the total money supply without matching economic growth. But that’s not the case here,” Kayumba said.

\r\n\r\n

The newly issued Kwacha notes are now in circulation, launched by the Bank of Zambia with upgraded security elements and greater durability, The Lusaka Times reports.

\r\n\r\n

Though the design has been refreshed, the notes retain their existing value and function in the financial system.

\r\n\r\n

Furthermore, Kayumba highlighted that the introduction of the new banknotes supports a wider policy initiative led by the Ministry of Finance and the Bank of Zambia.

\r\n\r\n

This broader effort aims to reinforce the Kwacha as the exclusive legal tender for all domestic transactions. He noted that this is a crucial step in tackling the persistent challenge of dollarization in Zambia, where reliance on foreign currencies, especially the US Dollar, has historically weakened the Kwacha’s role and influence in local economic activity.

\r\n\r\n

“There will be restrictions on the use of foreign currency for local transactions. This will reduce demand for forex and help support the Kwacha’s strength,” he said.

\r\n\r\n

For several years, industries like real estate, mining, and high-end retail have carried out a substantial portion of their transactions in foreign currencies. With the upcoming enforcement of stricter legal tender regulations, this practice is expected to diminish over time.

\r\n\r\n

The shift is intended to boost trust in the Kwacha and encourage greater use of the local currency, ultimately strengthening its position within the national economy.

\r\n\r\n

The government’s economic team is pursuing a range of macroeconomic strategies aimed at stabilising and reinforcing the national economy.

\r\n\r\n

Efforts include maintaining fiscal discipline, restructuring public debt, and boosting domestic revenue generation. Within this broader framework, the rollout of the new Kwacha banknotes, while largely symbolic in terms of design, serves a practical purpose, supporting the overall goal of restoring economic confidence and resilience.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-04-22T00:00:00","CreatedDate":"2025-04-25T10:17:12.943","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72403,"Name":"Fresh-Kwacha-same-value-currency-revamp-wont-fuel-inflation","Header":null,"MetaTitle":"New Kwacha Notes Won’t Raise Inflation, Says Advisor","MetaKeywords":"Kwacha currency change, Zambia inflation news, Kwacha banknotes 2025, Jito Kayumba statement, Zambia currency swap, Bank of Zambia update, anti-dollarisation policy, Zambian economic strategy","MetaDescription":"Zambia introduces redesigned Kwacha notes as part of a currency swap. Officials confirm it’s a one-to-one exchange, with no inflation impact or increase in money supply.","IsDeleted":false,"CreatedDate":"2025-04-25T10:17:12.943","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e045b266-ae45-4445-9830-8193a6df2dad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e045b266-ae45-4445-9830-8193a6df2dad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e045b266-ae45-4445-9830-8193a6df2dad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e045b266-ae45-4445-9830-8193a6df2dad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e045b266-ae45-4445-9830-8193a6df2dad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e045b266-ae45-4445-9830-8193a6df2dad.jpg"}]},{"Id":21053,"Title":"Zambia to resume construction of power line connecting to Tanzania","Author":null,"Summary":"Zambia is set to restart the construction of a power line that will connect the country to East Africa, forming one of the world’s largest energy markets, according to a senior official from the World Bank.","Body":"

\"\"Zambia is set to restart the construction of a power line that will connect the country to East Africa, forming one of the world’s largest energy markets, according to a senior official from the World Bank.

\r\n\r\n

The Zambia-Tanzania Interconnector Project, a key initiative aimed at enhancing regional energy distribution, is expected to resume this month, with the project slated for completion in 2028.

\r\n\r\n

Achim Fock, the World Bank's country manager for Zambia, made the announcement during a signing ceremony on Friday, highlighting the significant impact this project will have on both regional power supply and economic development across the broader East African region.

\r\n\r\n

The $320 million project to link the power supplies of Zambia and Tanzania is being funded by the World Bank, the EU, and the UK, Reuters news agency reports.

\r\n\r\n

The remaining cost for the project is $298 million, with a World Bank grant covering $245 million, according to Acting Finance Minister Chipoka Mulenga, who spoke at the same event.

\r\n\r\n

The project was initially proposed over a decade ago but has faced delays for several reasons, including the Covid-19 pandemic and concerns surrounding Zambia’s debt default in late 2020.

\r\n\r\n

Last year, Zambia reached an agreement with bondholders and is now considered a test case for debt restructuring under the Common Framework, a G20 initiative designed to bring together major creditors, including China and the Paris Club of established creditor nations.

\r\n\r\n

Furthermore, Fock went on to add that an integrated market linking the Southern and East African power pools would reduce electricity costs, enhance energy security, and open up new opportunities for trade and investment in Africa's energy sector.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-04-14T00:00:00","CreatedDate":"2025-04-16T19:32:31.323","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72378,"Name":"Zambia-to-resume-construction-of-power-line-connecting-to-Tanzania","Header":null,"MetaTitle":"Zambia Restarts Power Link Project with Tanzania","MetaKeywords":"Zambia Tanzania interconnector, East Africa energy market, Zambia power project, World Bank energy funding, Africa electricity trade, regional power grid Africa","MetaDescription":"Zambia resumes work on a $320M power line to connect with Tanzania, boosting East Africa’s energy market with World Bank, EU, and UK backing.","IsDeleted":false,"CreatedDate":"2025-04-16T19:32:31.323","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_d8772089-2ea4-456e-9bfb-8d768588a851.jpg"}]},{"Id":21028,"Title":"Zambia steps up to boost tourism with major infrastructure upgrades, says President","Author":null,"Summary":"Zambia’s President Hakainde Hichilema has affirmed that his government will keep enhancing tourism-related policies to strengthen the sector.","Body":"

\"\"Zambia’s President Hakainde Hichilema has affirmed that his government will keep enhancing tourism-related policies to strengthen the sector.

\r\n\r\n

He said tourism plays a vital role in Zambia’s development, highlighting the country's rich tourism resources.

\r\n\r\n

The President also noted that Zambia’s strategic geographical position makes it an attractive destination for tourists.

\r\n\r\n

Speaking during a meeting with United Nations World Tourism Organisation Secretary General Zurab Pololikashvili at State House in Lusaka on Monday, President Hichilema stated that the government recognises the crucial role infrastructure development plays in advancing the tourism sector and is making significant efforts to enhance it.

\r\n\r\n

He also noted that the tourism industry has shown resilience, even during periods when Zambia’s economy faced a slowdown, ZNBC reports.

\r\n\r\n

Furthermore, Zurab Pololikashvili stated that the United Nations World Tourism Organisation is considering partnering with Zambia in the education sector, with the aim of helping the country build capacity.

\r\n\r\n

He also stated that the organisation is working on promoting investment in Zambia, highlighting the numerous opportunities the country has to offer.

\r\n\r\n

In addition, Pololikashvili advised Zambia to enhance its connectivity by introducing more direct international flights into the country.

\r\n\r\n

Meanwhile, Tourism Minister Rodney Sikumba noted that the second edition of the Travel, Hospitality, and Tourism Education Summit is focused on addressing skills gaps within the tourism sector.

\r\n\r\n

Moreover, Dominican Republic’s Vice Minister of International Cooperation for the Ministry of Tourism, Carlos Peguero, pledged his country’s commitment to strengthening ties in the tourism sector between Africa and the Dominican Republic.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-04-08T00:00:00","CreatedDate":"2025-04-09T09:56:22.207","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72353,"Name":"Zambia-steps-up-to-boost-tourism-with-major-infrastructure-upgrades-says-President","Header":null,"MetaTitle":"Zambia steps up to boost tourism ","MetaKeywords":"President Hakainde Hichilema, Zambia infrastructure, Tourism in Zambia","MetaDescription":"Zambia’s President Hakainde Hichilema has affirmed that his government will keep enhancing tourism-related policies to strengthen the sector.","IsDeleted":false,"CreatedDate":"2025-04-09T09:56:22.207","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_4337cbc1-0453-4f88-8476-47479f36a6f9.jpg"}]},{"Id":20848,"Title":"Zambia’s economy surges in 2024, tripling IMF growth forecast","Author":null,"Summary":"Zambia’s economy exceeded expectations last year, outperforming growth projections from both the government and the International Monetary Fund (IMF), ","Body":"

\"\"Zambia’s economy exceeded expectations last year, outperforming growth projections from both the government and the International Monetary Fund (IMF), thanks to a significant surge in Q4 output.

\r\n\r\n

Preliminary data indicates that the country's gross domestic product (GDP) grew by 4% in 2023, down from 5.4% recorded last year, acting statistician-general Sheila Mudenda stated on Thursday.

\r\n\r\n

This growth significantly surpassed the IMF’s forecast of 1.2% and the estimates provided by President Hakainde Hichilema’s administration, according to a Bloomberg report.

\r\n\r\n

In the final quarter of the year, the economy expanded by an impressive 8.6%, marking the fastest growth rate in over a decade.

\r\n\r\n

The economic surge was driven by a strong rebound in the agricultural sector following Zambia’s worst drought in over a century, along with solid growth in the mining industry.

\r\n\r\n

As Africa’s second-largest copper producer, Zambia experienced a notable increase in metal production last year, further highlighting its reliance on copper, which contributes over 70% of the country’s export earnings.

\r\n\r\n

Total copper production, including output from small-scale miners, exceeded 820,000 tons in 2023, Mines and Minerals Development Minister Paul Kabuswe said in January.

\r\n\r\n

Furthermore, the agricultural sector experienced a remarkable recovery, growing by 27.6% in the fourth quarter after shrinking by 17.3% in the previous three months. Similarly, the mining sector saw a significant surge, expanding by 26.8%, a sharp increase from just 3% in the prior quarter.

\r\n\r\n

In addition, for the first time in over a year, Zambia's inflation rate has fallen, providing much-needed economic relief, Business Insider Africa reports.

\r\n\r\n

The decline was largely driven by lower prices of essential food items like bread and cereals, as increased rainfall helped mitigate the impact of the country's worst drought in nearly a century.

\r\n\r\n

In March, food price inflation eased to 18.9%, down from 20.6% in the previous month, reflecting a notable improvement in the cost of living.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-03-28T00:00:00","CreatedDate":"2025-03-28T10:27:04.427","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72139,"Name":"Zambias-economy-surges-in-2024-tripling-IMF-growth-forecast","Header":null,"MetaTitle":"Zambia’s economy surges in 2024","MetaKeywords":"Zambia’s economy, International Monetary Fund (IMF)","MetaDescription":"Zambia’s economy exceeded expectations last year, outperforming growth projections from both the government and the International Monetary Fund (IMF), ","IsDeleted":false,"CreatedDate":"2025-03-28T10:27:04.427","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_14fb8d77-b92a-4335-ab36-5207de56e355.jpg"}]},{"Id":20774,"Title":"Focus on cost of living, not constitution, Kunda urges Zambia’s government","Author":null,"Summary":"Opposition Zambia Wake-Up Party (ZAWAPA) President Howard Kunda has urged the government to prioritise addressing urgent issues impacting most Zambians,","Body":"

\"\"Opposition Zambia Wake-Up Party (ZAWAPA) President Howard Kunda has urged the government to prioritise addressing urgent issues impacting most Zambians, rather than hastily amending the republican constitution.

\r\n\r\n

This follows on from President Hakainde Hichilema recently stressing the importance of making changes to the current constitution.

\r\n\r\n

However, Kunda stated that constitution amendments are not currently a priority for the Zambian people. In a media briefing in Ndola, he said the government should focus on tackling the high cost of living, power shortages, and the struggling economy, Lusaka Times reports.

\r\n\r\n

“ZAWAPA notes with shock the rush by the UPND administration and President Hakainde Hichilema to amend the Republican Constitution about one year before the 2026 General Elections. There is no consensus from the people of Zambia and no road map has been made regarding the proposed constitution amendments.

\r\n\r\n

“What do they want to change in the Republican Constitution? Why is the UPND rushing to amend the constitution? President Hakainde Hichilema should not bulldoze constitution amendments because it is a people’s document,” Kunda stated.

\r\n\r\n

“One year before the general elections is too short a time for constitutional amendments. At the moment the constitution amendment is not a priority. UPND just wants to divert people’s attention from real challenges directly affecting the people such as the high cost of living, load shedding and the weak economy. The UPND and President Hichilema can’t be trusted with the constitutional amendment process because their government was founded on deceiving people with unrealistic campaign promises,” he went on to add.

\r\n\r\n

The ZAWAPA President also condemned the threats made by Chief Government Spokesperson Cornelius Mweetwa against Catholic Auxiliary Bishop Gabriel Msipu Phiri of Chipata Diocese.

\r\n\r\n

“Furthermore, instead of tackling the high cost of living, the UPND administration has reported attacking Church leaders. ZAWAPA condemns Chief Government spokesperson Cornelius Mweetwa for issuing threats against the Catholic Auxiliary Bishop of Chipata Diocese Gabriel Msipu Phiri. The issues raised by Bishop Msipu of failed promises and lack of development in Eastern Province are genuine and well documented,” Kunda stated.

\r\n\r\n

In addition, he announced that ZAWAPA will hold an elective national congress ahead of the 2026 General Elections, where all party positions will be contested.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-03-11T00:00:00","CreatedDate":"2025-03-11T23:15:59.73","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72064,"Name":"Focus-on-cost-of-living-not-constitution-Kunda-urges-Zambias-government","Header":null,"MetaTitle":"Focus on cost of living, not constitution","MetaKeywords":"Zambia politics, ZAWAPA, Howard Kunda, Hakainde Hichilema, Zambia constitution amendments, UPND government, Zambia economy, cost of living crisis, power shortages, 2026 General Elections.","MetaDescription":"Opposition Zambia Wake-Up Party (ZAWAPA) President Howard Kunda has urged the government to prioritise addressing urgent issues impacting most Zambians,","IsDeleted":false,"CreatedDate":"2025-03-11T23:15:59.73","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e52c12d8-8af1-41af-b9cc-e69951d9bfd7.jpg"}]},{"Id":20731,"Title":"Zambia's inflation soars to 39-month high amid rising food prices","Author":null,"Summary":"Zambia’s annual inflation rate surged to its highest level in over three years in February, as the country grapples with the effects of its most severe drought in over a century","Body":"

\"\"Zambia’s annual inflation rate surged to its highest level in over three years in February, as the country grapples with the effects of its most severe drought in over a century and a significant depreciation of the Kwacha currency.

\r\n\r\n

This combination of factors has led to sharp increases in the prices of essential goods, particularly meat and grains.

\r\n\r\n

During an online briefing with reporters on Thursday, acting Statistician-General Sheila Mudenda said consumer prices in Zambia rose by 16.8% in February, a slight increase from the 16.7% recorded in January.

\r\n\r\n

This month, Zambia’s central bank raised its key interest rate by 0.5 percentage points to 14.5%, the highest level in over eight years, Bloomberg reports.

\r\n\r\n

The move aims to stabilise the Kwacha and combat rising inflation. Annual inflation has been consistently above the central bank's target range of 6% to 8% since May 2019, further highlighting the ongoing economic challenges faced by the country.

\r\n\r\n

Earlier this month, the country’s Finance Minister Situmbeko Musokotwane stated that inflation is expected to peak by May, as the arrival of better rainfall helps ease the rise in food and electricity prices.

\r\n\r\n

The ongoing drought has played a significant role in the Kwacha's 18.5% depreciation over the past year, as the country faced higher costs for food and electricity imports due to shortages.

\r\n\r\n

Last month, the energy regulator extended a 115% hike in electricity prices for large consumers by an additional three months to help cover the cost of these imports.

\r\n\r\n

Zambia depends on hydropower for approximately 85% of its electricity, which makes the country highly susceptible to fluctuations in water supply.

\r\n\r\n

Furthermore, in February, the growth rate of food prices accelerated to 20.6%, up from 19.2% in January. Meanwhile, non-food inflation slowed to 11.7% annually, down from 13.2% the previous month. On a monthly basis, prices rose by 2.4%, slightly up from 2.1% in January.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-02-28T00:00:00","CreatedDate":"2025-02-28T13:50:14.52","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":72020,"Name":"Zambias-inflation-soars-to-39-month-high-amid-rising-food-prices","Header":null,"MetaTitle":"Zambia's inflation soars to 39-month high","MetaKeywords":"Inflation, drought, food prices","MetaDescription":"Zambia’s annual inflation rate surged to its highest level in over three years in February, as the country grapples with the effects of its most severe drought in over a century","IsDeleted":false,"CreatedDate":"2025-02-28T13:50:14.52","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_c1109cf9-dbcf-4a85-8309-dd955dba6054.jpg"}]},{"Id":20700,"Title":"Zambia looks to open new chapter of strategic cooperation with China","Author":null,"Summary":"The Zambian Embassy in China organised a business and cultural exchange event in Beijing on Wednesday for Chinese business leaders.","Body":"

\"\"The Zambian Embassy in China organised a business and cultural exchange event in Beijing on Wednesday for Chinese business leaders.

\r\n\r\n

The gathering served as a platform for fostering deeper collaboration in investment, trade, and culture, featuring performances of Zambian music and dance, along with demonstrations of Chinese martial arts and traditional medicine.

\r\n\r\n

During the opening, Zambian Ambassador Ivan Zyuulu’s speech highlighted the efforts of both countries' leaders in advancing the China-Zambia comprehensive strategic cooperative partnership, showcasing their strong and ongoing collaboration.

\r\n\r\n

Furthermore, he added that the relationship has made substantial progress across various sectors. He also underscored that, through the Belt and Road Initiative and the Forum on China-Africa Cooperation, China's outward direct investment has played a crucial role in Zambia's economic growth, China Daily reports.

\r\n\r\n

In addition, Lordwell Kalubankwa, the economic counsellor at the Zambian Embassy in China, said in his speech that Zambia is rich in natural and tourism resources, including globally renowned natural wonders such as Victoria Falls.

\r\n\r\n

In recent years, the Zambian government has actively enhanced the investment climate and implemented a range of favourable policies, which have drawn numerous international investors.

\r\n\r\n

Kalubankwa also said that Zambia places great importance on its cooperation with China and hopes that this event will serve to strengthen collaboration in areas such as infrastructure development, agricultural modernisation, and tourism, with the goal of achieving mutual benefits.

\r\n\r\n

Representatives from various Chinese companies have already expressed strong interest in investment opportunities in Zambia. Several company spokespeople noted in their speeches that Zambia holds significant market potential and complements China's industrial structure.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-02-21T00:00:00","CreatedDate":"2025-02-21T17:07:49.167","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71989,"Name":"Zambia-looks-to-open-new-chapter-of-strategic-cooperation-with-China","Header":null,"MetaTitle":"Zambia to open strategic cooperation chapter with China","MetaKeywords":"China, Business, Culture","MetaDescription":"The Zambian Embassy in China organised a business and cultural exchange event in Beijing on Wednesday for Chinese business leaders.","IsDeleted":false,"CreatedDate":"2025-02-21T17:07:49.167","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_dc17a57e-ca05-4d6f-984a-ef6d182c29c0.jpg"}]},{"Id":20647,"Title":"Zambia calls on Japanese tech firms to boost its digital economy","Author":null,"Summary":"Zambia is seeking partnerships with Japanese technology firms to bolster its digital economy, starting with key sectors such as health, energy, and waste management.","Body":"

\"\"Zambia is seeking partnerships with Japanese technology firms to bolster its digital economy, starting with key sectors such as health, energy, and waste management.

\r\n\r\n

President Hakainde Hichilema met with industry leaders in Japan this week during an official visit, which was extended by Prime Minister Shigeru Ishiba.

\r\n\r\n

Hichilema led a delegation to Southern-Central Kyoto, where he met with executives from the Horiba Technologies Group and the Sustaina Kyoto South Clean Centre, IT Web reports.

\r\n\r\n

Horiba, a global leader in analytical equipment, offers technology solutions for environmental sustainability and health diagnostics.

\r\n\r\n

“We hope to partner with Horiba to improve healthcare services in Zambia,” Hichilema said.

\r\n\r\n

The president also held discussions with executives from Sustaina Kyoto, focusing on waste management technology that transforms waste into energy.

\r\n\r\n

“At Sustaina Kyoto South Clean Centre, we examined cutting-edge waste management technology that converts waste into energy.

\r\n\r\n

“We have directed the Ministry of Local Government to replicate this concept with local authorities, promoting sustainable waste management and energy generation,” he said.

\r\n\r\n

Furthermore, Hichilema also directed the Ministry of Local Government and Rural Development to adopt and implement similar initiatives in collaboration with local authorities.

\r\n\r\n

“This strategic move aligns with Zambia’s vision for sustainable waste management, energy generation, and economic growth, reinforcing its goal of achieving middle-income status by 2030,” he added.

\r\n\r\n

Moreover, Zambia and Japan also signed an agreement to promote and protect investments between the two nations. The Agreement for the Promotion and Protection of Investment was signed during a ceremony in Tokyo on Thursday.

\r\n\r\n

The agreement was signed by Zambia's Commerce, Trade, and Industry Minister Chipoka Mulenga and Japanese Ambassador to Zambia Takeuchi Kazuyuki, and outlines the treatment of investment activities, offering national treatment during the post-establishment phase and most-favoured-nation treatment in both the pre- and post-establishment phases.

\r\n\r\n

It also includes provisions for fair and equitable treatment, a ban on performance requirements, guidelines for expropriation and compensation, freedom of transfers, and procedures for dispute resolution, APA News reports.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-02-07T00:00:00","CreatedDate":"2025-02-07T16:52:55.633","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71936,"Name":"Zambia-calls-on-Japanese-tech-firms-to-boost-its-digital-economy","Header":null,"MetaTitle":"Zambia calls on Japanese tech firms to boost economy","MetaKeywords":"Japenese tech firms, digital economy ","MetaDescription":"Zambia is seeking partnerships with Japanese technology firms to bolster its digital economy, starting with key sectors such as health, energy, and waste management.","IsDeleted":false,"CreatedDate":"2025-02-07T16:52:55.633","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_5468a69c-d27b-42c3-b705-fda048b25562.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_5468a69c-d27b-42c3-b705-fda048b25562.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_5468a69c-d27b-42c3-b705-fda048b25562.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_5468a69c-d27b-42c3-b705-fda048b25562.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_5468a69c-d27b-42c3-b705-fda048b25562.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_5468a69c-d27b-42c3-b705-fda048b25562.jpg"}]},{"Id":20569,"Title":"Zambia banks on mining boom to prompt economic comeback","Author":null,"Summary":"Zambia’s finance minister, Situmbeko Musokotwane, has stated that the country is relying on its mining sector to drive economic recovery after a significant developmental slowdown","Body":"

\"\"Zambia’s finance minister, Situmbeko Musokotwane, has stated that the country is relying on its mining sector to drive economic recovery after a significant developmental slowdown caused by the worst drought on record.

\r\n\r\n

Speaking on Tuesday at an economic outlook event, he highlighted plans for the launch of new mines and increased investment in existing ones to boost production.

\r\n\r\n

“If all goes according to plan, 2025 should be the start of this revival and it will be getting stronger and stronger each year going forward,” he stated.

\r\n\r\n

Data from the Zambian government shows that copper production rose from 698,000 tons in 2023 to over 770,000 tons in 2024. The country aims to increase production to approximately 1 million tons next year, with a long-term goal of reaching 3 million tons, Business Insider Africa reports.

\r\n\r\n

During a presentation at the event, the finance ministry expressed optimism that economic growth in 2025 could hit 6.6%.

\r\n\r\n

The government has revised its 2024 growth forecast downward from the 2.3% projected in September to 1.2% due to the effects of the drought, according to the presentation.

\r\n\r\n

Despite these challenges, Zambia remains on track to achieve a budget deficit target of 3.1% of GDP this year, higher than last year's revised deficit estimate of 2.7% of GDP, as reported by Reuters news agency.

\r\n\r\n

Zambia, the first African nation to default on its sovereign debt during the COVID-19 pandemic, has agreed to restructuring terms for 90% of its external debt, as discussed in the presentation.

\r\n\r\n

Indeed, the finance minister noted that senior Zambian officials, including the Treasury secretary and the central bank governor, are currently in China to negotiate the remaining outstanding debt.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-01-23T00:00:00","CreatedDate":"2025-01-23T11:14:06.01","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71856,"Name":"Zambia-banks-on-mining-boom-to-prompt-economic-comeback","Header":null,"MetaTitle":"Zambia banks on mining boom to prompt economic comeback","MetaKeywords":"Mining sector, Situmbeko Musokotwane","MetaDescription":"Zambia’s finance minister, Situmbeko Musokotwane, has stated that the country is relying on its mining sector to drive economic recovery after a significant developmental slowdown","IsDeleted":false,"CreatedDate":"2025-01-23T11:14:06.01","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_1c4532ef-dd1d-4388-a220-4ac9ef8585e7.jpg"}]},{"Id":20552,"Title":"Zambia revamps copper industry with bold move into metals trading","Author":null,"Summary":"Zambia's government is adopting a more strategic approach to the copper market by launching a metals trading company in collaboration with commodity trader Mercuria.","Body":"

\"\"Zambia's government is adopting a more strategic approach to the copper market by launching a metals trading company in collaboration with commodity trader Mercuria.

\r\n\r\n

An analyst has described this move as a “level-headed and intentional approach,” especially in contrast to past government interventions in the sector.

\r\n\r\n

The partnership, finalised last month, involves Mercuria and Industrial Resources Limited, a fully owned subsidiary of the Industrial Development Corporation (IDC), Zambia’s government investment arm, as the country aims to ramp up its copper production to 3 million tonnes annually.

\r\n\r\n

In a statement, Mercuria has hailed the collaboration as a “bold step in Zambia’s resource governance strategy.” 

\r\n\r\n

The partnership’s key objectives include establishing an independent marketing and trading capacity for Zambia’s copper resources, creating a local pipeline for metals trading, and fostering human capital development through knowledge and skills transfer from Mercuria to the local workforce.

\r\n\r\n

In addition, the collaboration aims to enhance transparency and efficiency in mineral trading and increase Zambia’s involvement in global commodity markets.

\r\n\r\n

Although details on timelines, financing, and expected revenues have not been revealed, IDC Chief Executive Cornwell Muleya stated that the initiative will “position Zambia as a key player in international markets.” 

\r\n\r\n

In 2022, Zambia was ranked as the world’s ninth-largest producer of copper, according to Natural Resources Canada.

\r\n\r\n

Copper exports are crucial to Zambia's economy, accounting for nearly $10 billion of its $29.2 billion GDP in 2022. Currently, nearly half of these exports are sent to Switzerland, which hosts numerous commodities traders who purchase the metal for re-export to other global markets.

\r\n\r\n

Through the new joint venture, the Zambian government will take a more direct role in procuring and marketing a portion of the country’s copper production.

\r\n\r\n

The timing of the partnership with Mercuria is no coincidence, according to Pangea-Risk Africa analyst Zaynab Hoosen, who shared her insights with Global Trade Review.

\r\n\r\n

“Zambia’s government has decided to [establish the joint venture] now before the boom that is expected to occur over the next couple of years,” Hoosen said. “By then, the company will already be set up and in a good position, having gained some experience from Mercuria over these years.”

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-01-17T00:00:00","CreatedDate":"2025-01-17T11:50:36.01","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71838,"Name":"Zambia-revamps-copper-industry-with-bold-move-into-metals-trading","Header":null,"MetaTitle":"Zambia revamps copper industry","MetaKeywords":"Copper, Metals trading","MetaDescription":"Zambia's government is adopting a more strategic approach to the copper market by launching a metals trading company in collaboration with commodity trader Mercuria.","IsDeleted":false,"CreatedDate":"2025-01-17T11:50:36.01","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_144fc587-5df3-486c-a47f-48ee02dcf467.jpg"}]},{"Id":20516,"Title":"Kwacha hits all-time low as drought escalates risks for Zambia’s economy","Author":null,"Summary":"Zambia's currency, the Kwacha, tumbled to a record low as a severe drought drives up power costs and threatens the nation’s economy.","Body":"

\"\"Zambia's currency, the Kwacha, tumbled to a record low as a severe drought drives up power costs and threatens the nation’s economy.

\r\n\r\n

The Kwacha weakened for the 11th straight session, trading at 28.1200 per Dollar on Tuesday. The 0.4% decline marked its steepest decline in three weeks. 

\r\n\r\n

The currency's slump is largely attributed to Zambia’s heavy dependence on the Kariba Dam for electricity generation. While water levels in the dam have risen slightly, they remain critically low at just 2.6% of usable capacity, forcing mining companies, key players in Africa's second-largest copper producer, to rely on expensive imported power.

\r\n\r\n

Households and businesses across Zambia are grappling with prolonged power cuts lasting throughout the day, forcing many to rely on electricity generators powered by imported fuel, Bloomberg reports.

\r\n\r\n

“A favourable rainy season could support a rapid recovery in hydropower generation, reducing Zambia’s electricity import bill,” according to Irmgard Erasmus, senior economist at Oxford Economics Africa. That said, “we prefer to err on the side of caution and place a higher stake on those meteorological forecasts that warn of a weak and short-lived La Niña.”

\r\n\r\n

The Kwacha experienced a turbulent 2024, influenced by central bank interventions to support the currency and an IMF agreement. Over the past 12 months, it has depreciated by 8% against the Dollar, a decline similar to that of the Gambian Dalasi, Rwanda’s Franc, and Angola’s Kwanza, all ranked among the weakest-performing currencies in Africa, according to Bloomberg data.

\r\n\r\n

Furthermore, Oxford Economics Africa predicts Zambia’s GDP growth for 2025 will be a below-consensus 3.4%, based on expectations of a lacklustre rainy season. 

\r\n\r\n

Flows in the Zambezi River are currently significantly lower than last year, measuring just 321 cubic meters per second, compared to 525 at Victoria Falls, according to the Zambezi River Authority. Whilst at Chavuma, the river's flow is less than half of what it was a year ago, suggesting that the recovery remains uncertain.

\r\n\r\n

Another source of pressure is the trade tariffs introduced by US President-elect Donald Trump. While these tariffs may not directly impact Zambia, they could have repercussions for China, one of Zambia's key trading partners.

\r\n\r\n

“Our baseline considers higher imported inflation and further monetary policy tightening,” Erasmus added.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2025-01-08T00:00:00","CreatedDate":"2025-01-08T10:36:14.637","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71802,"Name":"Kwacha-hits-all-time-low-as-drought-escalates-risks-for-Zambias-economy","Header":null,"MetaTitle":"Kwacha hits all-time low as drought escalates","MetaKeywords":"Kwacha, Drought","MetaDescription":"Zambia's currency, the Kwacha, tumbled to a record low as a severe drought drives up power costs and threatens the nation’s economy.","IsDeleted":false,"CreatedDate":"2025-01-08T10:36:14.637","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e8824c4a-4d0c-489d-b8c5-b272ee373eff.jpg"}]},{"Id":20384,"Title":"Zambia hikes key interest rate to 7-year high to bolster currency","Author":null,"Summary":"Zambia's central bank increased its key interest rate on Wednesday to its highest level since 2017 to curb inflation and strengthen its weakened currency. ","Body":"

\"\"Zambia's central bank increased its key interest rate on Wednesday to its highest level since 2017 to curb inflation and strengthen its weakened currency. 

\r\n\r\n

The monetary policy committee raised the rate from 13.5% to 14%, Governor Denny Kalyalya announced to reporters in Lusaka.

\r\n\r\n

“The decision to raise the policy rate is aimed at steering inflation back towards the target band and anchoring inflation expectations,” he said, going on to add that “we took account of what was happening in the foreign exchange market.”  

\r\n\r\n

Annual inflation has exceeded the central bank’s target range of 6% to 8% since May 2019, Bloomberg reports.  

\r\n\r\n

The Kwacha has lost nearly 3% of its value since 24th October, exacerbating inflation, which is already close to a three-year high of 15.7% due to a severe drought. 

\r\n\r\n

The dry conditions have resulted in a shortage of corn, fish, and vegetables, while the demand for fuel has risen to compensate for electricity shortages, according to Governor Kalyalya. Zambia relies heavily on hydroelectric power, which has been severely impacted by low water levels.

\r\n\r\n

The governor attributed the recent weakness of the currency to growing demand for foreign exchange. After dropping to $7.4 million at the end of September, foreign exchange reserves increased to $52.7 million by 4th November, according to Kalyalya.  

\r\n\r\n

Annual inflation is now expected to average around 15% in 2024, but the Monetary Policy Committee (MPC) has raised its inflation forecasts for the coming years, projecting 13.9% in 2025, up from the 12.7% forecast in August.

\r\n\r\n

“The bank stands ready to take appropriate action should inflation persist above the 6%-8% target band. Decisions on the policy rate will continue to be guided by inflation outcomes, forecasts and identified risks, including those associated with financial stability,” the governor said. 

\r\n\r\n

The rate decision follows a day after the International Monetary Fund said “monetary policy must remain agile to combat inflation while preserving exchange rate flexibility.” It also urged the central bank to drive inflation toward the target band amid “a negative real policy rate, looser liquidity conditions, and strong growth in monetary aggregates.” 

\r\n\r\n

The dry spell has also hindered economic growth. 
\r\n 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-11-14T00:00:00","CreatedDate":"2024-11-14T12:30:03.317","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71666,"Name":"Zambia-hikes-key-interest-rate-to-7-year-high-to-bolster-currency","Header":null,"MetaTitle":"Zambia hikes key interest rate to 7-year high ","MetaKeywords":null,"MetaDescription":"Zambia's central bank increased its key interest rate on Wednesday to its highest level since 2017 to curb inflation and strengthen its weakened currency. ","IsDeleted":false,"CreatedDate":"2024-11-14T12:30:03.317","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_98ed6ce2-9300-41ca-bfba-11e4a047a771.jpg"}]},{"Id":20330,"Title":"Zambia inflation close to 3-year high in October","Author":null,"Summary":"Zambia's annual inflation rate surged to its highest level in nearly three years in October, primarily driven by the severe drought that has devastated the nation.","Body":"

\"\"Zambia's annual inflation rate surged to its highest level in nearly three years in October, primarily driven by the severe drought that has devastated the nation.

\r\n\r\n

This drought, considered the worst on record, has resulted in persistently high prices for essential commodities such as meat, corn, and cereals.

\r\n\r\n

According to acting Statistician-General Sheila Mudenda, consumer prices increased by 15.7% compared to the same month last year, a slight uptick from 15.6% in September. This marks the highest inflation rate observed since December 2021.

\r\n\r\n

The International Monetary Fund (IMF) predicts that inflation will continue to rise, influenced by the depreciation of the Zambian Kwacha, which has weakened by nearly 4% against the US Dollar this year, Bloomberg reports

\r\n\r\n

This depreciation has led to increased costs for food and electricity imports, further contributing to rising prices across the board.

\r\n\r\n

In addition, earlier this year, Zambia experienced a drought exacerbated by El Niño, which severely impacted agricultural production and reduced the capacity for hydropower generation—Zambia’s primary source of electricity. As a result, households and businesses are now receiving a maximum of just three hours of electricity per day.

\r\n\r\n

The drought's impact was significant enough for the IMF to revise its growth forecasts for Zambia in 2024, lowering the projection from 2.3% to 1.2%. This would mark the slowest economic growth in 25 years, excluding the contraction experienced in 2020 during the peak of the pandemic.

\r\n\r\n

Despite the rising inflation, it is unlikely that the central bank will opt to increase interest rates at the upcoming meeting on 13th November as a means to bolster the economy. The bank has previously indicated that the inflationary pressures are primarily supply-driven. 

\r\n\r\n

Meanwhile, non-food inflation, which serves as an indicator of underlying price pressures, eased slightly to an annual rate of 12.2%, down from 12.4% in the previous month.

\r\n\r\n

In contrast, food price inflation accelerated to 18.2% in October, up from 17.9% in September, highlighting the ongoing challenges facing the Zambian economy.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-10-31T00:00:00","CreatedDate":"2024-11-04T08:48:46.687","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71612,"Name":"Zambia-inflation-close-to-3-year-high-in-October","Header":null,"MetaTitle":"Zambia inflation close to 3-year high in October","MetaKeywords":"Inflation, Drought","MetaDescription":"Zambia's annual inflation rate surged to its highest level in nearly three years in October, primarily driven by the severe drought that has devastated the nation.","IsDeleted":false,"CreatedDate":"2024-11-04T08:48:46.687","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_71a73ca6-5cc3-4732-b608-b7b473cd2de4.jpg"}]},{"Id":20304,"Title":"US gives Zambia $458m to complement Lobito initiative","Author":null,"Summary":"The US has allocated $458 million to help Zambian farmers access regional and global markets. This funding, provided through the United States Millennium Challenge Corporation (MCC), complements the US government's investments in Lobito","Body":"

\"\"The US has allocated $458 million to help Zambian farmers access regional and global markets. This funding, provided through the United States Millennium Challenge Corporation (MCC), complements the US government's investments in Lobito, a significant logistical corridor that stretches across Angola, Zambia, and Tanzania, connecting the Atlantic and Indian Oceans.

\r\n\r\n

Washington has committed $4 million to the Lobito project, reflecting an apparent competition for the region’s vital minerals with China, which has pledged $1 billion for the rehabilitation of the Tazara, a transborder railway corridor linking Dar es Salaam to Kapiri Mposhi in central Zambia, Zawya reports.

\r\n\r\n

As a result, Zambia has effectively joined the increasing number of African nations receiving US grants through the MCC.

\r\n\r\n

In addition, in East Africa, both Kenya and Tanzania are beneficiaries of the MCC. Kenya signed its agreement with the MCC in 2023, while Tanzania had its agreement reinstated by the US in December 2022 after being suspended during John Magufuli's presidency. 

\r\n\r\n

Earlier this month, US Secretary of State Antony J. Blinken, said the Zambia project was set to bring “sustainable and inclusive economic growth for the Zambian people.”

\r\n\r\n

He added: “This MCC compact, based on a $458 million debt-free grant from the US and a $33 million investment by Zambia, will develop infrastructure to assist Zambia’s farmers and rural communities in accessing regional and global markets, support policy reforms to catalyse agricultural sector growth, and complement the US government’s investments in the Lobito Corridor,” Blinken said.

\r\n\r\n

The agreement was signed in Lusaka by MCC CEO Alice Albright and Zambia’s Minister of Finance Situmbeko Musokotwane and witnessed by President Hakainde Hichilema.

\r\n\r\n

“MCC recognises Zambia’s potential to not only become food secure, but also a leading supplier of agricultural goods to the region and the world,” Albright said. “This compact makes it easier for Zambia’s farmers and agriculture processors to sell their products and grow their businesses, an output critical to Zambia’s economic growth.”

\r\n\r\n

President Hichilema stated: “The signing of the second Millennium Challenge compact today signifies yet another landmark in our bilateral cooperation and friendly relations with the people and government of the United States of America.”

\r\n\r\n

The Zambia Farm-to-Market Compact includes a mix of investments in rural road infrastructure and maintenance, as well as access to financing for irrigation, electricity, and storage facilities. It aims to enhance logistics, processing equipment, and infrastructure for agriculture, along with initiatives for agricultural policy reform. This makes it particularly significant and closely connected to the Lobito Corridor.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-10-25T00:00:00","CreatedDate":"2024-10-25T11:29:26.397","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71584,"Name":"US-gives-Zambia-USD-458m-to-complement-Lobito-initiative","Header":null,"MetaTitle":"US gives Zambia $458m to complement Lobito initiative","MetaKeywords":"Lobito initiative, United States Millennium Challenge Corporation (MCC)","MetaDescription":"The US has allocated $458 million to help Zambian farmers access regional and global markets. This funding, provided through the United States Millennium Challenge Corporation (MCC), complements ","IsDeleted":false,"CreatedDate":"2024-10-25T11:29:26.397","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_d7e7eded-6574-4456-b603-45cdbc538627.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_d7e7eded-6574-4456-b603-45cdbc538627.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_d7e7eded-6574-4456-b603-45cdbc538627.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_d7e7eded-6574-4456-b603-45cdbc538627.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_d7e7eded-6574-4456-b603-45cdbc538627.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_d7e7eded-6574-4456-b603-45cdbc538627.jpg"}]},{"Id":20218,"Title":"EU continues budget support to Zambia","Author":null,"Summary":"Earlier this week the European Union announced that it has resumed budgetary support to Zambia, marking the first disbursement in a decade. ","Body":"

\"\"Earlier this week the European Union announced that it has resumed budgetary support to Zambia, marking the first disbursement in a decade. 
\r\n 
\r\nAn initial tranche of €20 million has been released, as part of a broader €60 million package to be allocated to Zambia’s National Treasury between 2024 and 2026. 
\r\n 
\r\nAt a joint press conference with Zambia’s Minister of Finance and National Planning, Situmbeko Musokotwane, EU Ambassador to Zambia, Karolina Stasiak, expressed optimism regarding Zambia's renewed commitment to governance reforms following the new administration's appointment after the 2021 general elections.
\r\n 
\r\n“The past few years have been particularly challenging for Zambia, with a series of crisis, including the Covid-19 pandemic, a debt default, a cholera epidemic, and a drought which has led to a severe economic crisis. The government has not been spared and in spite of these considerable challenges, it has remained steadfast in its efforts to strengthen governance, restore macroeconomic stability, and promote higher, more resilient, and inclusive growth,” she said.
\r\n 
\r\nStasiak further highlighted that the EU's support is intended to offer financial relief and help ease the economic burden on Zambia's vulnerable populations, according to Xinhua news agency.
\r\n 
\r\n“In this time of tight fiscal constraints, it is important to clarify that EU Budget Support is not a loan. It is a non-reimbursable financial support – a grant provided as part of development cooperation assistance. The European Union grants Budget Support only to countries that have made tangible progress in implementing the Government's reform policies. These funds will help the Government mitigate the impact of the crisis on the most vulnerable Zambians,” she went on to add. 
\r\n 
\r\nIn addition, Musokotwane reaffirmed Zambia's dedication to building a stronger and more prosperous future, focusing on enhanced access to education, healthcare, and effective public financial management. 
\r\n 
\r\n“Today’s signing ceremony is not just a symbolic act; it is a concrete manifestation of our commitment to building a stronger, more prosperous Zambia. We are confident that through our renewed partnership, we can create a future where every Zambian has access to quality education, affordable healthcare, and the benefits of a sound public financial management system”, he said. 
\r\n 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-10-03T00:00:00","CreatedDate":"2024-10-03T16:16:41.137","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71498,"Name":"EU-continues-budget-support-to-Zambia","Header":null,"MetaTitle":"EU continues budget support to Zambia","MetaKeywords":null,"MetaDescription":"Earlier this week the European Union announced that it has resumed budgetary support to Zambia, marking the first disbursement in a decade. ","IsDeleted":false,"CreatedDate":"2024-10-03T16:16:41.137","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_13d66cac-c7a4-4545-8f31-30479e35a6c3.jpg"}]},{"Id":20213,"Title":"Zambia inflation hits 4-year high","Author":null,"Summary":"Zambia's annual inflation rate climbed to its highest point in nearly four years in September, while the economy grew at its slowest rate since 2021, primarily due to an El Niño-induced drought ","Body":"

\"\"Zambia's annual inflation rate climbed to its highest point in nearly four years in September, while the economy grew at its slowest rate since 2021, primarily due to an El Niño-induced drought that harmed crops and raised prices for corn, rice, and meat.

\r\n\r\n

Consumer prices increased to 15.6%, slightly up from 15.5% in August, as reported by Statistician-General Goodson Sinyenga during a press conference in Lusaka on Thursday. 

\r\n\r\n

This marks the highest inflation rate since December 2021, Bloomberg reports.

\r\n\r\n

Additionally, the economy expanded by 1.7% in the second quarter, down from 2.2% in the previous quarter.

\r\n\r\n

In addition to reducing agricultural output, the worst drought in over a century has limited hydropower generation, leading to instances where households and businesses experience more than 24 hours of continuous power outages.

\r\n\r\n

This situation has compelled the government to cut its economic growth forecast for the year to 2.3%, with the possibility of a further downward revision expected on Friday when Finance Minister Situmbeko Musokotwane presents his annual budget.

\r\n\r\n

Indeed, the worst drought in over a century is pushing Zambia to its limits, necessitating that the finance minister craft an annual budget capable of revitalising an economy still recovering from a difficult debt restructuring.

\r\n\r\n

Situmbeko Musokotwane’s 2025 spending plan, set to be unveiled on Friday, will be one of the “greatest challenges” he faces in his term, according to financial analyst Trevor Hambayi.

\r\n\r\n

Furthermore, the worsening economic outlook and the rising imports of electricity and food have contributed to the depreciation of the Kwacha, further exacerbating price pressures. 

\r\n\r\n

According to the statistics agency, food prices increased by 17.9%, up from 17.6% in August, while the growth rate of non-food prices slowed slightly to 12.4%, down from 12.5% the previous month.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-09-27T00:00:00","CreatedDate":"2024-09-27T16:28:37.293","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71490,"Name":"Zambia-inflation-hits-4-year-high","Header":null,"MetaTitle":"Zambia inflation hits 4-year high","MetaKeywords":"Inflation, Drought, Economy","MetaDescription":"Zambia's annual inflation rate climbed to its highest point in nearly four years in September, while the economy grew at its slowest rate since 2021, primarily due to an El Niño-induced drought ","IsDeleted":false,"CreatedDate":"2024-09-27T16:28:37.293","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_a75b3bb8-1d7f-4016-a666-8683372e2222.jpg"}]},{"Id":20179,"Title":"Zambia’s drought-fuelled electricity shortage worsens","Author":null,"Summary":"As Zambia faces its worst drought in two decades, both businesses and households are experiencing prolonged electricity shortages.","Body":"

\"\"As Zambia faces its worst drought in two decades, both businesses and households are experiencing prolonged electricity shortages.

\r\n\r\n

Experts warn that the severe energy crisis could exacerbate the country's already fragile economy and result in significant job losses.

\r\n\r\n

On a typical day, millions of people nationwide are coping with up to 21 hours of power outages, commonly referred to as load shedding.

\r\n\r\n

The Zambia Association of Manufacturers, which represents the interests of the nation's factories, is feeling the impact of the energy crisis.

\r\n\r\n

According to association president Ashu Sagar, members are struggling with the situation. Large companies are facing high costs due to the use of diesel-powered generators, while smaller businesses lack any alternative energy sources.

\r\n\r\n

Sagar also noted that some members of the association have been unable to fulfill their contractual commitments with buyers as a result of the drought-induced energy crisis.

\r\n\r\n

“So, the impact on the manufacturing sector is quite big in that small companies that probably could have no capacity to invest in alternative energy solutions like diesel generators have had to curtail their manufacturing operations,” he commented.

\r\n\r\n

In addition, on Monday, Zambia's sole public power utility, the Zambia Electricity Supply Corporation (ZESCO), stated that it lacks sufficient power to supply all hospitals. 

\r\n\r\n

According to media reports, some hospitals in the country are turning away patients due to shortages of both electricity and water, All Africa reports.

\r\n\r\n

Furthermore, ZESCO spokesperson Matongo Maumbi explained that Zambia’s heavy dependence on hydropower has resulted in a national shortfall of nearly 1,300 megawatts due to the depletion of water sources. 

\r\n\r\n

Economist Emmanuel Zulu added that the energy crisis is negatively impacting Zambia’s economy and increasing unemployment rates.

\r\n\r\n

“There is a slump in output and productivity in the economy and this is going to affect our GDP as well as employment because most people will be left with nothing to do,” he stated.

\r\n\r\n

Moreover, during his state of the nation address to Parliament at the end of last week, President Hichilema stated that his government is working tirelessly to tackle the energy crisis.

\r\n\r\n

“Government is implementing a number of interventions in a bid to enhance resilience and reduce our dependence on hydroelectric power. We are promoting alternative sources of energy,” he said.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-09-18T00:00:00","CreatedDate":"2024-09-18T12:22:11.187","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":71456,"Name":"Zambias-drought-fuelled-electricity-shortage-worsens","Header":null,"MetaTitle":"Zambia’s drought-fuelled electricity shortage worsens","MetaKeywords":"Drought, Electricity shortage","MetaDescription":"As Zambia faces its worst drought in two decades, both businesses and households are experiencing prolonged electricity shortages.","IsDeleted":false,"CreatedDate":"2024-09-18T12:22:11.187","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_ac96168a-65dc-4210-80f5-742f0fee51d5.jpg"}]},{"Id":19113,"Title":"Zambian inflation hits 32-month peak at 15.5% in August","Author":null,"Summary":"Zambia's annual inflation rate reached a 32-month high in August, driven by an El Niño-induced drought that continues to push food prices higher.","Body":"

\"\"Zambia's annual inflation rate reached a 32-month high in August, driven by an El Niño-induced drought that continues to push food prices higher.

\r\n\r\n

Consumer prices rose by 15.5% in August, up from 15.4% in July, according to Statistician-General Goodson Sinyenga on Thursday. The month-on-month rise in prices was 0.9%, slightly down from the 1% increase seen in July.

\r\n\r\n

The severe drought has strained the economy, devastated crops, reduced hydropower generation, and caused a surge in expensive imports, weakening the Kwacha, Bloomberg reports.

\r\n\r\n

Food prices, which account for more than half of the inflation basket, increased to 17.6% from 17.4% last month, while non-food price growth slowed to 12.5% compared to 12.6% in July.

\r\n\r\n

The prolonged dry spell has hampered the central bank's efforts to reduce inflation to its 6% to 8% target range by next year, forcing it to maintain a higher key interest rate for an extended period.

\r\n\r\n

Earlier this month, the bank held the rate steady at a seven-year high of 13.5% following six consecutive hikes totalling 450 basis points. 

\r\n\r\n

In addition, it is working to finalise consultations on plans to limit the use of foreign currency in domestic transactions to strengthen the Kwacha.

\r\n\r\n

Last week, the energy regulator rejected a request from state power utility Zesco Ltd. to increase electricity tariffs by up to 156% to cover the cost of emergency supplies. This move potentially prevented a further spike in inflation. 

\r\n\r\n

Furthermore, in October 2020, Zambia defaulted on its external debt, which included $3 billion in Eurobonds. By June 2022, the official creditor committee (OCC) for Zambia, composed of bilateral government lenders, agreed to negotiate debt restructuring terms for bilateral non-commercial debt.

\r\n\r\n

This agreement facilitated the signing of a funded IMF program in August 2022, valued at 980 million Special Drawing Rights or about $1.4 billion. So far, approximately $555 million of this amount has been disbursed.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-08-30T00:00:00","CreatedDate":"2024-09-02T10:04:13.73","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70389,"Name":"Zambian-inflation-hits-32-month-peak-at-15-point-5-percent-in-August","Header":null,"MetaTitle":"Zambian inflation hits 32-month peak at 15.5% in August","MetaKeywords":"Inflation, Drought","MetaDescription":"Zambia's annual inflation rate reached a 32-month high in August, driven by an El Niño-induced drought that continues to push food prices higher.","IsDeleted":false,"CreatedDate":"2024-09-02T10:04:13.73","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_203d5052-c9bb-47c5-a79c-4ef026976cc2.jpg"}]},{"Id":19060,"Title":"Bank of Zambia holds key rate at 13.50%","Author":null,"Summary":"Zambia's central bank decided to keep its benchmark lending rate steady on Wednesday, citing that despite persistent high inflation, the current rate was suitable due to the economic effects of a severe drought.","Body":"

\"\"Zambia's central bank decided to keep its benchmark lending rate steady on Wednesday, citing that despite persistent high inflation, the current rate was suitable due to the economic effects of a severe drought.

\r\n\r\n

The Monetary Policy Rate was maintained at 13.50% following six consecutive meetings where it had been increased. This year, the Bank of Zambia has already raised the rate by 100 basis points in May and 150 basis points in February.

\r\n\r\n

“While actual and projected inflation remain elevated relative to the 6%-8% target band, the committee judged that the current monetary policy stance is appropriate,” stated central bank governor, Denny Kalyalya.

\r\n\r\n

Inflation has been climbing since mid-last year, hitting 15.4% year-on-year in July, driven by a decline in the Kwacha currency and the worst drought in decades in the southern African region, Reuters news agency reports.

\r\n\r\n

The central bank now expects inflation to average 15.3% in 2024, an increase from the 13.7% forecast provided at its previous policy meeting in May.

\r\n\r\n

Furthermore, the central bank governor stated that completing Zambia's external debt restructuring and implementing structural reforms are crucial for reducing inflation. 

\r\n\r\n

The Kwacha has struggled with delays in restructuring discussions and limited foreign-currency inflows, leading to a series of record lows against the Dollar from November to February and continued volatility since then.

\r\n\r\n

“In taking the decision to maintain the Policy Rate as opposed to raising it, the committee also took into account the impact on the stability of the financial system and growth, particularly in 2024, in the wake of the drought,” Kalyalya went on to add. 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-08-16T00:00:00","CreatedDate":"2024-08-16T12:31:37.067","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70335,"Name":"Bank-of-Zambia-holds-key-rate-at-13-point-50-percent","Header":null,"MetaTitle":"Bank of Zambia holds key rate at 13.50%","MetaKeywords":"Inflation, Zambia Central Bank, Kwacha","MetaDescription":"Zambia's central bank decided to keep its benchmark lending rate steady on Wednesday, citing that despite persistent high inflation, the current rate was suitable due to the economic effects","IsDeleted":false,"CreatedDate":"2024-08-16T12:31:37.067","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_cd1ac198-e3bc-41da-abcc-772d06eba1b1.jpg"}]},{"Id":18950,"Title":"Zambia to gain from €4.5bn Global Fund for Sustainable Development from Italy ","Author":null,"Summary":"Zambia stands to benefit from a substantial €4.5 billion Global Fund for Sustainable Development provided by Italy. ","Body":"

\"\"Zambia stands to benefit from a substantial €4.5 billion Global Fund for Sustainable Development provided by Italy. 

\r\n\r\n

This opportunity arises following the recent signing of a Memorandum of Understanding (MoU) on Sustainable Development Cooperation between the two countries.

\r\n\r\n

The Memorandum of Understanding was signed earlier this week in Lusaka by Zambia's Foreign Affairs and International Cooperation Minister, Mulambo Haimbe, and the Italian Ambassador to Zambia, Enrico De Agostini.

\r\n\r\n

The agreement will be implemented through bilateral cooperation, involving Zambia’s Ministry of Green Economy and Environment and Italy’s Ministry of Environment and Energy.

\r\n\r\n

At the signing ceremony, Minister Haimbe expressed Zambia’s gratitude for its enduring bilateral relations with Italy. He underscored the significance of this agreement in promoting sustainable development and enhancing the bond between the two countries, Lusaka Times reports.

\r\n\r\n

Italy’s Ministry of Foreign Affairs Development Cooperation Director General, Stefano Gatti, also addressed the event, highlighting the importance of the MoU. He emphasised that the agreement is vital for strengthening bilateral relations and promoting sustainable development initiatives in Zambia.

\r\n\r\n

The €4.5 billion fund is designed to support a range of development projects, aimed at improving environmental protection and promoting green economy practices in Zambia and other recipient countries.

\r\n\r\n

The MoU marks a significant step forward in fostering sustainable development initiatives and underscores the commitment of both countries to work together towards common goals, highlighting the strengthening of bilateral relations and the shared vision for a sustainable future.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-07-12T00:00:00","CreatedDate":"2024-07-12T13:09:39.157","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70198,"Name":"Zambia-to-gain-from-euro-4-point-5bn-Global-Fund-for-Sustainable-Development-from-Italy","Header":null,"MetaTitle":"Zambia to gain from €4.5bn Sustainable Development fund","MetaKeywords":"Italy, Zambia, Global Fund for Sustainable Development","MetaDescription":"Zambia stands to benefit from a substantial €4.5 billion Global Fund for Sustainable Development provided by Italy. ","IsDeleted":false,"CreatedDate":"2024-07-12T13:09:39.157","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_3567be9e-b0f8-415a-89b1-3540b7d55218.jpg"}]},{"Id":18896,"Title":"Zambia inflation hits 29-month high in June","Author":null,"Summary":"The annual inflation rate in Zambia reached a 29-month high in June and the economy grew at the slowest pace in two years as the nation continues to deal with the impact of an El Niño-induced drought, the worst in almost 60 years.","Body":"

\"\"The annual inflation rate in Zambia reached a 29-month high in June, and the economy grew at the slowest pace in two years as the nation continues to deal with the impact of an El Niño-induced drought, the worst in almost 60 years.

\r\n\r\n

Consumer prices increased 15.2% compared to 14.7% in May, fuelled by elevated costs of corn meal, cereals and spirits, according to Statistician General Goodson Sinyenga in Ndol, north of Lusaka on Thursday. 

\r\n\r\n

Zambia’s economy grew 2.2% in Q1 compared to 8.5% growth during the previous three months, Bloomberg reports.

\r\n\r\n

The dry spell has damaged crops, driving up food prices and leading the country to increase expensive imports. Annual food inflation rose to 16.8% from 16.2% last month, while non-food price growth increased to 13% from 12.7% in May.

\r\n\r\n

In addition, the effects of the extreme weather have hampered efforts by the central bank to return inflation back to the target of between 6% and 8%. 

\r\n\r\n

Policymakers have increased interest rates by 450 basis points since February last year to 13.5%.

\r\n\r\n

Earlier this week, a statement by the International Monetary Fund urged policymakers to maintain “a tight monetary stance until inflation declines toward the Bank of Zambia’s target range” to help manage inflation expectations

\r\n\r\n

Furthermore, the drought has severely impacted hydro-power generation, causing rolling blackouts that last more than half a day. To address the shortfall, the country is importing 188 megawatts from neighbouring Mozambique and has reduced electricity exports by nearly half to 281 megawatts, according to the state-owned power utility Zesco Ltd. on Monday.

\r\n\r\n

Additionally, last week, Zambia’s Finance Minister, Situmbeko Musokotwane, announced a supplementary budget of 41.9 billion Kwacha ($1.6 billion), part of which will be allocated to addressing the aftermath of the drought.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-06-28T00:00:00","CreatedDate":"2024-06-28T11:19:44.017","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70142,"Name":"Zambia-inflation-hits-29-month-high-in-June","Header":null,"MetaTitle":"Zambia inflation hits 29-month high in June","MetaKeywords":"Inflation, Economy","MetaDescription":"The annual inflation rate in Zambia reached a 29-month high in June and the economy grew at the slowest pace in two years as the nation continues to deal with the impact ","IsDeleted":false,"CreatedDate":"2024-06-28T11:19:44.017","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_771f05d8-d3b4-4995-baca-fe157710f745.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_771f05d8-d3b4-4995-baca-fe157710f745.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_771f05d8-d3b4-4995-baca-fe157710f745.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_771f05d8-d3b4-4995-baca-fe157710f745.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_771f05d8-d3b4-4995-baca-fe157710f745.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_771f05d8-d3b4-4995-baca-fe157710f745.jpg"}]},{"Id":18789,"Title":"Zambia to emerge from default as bondholders back debt restructuring","Author":null,"Summary":"Zambia's Ministry of Finance announced on Tuesday that over 90% of the holders of its $3 billion in outstanding international bonds have agreed to its restructuring plan","Body":"

\"\"Zambia's Ministry of Finance announced on Tuesday that over 90% of the holders of its $3 billion in outstanding international bonds have agreed to its restructuring plan, clearing a significant hurdle for the country to exit a prolonged default.

\r\n\r\n

Voting on the proposal officially comes to an end on 30th May, Reuters news agency reports.

\r\n\r\n

Yet, in regard to the instructions received by the government on 24th May, “Zambia expects that the meetings will be quorate and that each of the extraordinary resolutions in respect of each series of existing notes will be approved at the relevant meeting,” said a regulatory statement by the ministry.

\r\n\r\n

Zambia defaulted over three years ago and is currently restructuring its debt under the Common Framework. This G20 platform unites major creditors such as China and the traditional group of developed creditor nations, known as the Paris Club, to facilitate prompt and efficient debt overhauls for low-income countries.

\r\n\r\n

Zambia was widely regarded as a test case for the Common Framework. However, the process has been plagued by significant delays, hindering essential investments, stalling economic growth, and negatively impacting local financial markets. The situation was further exacerbated by a devastating drought. 

\r\n\r\n

Under the proposed plan, bondholders will exchange three existing instruments set to mature in 2022, 2024, and 2027 for two amortizing bonds. One of these new bonds will feature higher repayments contingent on improvements in the country's economic outlook.

\r\n\r\n

In 2022, Zambia secured a $1.3 billion loan from the International Monetary Fund, which required the country to restructure its debt with other creditors.

\r\n\r\n

According to Tradeweb data, Zambia’s international bonds remained unchanged in trading, with the 2024 bond indicated at 63.4 cents on the Dollar and the 2027 maturity at 75.9 cents.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-05-29T00:00:00","CreatedDate":"2024-05-29T11:02:24.1","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70035,"Name":"Zambia-to-emerge-from-default-as-bondholders-back-debt-restructuring","Header":null,"MetaTitle":"Zambia emerge bondholders back debt restructuring","MetaKeywords":"Debt Restructuring, Bondholders","MetaDescription":"Zambia's Ministry of Finance announced on Tuesday that over 90% of the holders of its $3 billion in outstanding international bonds have agreed to its restructuring plan","IsDeleted":false,"CreatedDate":"2024-05-29T11:02:24.1","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e36f2e59-93d5-44ab-a251-8b0fb86a1126.jpg"}]},{"Id":18772,"Title":"ICT sector contributes 2.6% to Zambia’s GDP in 2023","Author":null,"Summary":"Zambia’s Minister of Science and Technology, Felix Mutati stated that the Information and Communication Technologies (ICT) sector contributed 2.6% to the country’s GDP in the third quarter of 2023.","Body":"

\"\"Zambia’s Minister of Science and Technology, Felix Mutati stated that the Information and Communication Technologies (ICT) sector contributed 2.6% to the country’s GDP in the third quarter of 2023.

\r\n\r\n

Mutati commented that the ICT sector experienced a growth rate of 5.1%, similar to the growth rate recorded in the second quarter of the same year. 

\r\n\r\n

He attributed this growth to substantial investments made by both the government and the private sector, which have led to increased productivity and efficiency across other industries, Lusaka Times reports.

\r\n\r\n

According to a statement issued to ZANIS, Mutati made these remarks on Friday during his address to the nation on the eve of the 2024 Commemoration of the World Telecommunications and Information Society Day.

\r\n\r\n

Under the theme Digital Innovation for Sustainable Development,’ the Minister acknowledged the growth of the country’s ICT sector, highlighting its benefits to citizens.

\r\n\r\n

“This day reminds us of the critical role that ICTs play in driving economic growth and development. It is also a celebration of the continuous evolution that has reshaped the way we communicate, learn, work and live,” Mutati stated.

\r\n\r\n

He went on to add that the country has seen a rise in the utilisation of digital tools and platforms as businesses and individuals adjust to the evolving landscape, the Lusaka Times report states.

\r\n\r\n

The minister also reiterated the government's dedication to creating an enabling environment for the telecommunications and information industry to flourish.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-05-20T00:00:00","CreatedDate":"2024-05-20T16:29:18.87","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70018,"Name":"ICT-sector-contributes-2-point-6-percent-to-Zambias-GDP-in-2023","Header":null,"MetaTitle":"ICT sector contributes 2.6% to Zambia’s GDP in 2023","MetaKeywords":"ICT sector, GDP","MetaDescription":"Zambia’s Minister of Science and Technology, Felix Mutati stated that the Information and Communication Technologies (ICT) sector contributed 2.6% to the country’s GDP in the third quarter of 2023.","IsDeleted":false,"CreatedDate":"2024-05-20T16:29:18.87","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_1be209f4-7516-4c50-89b7-8eca09692e4f.jpg"}]},{"Id":18754,"Title":"Zambia’s bondholders urged to approve revamp by IMF","Author":null,"Summary":"International Monetary Fund Managing Director, Kristalina Georgieva has urged Zambia's international bondholders to swiftly complete the restructuring of the notes after the government announced the start of the process.","Body":"

International Monetary Fund Managing Director, Kristalina Georgieva has urged Zambia's international bondholders to swiftly complete the restructuring of the notes after the government announced the start of the process.

\r\n\r\n

The government of Africa’s first pandemic-era sovereign defaulter will meet eurobond investors on 4th June to seek approval for exchanging nearly $3.9 billion of debt for new instruments. 

\r\n\r\n

This is part of wider efforts to restructure more than $13 billion of loans under the Group of 20’s Common Framework mechanism, Bloomberg reports.

\r\n\r\n

\"\"Zambia is considered a test case for the plan drafted by the G20 to assist poor nations with unaffordable loans. A successful deal with bondholders would mark the first under the Common Framework, which Ghana and Ethiopia are also utilising to restructure their debt. 

\r\n\r\n

It is a crucial step for Zambia to stay on track with its $1.3 billion funded program with the IMF.

\r\n\r\n

“The successful implementation of this agreement will provide significant external debt service relief and further contribute to Zambia’s efforts to restore debt sustainability. Rapid completion of the debt operation with high participation would be vital for the success of the program,” Georgieva said on Tuesday.

\r\n\r\n

Zambia's Dollar-denominated bonds and currency have experienced gains this week. The $1.25 billion of bonds maturing in 2027 rose by 1.2% on Monday, while the Kwacha appreciated by as much as 5% against the Dollar.

\r\n\r\n

In March, a steering committee of bondholders reached an agreement with the government to restructure the debt. This agreement would entail bondholders accepting an $840 million reduction in the original amount owed, along with past due interest since Zambia's initial default in 2020.

\r\n\r\n

Bondholders must approve the deal in the 4th June meetings for the exchange to proceed.

\r\n\r\n

Furthermore, Zambia is also in discussions to restructure approximately $3.3 billion of commercial loans, separate from the eurobonds. Most of this debt is held by Chinese creditors, and according to Zambian Treasury Secretary Felix Nkulukusa, talks are progressing well. 

\r\n\r\n

The country has already signed memoranda of understanding with its official bilateral creditors to revamp $6.3 billion of credit.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-05-15T00:00:00","CreatedDate":"2024-05-15T14:43:16.467","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":70000,"Name":"Zambias-bondholders-urged-to-approve-revam-by-IMF","Header":null,"MetaTitle":"Zambia’s bondholders urged to approve revamp by IMF","MetaKeywords":"IMF, Bondholders, G20","MetaDescription":"International Monetary Fund Managing Director, Kristalina Georgieva has urged Zambia's international bondholders to swiftly complete the restructuring of the notes","IsDeleted":false,"CreatedDate":"2024-05-15T14:43:16.467","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_250a634c-d340-41bd-b98e-d70f4f1d4a9a.jpg"}]},{"Id":18726,"Title":"Kwacha falls to record low against Dollar","Author":null,"Summary":"Zambia’s currency, the Kwacha, weakened against the Dollar for the 18th consecutive day on Wednesday, solidifying its position as the worst performer in emerging markets since March.","Body":"

\"\"Zambia’s currency, the Kwacha, weakened against the Dollar for the 18th consecutive day on Wednesday, solidifying its position as the worst performer in emerging markets since March.

\r\n\r\n

This decline comes as a severe drought exacerbates constraints in copper production, a key sector for the country.

\r\n\r\n

On Friday, the Kwacha extended its losses since 8 April to 8.4%, trading close to record lows of around 27 per Dollar. This marks the worst decline among the 32 most widely traded emerging market currencies and follows previous slumps in February and March, Bloomberg reports.

\r\n\r\n

“The fundamentals are Kwacha negative. Zambia’s macro outlook is not very positive as copper production has been weak for a very long time. And the most recent droughts are a challenge for power generation, which is an additional constraint,” said Gergely Urmossy, an EM strategist at Societe Generale SA.

\r\n\r\n

The Kwacha has lost around 5% of its value against the Dollar so far this year, and 17% over the past six months, as per LSEG data.

\r\n\r\n

The previous low of 27.23 was registered on 6 February, Reuters news agency reports.

\r\n\r\n

“There is too much demand for Dollars, mainly to meet imports of petroleum products and we have very scanty supply. It appears we are heading towards 30 per Dollar,” according to a trader at commercial bank in Zambia.

\r\n\r\n

Zambia has been severely affected by an El Niño-induced drought, which has led to decreased agricultural production and increased the need for food imports. The shortage of water in the southern African nation, which heavily relies on hydropower for electricity generation, has also impacted mining output.

\r\n\r\n

Moreover, “the Bank of Zambia’s reserves have not been increasing, which is also a concern and weighs on investor sentiment towards Zambia,” Urmossy added.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-05-09T00:00:00","CreatedDate":"2024-05-09T11:27:01.407","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69971,"Name":"Kwacha-falls-to-record-low-against-Dollar","Header":null,"MetaTitle":"Kwacha falls to record low against Dollar","MetaKeywords":"Kwacha, Dollar","MetaDescription":"Zambia’s currency, the Kwacha, weakened against the Dollar for the 18th consecutive day on Wednesday, solidifying its position as the worst performer in emerging markets since March.","IsDeleted":false,"CreatedDate":"2024-05-09T11:27:01.407","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_7aefe5e6-ba44-4c69-93b3-d120db2a732f.jpg"}]},{"Id":18470,"Title":"Zambia signs debt restructuring deal with China and India","Author":null,"Summary":"Zambia has signed an official creditor agreement with China and India and is now in negotiations with private creditors, according to President Hakainde Hichilema on Saturday.","Body":"

\r\n\r\n

\"\"Zambia has signed an official creditor agreement with China and India and is now in negotiations with private creditors, according to President Hakainde Hichilema on Saturday.

\r\n\r\n

Zambia has fought to resume its debt restructuring process following the rejection of a deal to rework $3 billion of Eurobonds by official creditors, including China.

\r\n\r\n

The principal reason for the rejection was the creditors didn’t believe the deal offered comparable debt relief to that of bondholders, Reuters reports.

\r\n\r\n

At the end of last week, the country’s finance minister Situmbeko Musokotwane said the government was attempting to clarify the definition of “comparable treatment” with bondholders.

\r\n\r\n

“This concept [of comparability of treatment] was not properly clarified, leading to ambiguous understanding by different creditors,” Musokotwane told Zambia’s parliament last week. “With progress made to clarify the term, this should pave the way for agreement on the private creditors as well.”

\r\n\r\n

Hichilema has now stated that the two countries have now signed the agreement.

\r\n\r\n

“On the official creditors' side, the last two countries that had not signed, China and India, have now signed. So we are now turning to the private creditors,” President Hichilema said during a live address at a traditional ceremony in Chipata.

\r\n\r\n

Zambia defaulted on its foreign debts back in November 2020 and a series of delays have plagued the restructuring process.

\r\n\r\n

The country is using the Common Framework, which was a process established in response to the Covid crisis by the G20, to introduce China, India and other bilateral creditors that do not belong to the Paris Club of creditor nations.

\r\n\r\n

Although Beijing became the world’s biggest lender to poor countries over the past decade, it has remained outside the Paris Club of creditor nations, Financial Times reports.

\r\n\r\n

Furthermore, whilst Zambia is in default, the country’s central bank has been tackling the Kwacha’s depreciation against the Dollar as well as an inflation revival.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-02-26T00:00:00","CreatedDate":"2024-02-26T13:06:14.18","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69710,"Name":"Zambia-signs-debt-restructuring-deal-with-China-and-India","Header":null,"MetaTitle":"Zambia signs debt restructuring deal with China India","MetaKeywords":"Official creditor agreement, Debt Restructuring","MetaDescription":"Zambia has signed an official creditor agreement with China and India and is now in negotiations with private creditors, according to President Hakainde Hichilema on Saturday.","IsDeleted":false,"CreatedDate":"2024-02-26T13:06:14.18","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_e2701783-cb75-4623-9962-b1184a01d18a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_e2701783-cb75-4623-9962-b1184a01d18a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_e2701783-cb75-4623-9962-b1184a01d18a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_e2701783-cb75-4623-9962-b1184a01d18a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_e2701783-cb75-4623-9962-b1184a01d18a.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_e2701783-cb75-4623-9962-b1184a01d18a.jpg"}]},{"Id":18437,"Title":"Zambia hikes key rate to 12.5%","Author":null,"Summary":"The Bank of Zambia has hiked its benchmark interest rate to the highest in close to seven years in a bid to curb inflation and support the Kwacha.","Body":"

\r\n\r\n

\"\"The Bank of Zambia has hiked its benchmark interest rate to the highest in close to seven years in a bid to curb inflation and support the Kwacha.

\r\n\r\n

The central bank’s monetary policy committee increased the rate for the fifth consecutive meeting to 12.5% from 11%, according to the bank’s governor, Denny Kalyalya, on Wednesday.

\r\n\r\n

“The persistent depreciation of the Kwacha against major currencies as well as elevated food (maise and maise products) and energy (fuel) prices continued to push inflation up in the fourth quarter of 2023,” Governor Kalyalya said during a presentation. 

\r\n\r\n

This latest decision is in addition to other measures undertaken by authorities to tighten liquidity to stabilise the Zambian Kwacha, which has declined 13% against the greenback since the monetary policy committee’s prior rate move on 22nd November.

\r\n\r\n

The measure is also part of efforts to curtail annual inflation that is currently close to a two-year top of 13.2%.

\r\n\r\n

Such measures include the implementation of new regulations at the beginning of the year which requires exporters to have accounts for income domiciled in Zambia, as well as a directive requiring commercial lenders to transfer government deposits to the central bank’s Treasury account, Bloomberg reports.

\r\n\r\n

Furthermore, the country’s central bank hiked the reserve ratio requirement for lenders from 17% to 26%

\r\n\r\n

Along with other central banks in Africa such as Egypt, Kenya and Malawi, the Bank of Zambia is keeping monetary policy tight amid inflation fears and currency pressures.

\r\n\r\n

Their concerns will likely be exacerbated by hotter-than-forecast inflation data from the US published on Tuesday, indicating the Federal Reserve will perhaps keep rates higher for longer, consequently reducing investor appetite for emerging-market assets, the Bloomberg report adds.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-02-14T00:00:00","CreatedDate":"2024-02-14T16:20:25.327","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69676,"Name":"Zambia-hikes-key-rate-to-12-point-5-percent","Header":null,"MetaTitle":"Zambia hikes key rate to 12.5%","MetaKeywords":"Interest rates, Inflation, Kwacha","MetaDescription":"The Bank of Zambia has hiked its benchmark interest rate to the highest in close to seven years in a bid to curb inflation and support the Kwacha.","IsDeleted":false,"CreatedDate":"2024-02-14T16:20:25.327","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_95704041-3425-4816-90e7-2dc259e7f6c8.jpg"}]},{"Id":18406,"Title":"Zambia hopeful of debt restructuring completion","Author":null,"Summary":"According to the finance minister, Zambia hopes to finalise the restructuring of over $13 billion in external debt in the first half of 2024.","Body":"

\r\n\r\n

\"\"According to the finance minister, Zambia hopes to finalise the restructuring of over $13 billion in external debt in the first half of 2024.

\r\n\r\n

Situmbeko Musokotwane stated it was "complex and dangerous to give timelines" on a resolution to the restructuring, over three years since the country defaulted on its debt. 

\r\n\r\n

However, he did say Zambia has made progress.

\r\n\r\n

Speaking to the Financial Times at the African Mining Indaba in Cape Town, when asked whether the restructuring would be finalised in the first half of this year, the finance minister stated: "I'm hoping so. If I can get it even earlier, that would be better."

\r\n\r\n

The minister's comments followed talks last month between Zambian officials and China as to why the largest creditor rejected a deal between the country and bondholders to restructure around $4 billion in US Dollar bond claims.

\r\n\r\n

China claimed bondholders were not offering terms "comparable" with the relief creditors had already reached an agreement on, on over $6 billion of their own loans, the FT reports.

\r\n\r\n

The bondholders said their proposal aligned with Zambia's debt criteria established by the IMF within a $1.3 billion rescue plan ratified last year, and expressed frustration over the incomplete disclosure of the full details regarding the official debt relief.

\r\n\r\n

Last month, Zambian officials travelled to China to put forward proposals aimed at reigniting the restructuring negotiations.

\r\n\r\n

The first objective of the talks in Beijing "was to get Chinese colleagues to clarify what exactly was not satisfactory, on the basis of which further engagements will be held with the other official creditors," according to Zambia's finance minister.

\r\n\r\n

In addition, Zambia would hold talks with private creditors, stating: "Everyone must sit down and agree that the burden is being shared equitably."

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-02-08T00:00:00","CreatedDate":"2024-02-08T12:50:49.023","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69644,"Name":"Zambia-hopeful-of-debt-restructuring-completion","Header":null,"MetaTitle":"Zambia hopeful of debt restructuring completion","MetaKeywords":"Debt restructuring, External debt, Economy, Investors","MetaDescription":"According to the finance minister, Zambia hopes to finalise the restructuring of over $13 billion in external debt in the first half of 2024.","IsDeleted":false,"CreatedDate":"2024-02-08T12:50:49.023","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_27c8ffae-8824-4dfa-8800-fd5b8083f65c.jpg"}]},{"Id":18322,"Title":"Kwacha to benefit from copper mine investments","Author":null,"Summary":"The Zambian Kwacha will recover losses against the Dollar, according to the country’s finance minister, predominantly due to forecast capital investment in two key mining assets.","Body":"

\r\n\r\n

\"\"The Zambian Kwacha will recover losses against the Dollar, according to the country’s finance minister, predominantly due to forecast capital investment in two key mining assets.

\r\n\r\n

On the finance ministry’s X account on Tuesday, finance minister Situmbeko Musokotwane urged currency speculators to “be careful” as “the Kwacha is about to make a counterattack, not through imagination but because tangible money is going to come in the economy.”

\r\n\r\n

The Mopani and Konkola mines in Zambia’s Copperbelt province are due to return to private control and benefit from essential investment, Bloomberg reports.

\r\n\r\n

Last year production of the metal plummeted, which is Zambia’s principal foreign exchange earner, leading to Dollar shortages.

\r\n\r\n

The Kwacha is now at an all-time low having lost 30% against the greenback since the beginning of last year.

\r\n\r\n

“This money is coming to raise production, so as production goes up, we’ll not see what happened in 2023,” the finance minister stated.

\r\n\r\n

Musokotwane went on to add that the Mopani mine will likely receive funds from Abu Dhabi’s International Resources Holding RSC Ltd. within the next couple of weeks, with the new investor set to take control of the asset within eight weeks, the Bloomberg report adds.

\r\n\r\n

“There’s $80 million, $50 million after that — a cumulative total of $620 million to be put in Mopani so that Mopani comes back to life,” the finance minister continued.

\r\n\r\n

In regard to the Konkola mine, the only remaining issue before Vedanta Ltd. can resume operations is to reach an agreement with creditors on ways they’ll be paid.

\r\n\r\n

A delay in debt-restructuring negotiations has also heightened dollar shortages. Zambia became the first pandemic-era sovereign defaulter in Africa back in November 2020.

\r\n\r\n

 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2024-01-10T00:00:00","CreatedDate":"2024-01-10T12:51:47.49","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69559,"Name":"Kwacha-to-benefit-from-copper-mine-investments","Header":null,"MetaTitle":"Kwacha to benefit from copper mine investments","MetaKeywords":"Copper mining, Kwatcha","MetaDescription":"The Zambian Kwacha will recover losses against the Dollar, according to the country’s finance minister, predominantly due to forecast capital investment in two key mining assets.","IsDeleted":false,"CreatedDate":"2024-01-10T12:51:47.49","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_78aea329-156d-4a6c-bfe6-8934b37f4ad3.jpg"}]},{"Id":18231,"Title":"Zambia’s inflation reaches 20-month high","Author":null,"Summary":"Inflation in Zambia accelerated to a 20-month top in November as a fall in the value of the Kwacha increased the cost of imported goods such as cereals, vehicles and spare parts.","Body":"

\r\n\r\n

\"\"Inflation in Zambia accelerated to a 20-month top in November as a fall in the value of the Kwacha increased the cost of imported goods such as cereals, vehicles and spare parts.

\r\n\r\n

Consumer prices in the country increased 12.9% in November from the previous year, compared to a figure of 12.6% in October, according to a statement by Statistician-General Mulenga Musepa in the capital of Lusaka on Thursday. This is the highest inflation rate in Zambia since March 2022, Bloomberg reports, with costs rising 0.9% during the month.

\r\n\r\n

Zambia’s Kwacha has depreciated by more than 20% since July due to Dollar shortages partly stemming from a reduction in copper production – its principal foreign-exchange earner - lower metal prices and ongoing issues with debt negotiations.

\r\n\r\n

Official creditors, co-led by China and France, rebuffed a revised bondholder restructuring deal last week, bringing a halt to the revamp of $3 billion of outstanding notes, the Bloomberg report goes on to add. Zambia has been attempting to rework its debt since 2020 when it became the first African country to default on its sovereign debt during the pandemic.

\r\n\r\n

Although the country’s central bank has undertaken measures to stop the currency’s slide over the last week – such as hiking interest rates by 100 basis points to 11% and increasing lenders’ reserve-ratio requirements from 14.5% to 17%, the steps have done little to reverse the decline.

\r\n\r\n

Ongoing weakness could again result in the Bank of Zambia increasing interest rates next year.

\r\n\r\n

Furthermore, food inflation increased in November to 13.7% from 13.6% the month before. Whereas non-food price growth rose to 11.8% from 11.3% in October. Inflation data is gathered within the first 10 days of each month.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-12-01T00:00:00","CreatedDate":"2023-12-01T15:15:06.367","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69467,"Name":"Zambias-inflation-reaches-20-month-high","Header":null,"MetaTitle":"Zambia’s inflation reaches 20-month high","MetaKeywords":"Inflation, Kwacha","MetaDescription":"Inflation in Zambia accelerated to a 20-month top in November as a fall in the value of the Kwacha increased the cost of imported goods such as cereals, vehicles and spare parts.","IsDeleted":false,"CreatedDate":"2023-12-01T15:15:06.367","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_61edcf10-cb04-4d38-ad70-a6bb2ae26e6d.jpg"}]},{"Id":18194,"Title":"Zambia hikes key interest rate to 11%","Author":null,"Summary":"The Bank of Zambia (BoZ) increased its key interest rate by 100 basis points to 11% on Wednesday in a bid to curb soaring inflation.","Body":"

\r\n\r\n

\"\"The Bank of Zambia (BoZ) increased its key interest rate by 100 basis points to 11% on Wednesday in a bid to curb soaring inflation.

\r\n\r\n

During a quarterly press briefing, the governor of the country’s central bank, Denny Kalyalya said the government needs a strong policy response to boost inflation expectations and return it to within the target range of between 6% and 8%.

\r\n\r\n

In addition, the Bank of Zambia governor underscored elevated growth prospects, noting the GDP revision for this year as a result of higher-than-forecast growth in sectors including information and communication technology, education, transport and tourism during the first nine months of the year.

\r\n\r\n

Zambia’s economy is forecast to grow at a faster rate of 4.2% this year, a rise from the prior forecast of 2.7%. Growth of 4.7% is expected in both 2024 and 2025.

\r\n\r\n

Furthermore, with the Kwacha at record lows against the Dollar this month, the Bank of Zambia increased the statutory reserve ratio by 2.5 percentage points to 17% from a previous 14.5%. Deputy governor of the central bank, Francis Chipimo, said during a statement that the increase – the third in 2023 – was fuelled by ongoing foreign exchange market pressures leading to higher inflation.

\r\n\r\n

On Monday, the International Monetary Fund said additional policy tightening may be required as it unveiled a staff-level agreement to unlock $184 million for Zambia under its support program, Bloomberg reports.

\r\n\r\n

This came as the country’s debt restructuring efforts encountered a setback earlier in the week as the government announced a revised deal to rework $3 billion of Eurobonds couldn’t come into effect, Reuters reports, because of opposition from official creditors, including China.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-11-23T00:00:00","CreatedDate":"2023-11-23T15:45:22.493","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69430,"Name":"Zambia-hikes-key-interest-rate-to-11-percent","Header":null,"MetaTitle":"Zambia hikes key interest rate to 11%","MetaKeywords":"Bank of Zambia, Interest rate, Inflation","MetaDescription":"The Bank of Zambia (BoZ) increased its key interest rate by 100 basis points to 11% on Wednesday in a bid to curb soaring inflation.","IsDeleted":false,"CreatedDate":"2023-11-23T15:45:22.493","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_c73fe90a-37f6-476f-9417-75b7e3d3d5ad.jpg"}]},{"Id":18172,"Title":"Zambia bond deal rejected by official creditors","Author":null,"Summary":"Zambia’s official creditors, including China, have rebuffed a deal made with international bondholders as its “base case” scenario didn’t provide debt relief similar to what they offered in another deal.","Body":"

\"\"Zambia’s official creditors, including China, have rebuffed a deal made with international bondholders as its “base case” scenario didn’t provide debt relief similar to what they offered in another deal.
\r\n 
\r\nAccording to official creditors, the agreement in principle, which was also rejected by the International Monetary Fund, didn’t comply with “Comparability of Treatment,” according to two sources with knowledge of the issue.
\r\n 
\r\nAt the end of last month, Zambia said it had reached an agreement in principle with its international bondholders, following countless delays since it initially defaulted back in 2020, Reuters reports.
\r\n 
\r\nThe announcement led to a steep rally in the country’s three outstanding bonds, which has been, in part, reversed since Zambia said earlier this month that the IMF has “expressed reservations” regarding the deal. This fuelled concerns the prolonged default could last longer still.
\r\n 
\r\nBondholders and official creditors had suggested extending the maturity of Zambia’s debt, and it could be paid back more quickly if the economy performs better than forecast.

\r\n\r\n

The bondholder deal proposed they would be paid over $700 million before 2026 in the base case, whilst official creditors had offered a three-year grace period, the Reuters report adds.

\r\n\r\n

One of the sources said bondholders would need to offer greater debt relief in the base case scenario in order for official creditors and the IMF to accept the deal.
\r\n 
\r\n“There were marginal deviations in positions and these deviations are being discussed. As it stands, the IMF may be in a position to support the adjusted terms as compatible with Zambia's programme parameters,” the second source stated.
\r\nZambia’s finance ministry said this week that there were “continuing discussions” with bondholders, whilst an IMF spokesperson said that “modifications are needed to bring this initial proposal more fully into line with the requirements of the IMF program.” Whereas China’s foreign ministry said all creditors should provide debt relief “in accordance with the principle of 'common action and fair burden'.”
\r\n 
\r\n 
\r\n 
\r\n 

\r\n","IsApproved":false,"IsDeleted":false,"PublishedDate":"2023-11-16T00:00:00","CreatedDate":"2023-11-16T13:54:42.15","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69408,"Name":"Zambia-bond-deal-rejected-by-official-creditors","Header":null,"MetaTitle":"Zambia bond deal rejected by official creditors","MetaKeywords":null,"MetaDescription":"Zambia’s official creditors, including China, have rebuffed a deal made with international bondholders as its “base case” scenario","IsDeleted":false,"CreatedDate":"2023-11-16T13:54:42.15","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_a7c136cf-6996-4c30-a06b-5cd37f87c9e0.jpg"}]},{"Id":18151,"Title":"Drop in mining production fuelling weaker Kwacha","Author":null,"Summary":"Falling production within Zambia’s mining sector is leading to the weakening of the Kwacha, according to leading Copperbelt-based economist Manase Siwila.","Body":"

\r\n\r\n

\"\"Falling production within Zambia’s mining sector is leading to the weakening of the Kwacha, according to leading Copperbelt-based economist Manase Siwila.

\r\n\r\n

On Thursday, the Kwacha breached the K23 level, trading between K23.00 and K22.57 against the Dollar.

\r\n\r\n

For more than three years, major mining firms in the country, Konkola Copper Mines, Mopani Copper Mines and Chambishi Metals, haven’t been operating at full capacity.

\r\n\r\n

Siwila went on to add that the weakening Kwacha highlights that the country’s economy was struggling, Lusaka Times reports.

\r\n\r\n

As a result, he suggested that increasing exports and reducing foreign investors’ externalisation of funds could help to stabilise Zambia’s currency.

\r\n\r\n

“Check the productivity levels. They are so low. The production in the mining sector that we all know helps have foreign exchange into our country seems not to be on the right track in terms of production,” Siwila commented.

\r\n\r\n

He went on to say: “Remember we are an importing country, for that matter we seem to have too many imports as compared to exports this in itself has weakened the Kwacha. The weakening of the Kwacha is not good for the economy. This is why the cost of living is on the higher side because we have a lot of money that is being externalised,” he stated.

\r\n\r\n

The economist added: “We need to increase production in order to arrest the weakening of the Kwacha. We need to attract more foreign currencies.”

\r\n","IsApproved":false,"IsDeleted":false,"PublishedDate":"2023-11-10T00:00:00","CreatedDate":"2023-11-10T11:46:37.11","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69386,"Name":"Drop-in-mining-production-fuelling-weaker-Kwacha","Header":null,"MetaTitle":"Drop in mining production fuelling weaker Kwacha","MetaKeywords":"Kwacha, Diamond, Mining ","MetaDescription":"Falling production within Zambia’s mining sector is leading to the weakening of the Kwacha, according to leading Copperbelt-based economist Manase Siwila.","IsDeleted":false,"CreatedDate":"2023-11-10T11:46:37.11","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_f66bf144-76fc-4e95-8972-463c9029f826.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_f66bf144-76fc-4e95-8972-463c9029f826.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_f66bf144-76fc-4e95-8972-463c9029f826.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_f66bf144-76fc-4e95-8972-463c9029f826.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_f66bf144-76fc-4e95-8972-463c9029f826.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_f66bf144-76fc-4e95-8972-463c9029f826.jpg"}]},{"Id":18124,"Title":"Cabinet approves minimum wage review in Zambia","Author":null,"Summary":"Zambia has approved a review of the minimum wage and conditions of service for several worker categories within the Minimum Wages and Conditions of Employment Act.","Body":"

\r\n\r\n

\"\"Zambia has approved a review of the minimum wage and conditions of service for several worker categories within the Minimum Wages and Conditions of Employment Act.

\r\n\r\n

Cabinet made the decision to approve the issuance of a Statutory Instrument following the proposal submitted during the Tripartite Consultative Labour Council meeting.

\r\n\r\n

Zambian government representatives, trade unions, and employers’ representatives collectively agreed on the need to review the country’s current minimum wage rates during the meeting

\r\n\r\n

The decision for the review was announced after the 18th Cabinet meeting this week, chaired by President Hakainde Hichilema.

\r\n\r\n

Chief government spokesperson Cornelius Mweetwa said the decision to revise Zambia’s minimum wage aims to ensure workers earning the minimum wage benefit from improved conditions of service, recognising the increasing cost of living, Lusaka Times reports.

\r\n\r\n

The Statutory Instrument issuance is a crucial step forward in addressing the wellbeing and financial security of workers in Zambia, the spokesperson added. The revision to the minimum wage aims to better align with the current economic reality, he said.

\r\n\r\n

Furthermore, the Cabinet also gave the green light to the National Pension Scheme Authority (NAPSA) Penalty Waiver Regulations for 2023.

\r\n\r\n

The aim of this initiative is to ease the financial burden on businesses and provide relief to employers in regard to the settlement of their outstanding NAPSA contributions.

\r\n\r\n

In addition, the Cabinet approved the introduction of three key bills to the country’s parliament. These are the Zambia Institute of Procurement and Supply Bill 2023, the Zambia Institute of Architects Bill 2023, and the Zambia Institute of Quantity Surveyors Bill 2023. Each bill aims to invoke positive changes to their professional sectors, the Lusaka Times report goes on to add.

\r\n","IsApproved":false,"IsDeleted":false,"PublishedDate":"2023-11-03T00:00:00","CreatedDate":"2023-11-03T10:53:35.133","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69359,"Name":"Cabinet-approves-minimum-wage-review-in-Zambia","Header":null,"MetaTitle":"Cabinet approves minimum wage review in Zambia","MetaKeywords":"Minimum wage, Conditions of service","MetaDescription":"Zambia has approved a review of the minimum wage and conditions of service for several worker categories within the Minimum Wages and Conditions of Employment Act.","IsDeleted":false,"CreatedDate":"2023-11-03T10:53:35.133","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_f591d544-e303-434b-831b-f5200ea0e292.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_f591d544-e303-434b-831b-f5200ea0e292.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_f591d544-e303-434b-831b-f5200ea0e292.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_f591d544-e303-434b-831b-f5200ea0e292.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_f591d544-e303-434b-831b-f5200ea0e292.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_f591d544-e303-434b-831b-f5200ea0e292.jpg"}]},{"Id":18093,"Title":"Zambia seals debt restructuring deal with bondholders","Author":null,"Summary":"Zambia has reached an agreement in principle on the restructuring of $3 billion of its international bonds with a creditor group, it was announced on Thursday.","Body":"

\r\n\r\n

\"\"Zambia has reached an agreement in principle on the restructuring of $3 billion of its international bonds with a creditor group, it was announced on Thursday.

\r\n\r\n

The deal aims to restructure claims on three existing bonds with the issuance of two new "amortising" bonds, maturing in 2035 and 2053, within an economic "base case" scenario.

\r\n\r\n

However, should the country's economy perform better, the second note would also mature in 2035.

\r\n\r\n

As per the deal, the face value of the new bonds would reach $3.135 billion in both scenarios, surpassing the original $3 billion face value of the old notes, Reuters reports.

\r\n\r\n

The nominal haircut stands at 18%, which includes the $821 million of past due interest (PDI) that Zambia ceased paying since it defaulted. According to a ministry statement, the deal would deliver $2.5 billion in cash flow relief for the duration of Zambia's $1.3 billion IMF programme, which is set to expire in late 2025.

\r\n\r\n

After becoming the first African country to default during the pandemic in 2020, the restructuring process has suffered a series of delays.

\r\n\r\n

The agreement "paves the way for similar restructuring agreements with our other private creditors," said Zambia's finance minister Situmbeko Musokotwane.

\r\n\r\n

"We hope for the swift implementation of this agreement in principle by the end of the year."

\r\n\r\n

The country's 2024 bonds rose 3.61 cents on the Dollar to 61.79 cents following the announcement, a high not seen since September 2022, according to Bloomberg. Whilst the 2027 securities rose 3.53 cents to 61.15 cents.

\r\n\r\n

Furthermore, in an additional statement, the Zambia External Bondholder Steering Committee welcomed the agreement, stating it would "restore full international capital markets access to Zambia and encourage long-term investment in the country."

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-10-27T00:00:00","CreatedDate":"2023-10-27T11:45:19.183","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":69328,"Name":"Zambia-seals-debt-restructuring-deal-with-bondholders","Header":null,"MetaTitle":"Zambia seals debt restructuring deal with bondholders","MetaKeywords":"Debt restructuring, Economy","MetaDescription":"Zambia has reached an agreement in principle on the restructuring of $3 billion of its international bonds with a creditor group, it was announced on Thursday.","IsDeleted":false,"CreatedDate":"2023-10-27T11:45:19.183","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_08192bce-c2ba-4a8a-9fcb-cead1eee62fd.jpg"}]},{"Id":17701,"Title":"Zambia forecasts economic slowdown in 2023","Author":null,"Summary":"Zambia’s economy is forecast to grow by just 2.7% this year from 4.7% in 2022, as contractions in mining and energy weigh on growth, according to a budget plan published by the Ministry of Finance on Sunday.","Body":"

\r\n\r\n

\"\"Zambia’s economy is forecast to grow by just 2.7% this year from 4.7% in 2022, as contractions in mining and energy weigh on growth, according to a budget plan published by the Ministry of Finance on Sunday.

\r\n\r\n

After being the first African nation to default on its sovereign debt in 2020, Zambia has now concluded a debt restructuring plan with the International Monetary Fund (IMF). 

\r\n\r\n

The plan is forecast to save Zambia $7.65 billion by 2026, according to a report released by the IMF. 

\r\n\r\n

The budget plan sees Zambia’s economy growing by 4.8% in 2024, 4.3% in 2025 and 5.0% in 2026 as a result of improvements in macroeconomic conditions and the introduction of reforms, Reuters reports. 

\r\n\r\n

According to Secretary to the Treasury Felix Nkulukusa, confidence was mounting in Zambia as the country worked on restoring fiscal sustainability. 

\r\n\r\n

Zambia’s overseas debt hit $20.9 billion by the end of last year. Budget figures show debt service payments of 117.4 billion Kwacha ($6.24 billion), equating to 16.5% of GDP over the medium term, the Reuters report goes on to add. 

\r\n\r\n

Zambia and the International Monetary Fund have now completed the initial review of the country’s $1.3 billion extended fund facility (EFF) programme.

\r\n\r\n

The IMF’s executive board approved an immediate disbursement of $189 million to Zambia at the end of last week.

\r\n\r\n

Furthermore, Zambia is seeking to sign a memorandum of understanding to restructure additional debt with private creditors as the IMF’s second review comes to a conclusion later in the year.#

\r\n\r\n

In addition, the production of one of the country’s largest export commodities, copper, is forecast to decline to 682,431 tonnes this year from 763,550 tonnes in 2022, according to the budget plan.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-07-17T00:00:00","CreatedDate":"2023-07-17T15:06:12.213","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68914,"Name":"Zambia-forecasts-economic-slowdown-in-2023","Header":null,"MetaTitle":"Zambia forecasts economic slowdown in 2023","MetaKeywords":"Budget, Forecast, Economy","MetaDescription":"Zambia’s economy is forecast to grow by just 2.7% this year from 4.7% in 2022, as contractions in mining and energy weigh on growth, according to a budget plan ","IsDeleted":false,"CreatedDate":"2023-07-17T15:06:12.213","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_5f4ea2ac-94c5-4018-90b4-1dfd14db30b1.jpg"}]},{"Id":17614,"Title":"IMF hopeful of Zambia debt deal in “a few days”","Author":null,"Summary":"Discussions between Zambia and its official creditors are progressing well, according to the International Monetary Fund, and an agreement could be reached “within a few days”","Body":"

\r\n\r\n

\"\"Discussions between Zambia and its official creditors are progressing well, according to the International Monetary Fund, and an agreement could be reached “within a few days”, according to an IMF statement published on Tuesday.

\r\n\r\n

“We are very encouraged by the significant progress being made in discussions between official creditors and Zambia on a potential debt treatment,” according to an IMF spokesperson. 

\r\n\r\n

“We expect an agreement could be reached within a few days, which would allow the Executive Board to consider the first review of the Fund-supported program within a few weeks.”

\r\n\r\n

At the beginning of April, the IMF said the next $188 million payout from a $1.3 billion support loan to the country was dependent on the government coming to an agreement with its creditors, Reuters news agency reports.

\r\n\r\n

Furthermore, Zambia’s currency has advanced the most in seven years in hopes a deal will soon be reached. Indeed, the Kwacha increased almost 12% to a high of 17.425 per Dollar, surpassing the 200-day moving average. 

\r\n\r\n

The Kwacha’s gains follow news of the considerable progress made by Zambia and its creditors towards reaching a debt deal, according to a Paris Club official.

\r\n\r\n

In addition, Zambia’s Dollar bond due in July 2027 was the best performer among other emerging market rivals, Bloomberg reports.

\r\n\r\n

Zambia’s plans of restructuring around $12.8 billion of external debt have been hindered by creditors’ concerns over the scale of relief required. 

\r\n\r\n

However, creditors will likely unveil an offer at the summit for a New Global Financing Pact in Paris planned for June 22-23. 

\r\n\r\n

Resolving Zambia’s debt crisis is viewed as a test for how the G20s Common Framework will help overhaul low-income countries’ excessive debts and ways in which China coordinates relief with traditional Paris Club lenders along with global bondholders.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-06-21T00:00:00","CreatedDate":"2023-06-21T12:53:13.177","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68824,"Name":"IMF-hopeful-of-Zambia-debt-deal-in-a-few-days","Header":null,"MetaTitle":"IMF hopeful of Zambia debt deal in “a few days”","MetaKeywords":"IMF, Debt deal","MetaDescription":"Discussions between Zambia and its official creditors are progressing well, according to the International Monetary Fund, and an agreement could be reached “within a few days”","IsDeleted":false,"CreatedDate":"2023-06-21T12:53:13.177","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_1c74a045-f42c-4ade-8a18-942e843fb1ec.jpg"}]},{"Id":17579,"Title":"World Bank approves $100m to boost Zambia’s tourism development","Author":null,"Summary":"Zambia will receive a $100 million credit from the World Bank to boost the country’s nature-based economy and enhance economic opportunities in emerging tourism destinations","Body":"

\r\n\r\n

\"\"Zambia will receive a $100 million credit from the World Bank to boost the country’s nature-based economy and enhance economic opportunities in emerging tourism destinations.

\r\n\r\n

Such locations include Kasaba Bay, Source of the Zambezi and Liuwa Plains National Park.

\r\n\r\n

The World Bank stated that more efficient natural resource management is required to improve opportunities for community incomes and local populations. As it stands, a number of Zambia’s potential tourism areas suffer from poverty, poor accessibility and environmental degradation.

\r\n\r\n

“We are pleased to support Zambia’s push towards a green growth strategy in which a nature-based economy is key. Diversified, nature-based economic activity and private sector investment will create jobs and protect nature in the areas targeted under the project,” according to World Bank Country Manager for Zambia, Sahr Kpundeh.

\r\n\r\n

The project is forecast to bolster tourism and nature-based economy sector revenue with the financing of key infrastructure, engaging stakeholders and the provision of matching grants for communities who make investments in Zambia’s nature-based economy.

\r\n\r\n

This latest initiative works alongside the country’s priorities in the Eighth National Development Plan (8NDP) and Vision 2030. The 8NDP highlights the government’s commitment to the tourism sector in terms of economic transformation and boosting job creation. 

\r\n\r\n

The plans support Zambia’s objective of enhancing domestic and global tourism, diversifying tourism offerings, improving accessibility and increasing the tourism industry’s contribution to Zambia’s economic development, the World Bank stated.

\r\n\r\n

The principal beneficiaries of the Green, Resilient and Transformational Tourism Development Project are local communities, private sector firms within emerging tourism areas and nature-based community businesses. 

\r\n\r\n

Furthermore, on a nationwide scale, the project will reinforce the institutional capacity for participating ministries via numerous capacity-building activities and programs, the World Bank report added.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-06-13T00:00:00","CreatedDate":"2023-06-13T12:33:58.387","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68786,"Name":"World-Bank-approves-100m-to-boost-Zambias-tourism-development","Header":null,"MetaTitle":"World Bank approves $100m to boost tourism development","MetaKeywords":"World Bank, Credit, Tourism ","MetaDescription":"Zambia will receive a $100 million credit from the World Bank to boost the country’s nature-based economy and enhance economic opportunities in emerging tourism destinations","IsDeleted":false,"CreatedDate":"2023-06-13T12:33:58.387","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_8a94e6cf-15b1-4193-b991-a42ca1699dfb.jpg"}]},{"Id":17534,"Title":"Creditors urged to advance Zambia debt restructuring","Author":null,"Summary":"The minister of finance in Zambia has urged official creditors to advance debt restructuring talks at the next meeting as the country battles to finalise its debt network process following the 2020 default.","Body":"

\r\n\r\n

\"\"The minister of finance in Zambia has urged official creditors to advance debt restructuring talks at the next meeting as the country battles to finalise its debt network process following the 2020 default.

\r\n\r\n

Hopes of restructuring around $12.8 billion of external debt have been hindered by concerns by the principal creditors about the size of the relief needed, Reuters reports.

\r\n\r\n

"We now appeal to our Official Creditor Committee in their next meeting to make substantial progress in their deliberations... so that we may swiftly resolve our debt overhang and access our next tranche of IMF financing," said finance minister Situmbeko Musokotwane in a statement released by the ministry.

\r\n\r\n

"Delays to debt restructuring are having a significant impact on the economy and the livelihoods of our people," he went on to say.

\r\n\r\n

Last month the International Monetary Fund said the next $188 million payout from a $1.3 billion support loan to Zambia is dependent on the government coming to an agreement with creditors.

\r\n\r\n

President of Zambia, Hakainde Hichilema, said earlier in the month that French President Emmanuel Macron was keen for the debt rework process to be finalised before France hosts the Summit For a New Global Financial Pact on June 22-23.

\r\n\r\n

France is co-chair of Zambia's Official Creditor Committee along with China.

\r\n\r\n

Over the last six weeks, the Kwacha has lost 13% against the US Dollar to 19.46 per Dollar, reversing a 20% gain in the prior three weeks as investors hoped the debt restructuring was nearing completion.

\r\n\r\n

"The uncertainty created by the protracted restructuring process has put pressure on our currency and made it difficult to attract much-needed foreign investment," according to a statement by the finance minister, which didn't stipulate when the official creditors would hold their next meeting.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-05-31T00:00:00","CreatedDate":"2023-05-31T10:18:26.05","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68738,"Name":"Creditors-urged-to-advance-Zambia-debt-restructuring","Header":null,"MetaTitle":"Creditors urged to advance Zambia debt restructuring","MetaKeywords":"Debt, Creditors","MetaDescription":"The minister of finance in Zambia has urged official creditors to advance debt restructuring talks at the next meeting as the country battles to finalise its debt network process","IsDeleted":false,"CreatedDate":"2023-05-31T10:18:26.05","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_113995ff-b125-4ad6-b2d5-f17633cc2446.jpg"}]},{"Id":17434,"Title":"Zambia’s GDP predicted to grow 4.2% in 2023","Author":null,"Summary":"Zambia’s economy is forecast to grow 4.2% this year, according to the country’s Secretary to the Treasury, Felix Nkulukusa, on Tuesday.","Body":"

\r\n\r\n

\"\"Zambia’s economy is forecast to grow 4.2% this year, according to the country’s Secretary to the Treasury, Felix Nkulukusa, on Tuesday.

\r\n\r\n

However, growth is set to edge down over the previous year as the country aims to finalise a long-overdue debt restructuring.

\r\n\r\n

According to preliminary data, Zambia’s economy grew by 4.7% last year, a marginal rise from the 4.6% growth registered in 2021, Nkulukusa said in a statement.

\r\n\r\n

In addition, the country’s GDP growth is forecast to hit 4.8% in 2024 and 4.7% in 2025.

\r\n\r\n

Back in 2020, Zambia defaulted on its debt and, since then, has struggled to reach an agreement with lenders on a relief deal. Indeed, according to policymakers, the delays were impacting investment and driving up inflation, Reuters news agency reports.

\r\n\r\n

At the end of March this year, Zambia’s public and publicly guaranteed debt were $25.4 billion, the Secretary to the Treasury went on to add, with central government external debt rising by 1.0% to $14.09 billion from $13.96 billion at the end of 2022, he continued.

\r\n\r\n

“The increase in debt stock was largely on account of disbursements received from multilateral creditors for budget support and project loans,” he stated.

\r\n\r\n

The Zambian government is aiming to bring down inflation to within the central bank’s target range of between 6% and 8% by the end of this year, the Reuters report adds. The government is also planning to achieve a fiscal deficit of not more than 7.7% of the country’s GDP, the statement added.

\r\n\r\n

Furthermore, Zambia’s inflation increased to 10.2% in April, compared to March’s figure of 9.9%, the first time it has reached double figures since May last year.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-05-03T00:00:00","CreatedDate":"2023-05-03T15:02:55.4","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68637,"Name":"Zambias-GDP-predicted-to-grow-4-point-2-percent-in-2023","Header":null,"MetaTitle":"Zambia’s GDP predicted to grow 4.2% in 2023","MetaKeywords":"GDP, Debt restructuring","MetaDescription":"Zambia’s economy is forecast to grow 4.2% this year, according to the country’s Secretary to the Treasury, Felix Nkulukusa, on Tuesday.","IsDeleted":false,"CreatedDate":"2023-05-03T15:02:55.4","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_86ff5073-bdbc-41fd-9c80-2dfba02876b1.jpg"}]},{"Id":17298,"Title":"Govt. committed to making Zambia a digital nation","Author":null,"Summary":"Zambia’s Minister of Technology and Science, Felix Mutati, has stated the government is committed to making the country a digital nation, particularly in terms of financial inclusion, to boost the economy.","Body":"

\r\n\r\n

\"\"Zambia’s Minister of Technology and Science, Felix Mutati, has stated the government is committed to making the country a digital nation, particularly in terms of financial inclusion, to boost the economy.

\r\n\r\n

Speaking at the 22nd graduation ceremony of the Zambia Institute of Banking and financial services at the weekend, Mutati said that technology is having a major impact on all aspects of our lives and that in 2022, Zambia registered more than K300 billion in transactions via mobile platforms.

\r\n\r\n

“Technology transformation brings massive opportunities for the banking sector. There is need to keep moving in the path to acquiring necessary knowledge in digital financial literacy and education,” he stated.

\r\n\r\n

The minister echoed the need for every Zambian citizen to embrace the digital revolution in a bid to bolster the banking sector and economy as a whole. He also said the government and banking sector need to work together to bolster productivity via product innovation and address the skills challenges and potential security risks digital transformation may bring to the sector, Lusaka Times reports.

\r\n\r\n

“The government has continued to prioritise technological advancement in the economy and has partnered with learning institutions such as ZIBFS to ensure that education and training in the country can be done without borders through the use of information communication technology,” he stated.

\r\n\r\n

Mutati added that the government is planning to achieve a digitally transformed economy by 2030 to boost financial education quality in Zambia.

\r\n\r\n

He continued that Zambia has made considerable progress in promoting digital financial literacy with the aim of increasing economic development in the country, via infrastructure growth, amongst other factors.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-03-27T00:00:00","CreatedDate":"2023-03-27T15:19:26.797","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68492,"Name":"Govt-committed-to-making-Zambia-a-digital-nation","Header":null,"MetaTitle":"Govt. committed to making Zambia a digital nation","MetaKeywords":"Digital nation, Technology","MetaDescription":"Zambia’s Minister of Technology and Science, Felix Mutati, has stated the government is committed to making the country a digital nation,","IsDeleted":false,"CreatedDate":"2023-03-27T15:19:26.797","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_42d8a5ee-97e0-4db6-ba85-ee4eb1f69bf0.jpg"}]},{"Id":17119,"Title":"Zambia slams debt restructuring delays","Author":null,"Summary":"The finance minister in Zambia has condemned the delays to the country's debt restructuring talks following a call from China","Body":"

\r\n\r\n

\"\"The finance minister in Zambia has condemned the delays to the country's debt restructuring talks following a call from China for the World Bank and other lenders to provide debt relief, triggering fears of more delays.

\r\n\r\n

During an interview with the Financial Times, finance minister Situmbeko Musokotwane said that "time is of the essence" to end a restructuring of around $13 billion of external debt in 2023.

\r\n\r\n

Multilateral lenders should be part of debt relief in Zambia, according to a Chinese foreign ministry official in January. This ongoing insistence was one of the principal stumbling blocks, said a U.S. official to Reuters news agency.

\r\n\r\n

"Discussions at higher levels like those just make our situation worse because what we are looking for is urgent solutions, not discussions that may drag out the matter," Musokotwane was quoted by the FT.

\r\n\r\n

It was later reported that the finance minister had criticised the debt restructuring delays, not rebuffed China's call for multilateral banks to provide debt relief.

\r\n\r\n

"China has always attached great importance to the Zambian debt issue," said Wang Wenbin, a Chinese foreign ministry spokesman. "Under the common framework of the Group of 20, it has played a constructive role in dealing with Zambia's debt," he added.

\r\n\r\n

Zambia was the first country in Africa to default back in 2020, following the outbreak of the Covid pandemic. However, the restructuring of the country's external debts of close to $15 billion – with China and Eurobond holders included as creditors – have suffered lengthy delays.

\r\n\r\n

According to government data, Zambia owed Chinese creditors almost $6 billion of the total $17 billion external debt at the end of 2021, the Reuters report adds.

\r\n\r\n

"Zambia is in no position to reject any proposals between China and the World Bank," said a statement by Zambia's finance ministry earlier this week, adding it hoped for a "successful debt restructuring early this year."

\r\n\r\n

"Zambia remains appreciative of the significant effort being asked of all Zambia's creditors – and particularly our Chinese creditors," the statement added.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-02-15T00:00:00","CreatedDate":"2023-02-15T12:54:37.917","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68297,"Name":"Zambia-slams-debt-restructuring-delays","Header":null,"MetaTitle":"Zambia slams debt restructuring delays","MetaKeywords":"Debts, China, World Bank, Financial Times","MetaDescription":"The finance minister in Zambia has condemned the delays to the country's debt restructuring talks following a call from China","IsDeleted":false,"CreatedDate":"2023-02-15T12:54:37.917","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_5f238ba5-a3bd-4ae4-86b7-536ef4562bd6.jpg"}]},{"Id":16972,"Title":"Yellen calls for “speedy resolution” to Zambia’s debt restructure","Author":null,"Summary":"During a visit to Zambia, U.S. Treasury Secretary Janet Yellen said on Monday it was vital to restructure the country’s debt","Body":"

\r\n\r\n

\"\"During a visit to Zambia, U.S. Treasury Secretary Janet Yellen said on Monday it was vital to restructure the country’s debt, following her discussions with creditor China last week.

\r\n\r\n

Yellen said Zambia’s debt problems were weighing on the economy, and China had been a stumbling block to settling the country’s debt issue.

\r\n\r\n

Nevertheless, the U.S. Treasury Secretary said she was confident progress might soon be possible following her recent talks with Chinese officials.

\r\n\r\n

“I specifically raised the issue with Zambia (with Chinese officials) and asked for their cooperation in trying to reach a speedy resolution. And our talks were constructive,” she said.

\r\n\r\n

Yellen said to Finance Minister Situmbeko Musokotwane that speedy finalisation of Zambia’s debt issues was a main priority for the Treasury, Reuters reports.

\r\n\r\n

“We will continue to press for all official bilateral and private-sector creditors to meaningfully participate in debt relief for Zambia, especially China,” she stated.

\r\n\r\n

Yellen went on to say she was eager to continue discussions with the Finance Minister and other officials about Zambia’s “impressive progress’ on economic reforms, as well as strengthening trade ties that could boost growth.

\r\n\r\n

Yet Musokotwane told Yellen that progress has been sluggish on the debt restructuring process, and the outcome was unclear.

\r\n\r\n

He added that global leaders’ help was needed to advance the restructuring process, bolster investment and ease pressure on people to migrate.

\r\n\r\n

Furthermore, during talks with Zambian President Hakainde Hichilema, Yellen said a debt treatment deal under the Common Framework was “overdue.” According to a senior Treasury official, U.S. officials are confident progress is a possibility in the near term as talks with China have stepped up.

\r\n\r\n

Yellen went on to add that it was important that Zambia creates a business environment to boost trade and investment.

\r\n\r\n

 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2023-01-24T00:00:00","CreatedDate":"2023-01-24T16:51:36.467","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":68085,"Name":"Yellen-calls-for-speedy-resolution-to-Zambias-debt-restructure","Header":null,"MetaTitle":"Yellen for speedy resolution to Zambia debt restructure","MetaKeywords":"Janet Yellen, Treasury Secretary, U.S., Debt, Restructure","MetaDescription":"During a visit to Zambia, U.S. Treasury Secretary Janet Yellen said on Monday it was vital to restructure the country’s debt","IsDeleted":false,"CreatedDate":"2023-01-24T16:51:36.467","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_f0287336-7c7b-4855-aea0-c6c139315958.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_f0287336-7c7b-4855-aea0-c6c139315958.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_f0287336-7c7b-4855-aea0-c6c139315958.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_f0287336-7c7b-4855-aea0-c6c139315958.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_f0287336-7c7b-4855-aea0-c6c139315958.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_f0287336-7c7b-4855-aea0-c6c139315958.jpg"}]},{"Id":15862,"Title":"Kwacha depreciation down to low mining sector foreign income","Author":null,"Summary":"The depreciation of the Zambian Kwacha against major currencies has been attributed to low foreign income from the mining sector.","Body":"

\r\n\r\n

The depreciation of the Zambian Kwacha against major currencies has been attributed to low foreign income from the mining sector.

\r\n\r\n

This is according to Private Sector Development Association chairperson Yusuf Dodia, who said the reduced income stems from the recession in Europe, where the majority of the country’s mining firms’ parent companies are headquartered.

\r\n\r\n

Dodia added that the impending load shedding by the state-owned power company, ZESCO, will have a negative impact on Zambia’s SMEs and the economy.

\r\n\r\n

In a recent interview, Dodia said the country’s mining economy is the key forex earner for Zambia, and any external headwinds have a direct effect on the local currency’s performance, Lusaka Times reports.

\r\n\r\n

“The weakening of the Kwacha to the low foreign exchange coming from the mining industry. As you know, our economy is largely dependent on the mining sector, and the mining industry is the major forex earner for Zambia. We are heading towards the end of the year, and most mining companies are making preparations to pay taxes as a statutory obligation, as well as paying bonuses and allowances for workers,” Dodia commented. 

\r\n\r\n

“But most importantly, there is a recession in Europe, where most of Zambia’s mining firms’ parent companies are headquartered. So these mining companies want to keep their parent companies afloat, and that’s where they are channelling most of their revenue. And as such, the country is not getting enough forex to strengthen the Kwacha against major convertible currencies.”

\r\n\r\n

In regard to ZESCO’s load shedding, the planned six hours will negatively impact productivity within SMEs.

\r\n\r\n

“Load-shedding by ZESCO will affect all sectors of the economy in the country. But specifically talking about small and medium enterprises, six hours of no electricity means six hours of no productivity. And I hope that ZESCO is in dialogue with Zambia Association of Manufacturers and other key stakeholders so that load management is done during periods when there is less activity so that the SMEs and business, in general, will not suffer any inconvenience,” he stated.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-12-14T00:00:00","CreatedDate":"2022-12-14T10:29:55.74","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66964,"Name":"Kwacha-depreciation-down-to-low-mining-sector-foreign-income","Header":null,"MetaTitle":"Kwacha depreciation down to low mining foreign income","MetaKeywords":"Kwacha, ZESCO, Zambia Association of Manufacturers","MetaDescription":"The depreciation of the Zambian Kwacha against major currencies has been attributed to low foreign income from the mining sector.","IsDeleted":false,"CreatedDate":"2022-12-14T10:29:55.74","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_001b36e5-94e7-4730-a916-0e07a0b982b6.jpg"}]},{"Id":15790,"Title":"Progress slows on Zambia’s debt restructuring talks","Author":null,"Summary":"Officials at the International Monetary Fund (IMF) and World Bank are urging Zambia’s creditors to speed up negotiations","Body":"

\r\n\r\n

\"\"Officials at the International Monetary Fund (IMF) and World Bank are urging Zambia’s creditors to speed up negotiations on lowering the country’s debt burden.

\r\n\r\n

Over the past few months, China and France have headed up meetings to renegotiate Zambia’s bilateral debts under the G20 common framework and the Paris Club of official creditors. However, progress on the talks has hit a slowdown.

\r\n\r\n

Last month, Zambia’s government told investors it hoped to reach an agreement regarding debt relief terms with official creditors by the end of this year or the beginning of next year.

\r\n\r\n

Zambia became the first African country to default during the pandemic as debt reached 133% of GDP by the end of last year, The Zimbabwe Mail reports.

\r\n\r\n

The IMF predicts that Zambia will require $8.4 billion of “cash debt relief” – cutting interest payments and loan repayments – from 2022 to 2025.

\r\n\r\n

Once a deal is reached, Zambia would become the first nation to come to an agreement that includes a reduction in debt stock under the common framework.

\r\n\r\n

“We would like to see an acceleration of the tempo and authorisation of the treatment later this year or early next year,” according to a source with knowledge of the matter.

\r\n\r\n

President of the World Bank, David Malpass, told Reuters news agency he held a meeting with Zambian President Hakainde Hichilema during COP27, where Hichilema said he was urging creditors to finalise a memorandum of understanding on the debt reduction.

\r\n\r\n

“It’s important to get that by year-end,” Malpass stated.

\r\n\r\n

“The longer it stays open, the greater the risk of the process getting further delayed. They initiated the common framework in (early) 2021, so it’s dragging on a long time.”

\r\n\r\n

The memorandum of understanding would need to be finalised before April when the IMF is undertaking an initial review of Zambia’s $1.3 billion, three-year loan.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-11-28T00:00:00","CreatedDate":"2022-11-28T10:43:48.857","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66882,"Name":"Progress-slows-on-Zambias-debt-restructuring-talks","Header":null,"MetaTitle":"Progress slows on Zambia’s debt restructuring talks","MetaKeywords":"IMF, World Bank, Debt, GDP, COP27","MetaDescription":"Officials at the International Monetary Fund (IMF) and World Bank are urging Zambia’s creditors to speed up negotiations","IsDeleted":false,"CreatedDate":"2022-11-28T10:43:48.857","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_0d26685e-99b0-407a-839f-26fde180db88.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_0d26685e-99b0-407a-839f-26fde180db88.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_0d26685e-99b0-407a-839f-26fde180db88.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_0d26685e-99b0-407a-839f-26fde180db88.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_0d26685e-99b0-407a-839f-26fde180db88.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_0d26685e-99b0-407a-839f-26fde180db88.jpg"}]},{"Id":15662,"Title":"Zambia receives $275m from World Bank","Author":null,"Summary":"The World Bank has approved $275 million in aid to help Zambia’s recovery from the pandemic and deal with the impact from the war in Ukraine.","Body":"

\"\"The World Bank has approved $275 million in aid to help Zambia’s recovery from the pandemic and deal with the impact from the war in Ukraine.

\r\n\r\n

The funding is designed to help the “over-indebted” country return to sustainable fiscal and debt levels, according to a World Bank statement, and bolster private sector-led economic growth.

\r\n\r\n

“Zambia is in debt distress and needs a deep and comprehensive debt treatment to place public debt on a sustainable path,” the bank added.

\r\n\r\n

The International Development Association (IDA) made the funds available to Zambia, a World Bank subsidiary that assists nations via grants or credits at zero or low interest.

\r\n\r\n

Back in 2020, Zambia became the first African country during the pandemic to default on its foreign debt, estimated at $17.3 billion. 

\r\n\r\n

On winning last year’s elections, President Hakainde Hichilema vowed to restore Zambia’s credibility and creditworthiness as well as eradicate corruption and revive the economy. As a result, the country’s relations with creditors have improved, Africa News reports.

\r\n\r\n

Under Edgar Lungu, his predecessor, debt exploded in Zambia and the former president was slated for taking on huge loans to finance a series of infrastructure projects during his six-year term.

\r\n\r\n

In September, Hichilema told parliament that the outlook now looked more positive for the “broken economy” of the southern African country.

\r\n\r\n

He added that the economy is forecast to rally and hit 4% growth in the medium term, following the contraction in 2020 by 2.8%, the first year of the Covid crisis.

\r\n\r\n

As per the latest IMF data, Zambia – one of the largest copper producers in the world, witnessed the economy grow by 4.6% last year.
\r\n 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-10-28T00:00:00","CreatedDate":"2022-10-28T09:43:00.797","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66741,"Name":"Zambia-receives-275-million-dollars-from-World-Bank","Header":null,"MetaTitle":"Zambia receives $275m from World Bank","MetaKeywords":"World Bank, War, Pandemic, IMF, Debt","MetaDescription":"The World Bank has approved $275 million in aid to help Zambia’s recovery from the pandemic and deal with the impact from the war in Ukraine.","IsDeleted":false,"CreatedDate":"2022-10-28T09:43:00.797","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_af9afb15-c490-4a20-8817-1eb35a06a54c.jpg"}]},{"Id":15566,"Title":"Wider budget deficit forecast in Zambia","Author":null,"Summary":"Zambia is set to see a larger budget deficit in 2022 than previously forecast, whilst economic growth will decelerate over last year","Body":"

\"\"Zambia is set to see a larger budget deficit in 2022 than previously forecast, whilst economic growth will decelerate over last year, according to the country’s Finance Minister, Situmbeko Musokotwane.

\r\n\r\n

At the presentation of next year’s budget, the Finance Minister said the 2022 budget deficit is forecast at 9.8% of GDP, surpassing the projected 6.7% deficit from last October.

\r\n\r\n

The budget deficit is expected to not exceed 7.7% of GDP in 2023, a rise from a prior target of no more than 6.3% seen in February.

\r\n\r\n

Economic growth was forecast at 3% this year, and has a target of 4% in 2023. In 2021, Zambia’s economic growth stood at 4.6%, Reuters reports.

\r\n\r\n

In November 2020, Zambia became the first country in Africa to default on its sovereign debt during the Covid crisis, and according to the International Monetary Fund, Zambia is seeking $8.4 billion of debt relief from 2022 to 2025.

\r\n\r\n

“We appeal to our creditors to support us so that together we can quickly attain debt restructuring,” Musokotwane stated.

\r\n\r\n

The country’s external public debt hit $14.87 billion at the end of June this year, the Minister added. Creditors include Chinese lenders and bondholders.

\r\n\r\n

Back in March, the government said external debt stood at $17.27 billion at the end of last year. Whereas in July, $2 billion of undisbursed loans were cancelled.

\r\n\r\n

At the end of August, the IMF approved a $1.3 billion, three-year loan to Zambia, the Reuters report goes on to say. At the end of 2021, the country had a 133% debt-to-GDP ratio, according to the IMF.

\r\n\r\n

In addition, Musokotwane said the government had obtained $300 million on concessional terms from the World Bank to boost commercial farming.

\r\n\r\n

He added that the government would hike its participation in the mining sector by acquiring “golden shares”, and that progress was being made in resolving issues at the Konkola and Mopani copper mines, where it is seeking new investors.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-10-03T00:00:00","CreatedDate":"2022-10-03T10:08:08.163","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66636,"Name":"Wider-budget-deficit-forecast-in-Zambia","Header":null,"MetaTitle":"Wider budget deficit forecast in Zambia","MetaKeywords":"Budget, Deficit, GDP","MetaDescription":"Zambia is set to see a larger budget deficit in 2022 than previously forecast, whilst economic growth will decelerate over last year","IsDeleted":false,"CreatedDate":"2022-10-03T10:08:08.163","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_fb73173b-c613-4b61-820a-a1b47e16a0d3.jpg"}]},{"Id":15486,"Title":"Zambia’s economy to grow 4% in medium term","Author":null,"Summary":"Zambia’s government forecasts the economy to grow at a rate of 4% per year in the medium term","Body":"

\"\"Zambia’s government forecasts the economy to grow at a rate of 4% per year in the medium term, according to President Hakainde Hichilema, and the focus remains on resolving the debt crisis.

\r\n\r\n

The central bank, Bank of Zambia, stated the economy grew 3.6% last year, following a 2.8% contraction in 2020. This was the year Zambia became the first country in Africa to default on its sovereign debt during the pandemic.

\r\n\r\n

“We have put our economy on a positive growth trajectory in the last 12 months and we project the economy to bottom up from this negative growth," President Hichilema told parliament, adding that he forecasts economic growth of 4% in the medium term.

\r\n\r\n

"Fiscal management was excessively deficient and was characterised by poor resource allocation and reckless borrowing, which increased the cost of debt service resulting, unfortunately ... in a debt default," Hichilema stated.

\r\n\r\n

Nevertheless, the government has been able to stabilise the economy within a year, the President went on to say. "We have consistently subdued inflation.”

\r\n\r\n

In August last year, inflation in Zambia stood at 24.4%, but by August this year, had declined to 9.8%, according to the country’s official statistics agency, Zamstat.

\r\n\r\n

The President added that this has placed the country "on a course to achieving our targeted inflation rate of 6-8% for the medium term."

\r\n\r\n

He also said the Kwacha currency was stable and foreign exchange reserves had increased.

\r\n\r\n

Zambia is seeking a total of $8.4 billion of "cash debt relief" between 2022 and 2025, according to a report published by the International Monetary Fund, adding that it needs to reduce its debt service-to-revenue ratio to 14% by 2025. This level must be held on average until 2031, compared to the current 61% figure.

\r\n\r\n

At the end of August, the IMF approved a three-year loan to Zambia of $1.3 billion.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-09-14T00:00:00","CreatedDate":"2022-09-14T09:10:27.57","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66550,"Name":"Zambias-economy-to-grow-4-percent-in-medium-term","Header":null,"MetaTitle":"Zambia’s economy to grow 4% in medium term","MetaKeywords":"Economy, Inflation, Growth, IMF","MetaDescription":"Zambia’s government forecasts the economy to grow at a rate of 4% per year in the medium term","IsDeleted":false,"CreatedDate":"2022-09-14T09:10:27.57","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_0d4ac5e2-1348-481a-bbb6-193e72e21fb3.jpg"}]},{"Id":15438,"Title":"IMF board approves $1.3bn loan for Zambia","Author":null,"Summary":"Zambia has secured approval from the International Monetary Fund for a 38-month loan program of $1.3 billion","Body":"

\"\"Zambia has secured approval from the International Monetary Fund for a 38-month loan program of $1.3 billion, as the country seeks to restructure its debts and rebuild the economy following the pandemic.

\r\n\r\n

In a statement, the IMF said the new Extended Credit Facility arrangement would provide total funding of 978.2 million Special Drawing Rights – around $1.3 billion, equivalent to 100% of the country’s fund quota, Reuters reports.

\r\n\r\n

The IMF Executive Board approval will facilitate an immediate payment of around $185 million, Reuters news agency reports.

\r\n\r\n

At the end of July, Zambia’s creditors vowed to negotiate a restructuring of Zambia’s debts, which according to IMF Managing Director Kristalina Georgieva said was “clearing the way” for the new Fund program.

\r\n\r\n

“Zambia continues to face profound challenges reflected in high poverty levels and low growth. The ECF-supported program aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.”

\r\n\r\n

The aim of the IMF program is to re-establish Zambia's macroeconomic stability via fiscal adjustment, debt restructuring and bolstering economic governance.

\r\n\r\n

Georgieva said this would require “sustained spending reductions and that Zambian authorities were appropriately focused on eliminating regressive fuel subsidies, reforming agricultural subsidies, reducing inefficient public investments and increasing tax revenues. This will free up some fiscal space to increase social spending to ease transition burdens on the most vulnerable,” she said.

\r\n\r\n

In 2020, Zambia was the first country in Africa to default during the pandemic. Along with Chad and Ethiopia, Zambia has sought restructuring under a G20 common debt restructuring framework. Last December, the IMF reached a staff-level agreement with Zambia for a loan of up to $1.4 billion. However, this was dependent on the country’s ability to reach sustainable debt levels.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-09-01T00:00:00","CreatedDate":"2022-09-01T11:34:06.167","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66493,"Name":"IMF-board-approves-1-point-3bn-dollar-loan-for-Zambia","Header":null,"MetaTitle":"IMF board approves $1.3bn loan for Zambia","MetaKeywords":"IMF, Debt, Loan, Zambia ","MetaDescription":"Zambia has secured approval from the International Monetary Fund for a 38-month loan program of $1.3 billion","IsDeleted":false,"CreatedDate":"2022-09-01T11:34:06.167","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_48204cfe-c2e7-46fd-9ce7-f1075950a8a3.jpg"}]},{"Id":15375,"Title":"Zambia’s central bank holds rates as price pressures set to ease","Author":null,"Summary":"​​​​​​​The Bank of Zambia maintained its benchmark interest rate the same for the third consecutive meeting as it forecasts inflation will hit single digits over the next two years.","Body":"

\"\"The Bank of Zambia maintained its benchmark interest rate the same for the third consecutive meeting as it forecasts inflation will hit single digits over the next two years.

\r\n\r\n

Central bank governor Denny Kalyalya stated on Wednesday that the monetary policy committee (MPC) held the rate at 9%.

\r\n\r\n

Although annual inflation accelerated for the first time in a year to 9.9% last month, and could remain high in Q4 2022 and Q1 2023, price pressures will likely be eased by a rally in the Kwacha and declining commodities costs.

\r\n\r\n

The MPC forecasts inflation will fall over the next eight quarters, the central bank governor added.

\r\n\r\n

The Kwacha has risen 1.9% against the Dollar in August. This followed an agreement between bilateral creditors on 30th July to provide the financial assurances the country needs to obtain IMF approval for a $1.3 billion bailout. 

\r\n\r\n

The MPC predicts annual inflation will average at 11.4% this year, compared to 12.5% forecast at the meeting in May. Despite the lower average forecast, the committee forecasts the rate will be within the 6% to 8% target band by Q1 2024 rather than the end of 2023 as previously predicted, Kalyalya said.

\r\n\r\n

Rates also remained unchanged to bolster economic growth and help to ease poverty throughout the country.

\r\n\r\n

The Bank of Zambia reduced its economic growth forecast for this year to 3.1% from the 3.5% figure forecast in May, and hiked its forecast to 4% for 2023, compared to a previous estimate of 3.6%.

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-08-18T00:00:00","CreatedDate":"2022-08-18T09:53:28.433","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66426,"Name":"Zambias-central-bank-holds-rates-as-price-pressures-set-to-ease","Header":null,"MetaTitle":"Zambia bank holds rates as price pressures set to ease","MetaKeywords":"Bank of Zambia, Kwacha, Economy, Inflation","MetaDescription":"​​​​​​​The Bank of Zambia maintained its benchmark interest rate the same for the third consecutive meeting as it forecasts inflation will hit single digits over the next two years.","IsDeleted":false,"CreatedDate":"2022-08-18T09:53:28.433","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/twitter-images/twitter_eee1bdab-f1a4-4f36-9c2f-34935ae3342c.jpg"}]},{"Id":15314,"Title":"China agrees debt-relief deal for Zambia","Author":null,"Summary":"Zambia’s official creditors, with China at the helm, have reached an agreement to offer debt relief to the country, making way for an IMF bailout.","Body":"

\"\"Zambia’s official creditors, with China at the helm, have reached an agreement to offer debt relief to the country, making way for an IMF bailout.

\r\n\r\n

The committee of creditors, co-led by China and France, have said they are “committed to negotiate with the Republic of Zambia terms of a restructuring” within a G20 framework to co-ordinate debt relief. 

\r\n\r\n

Managing director of the IMF, Kristalina Georgieva said she was “very pleased to welcome” this deal by Zambia’s creditors. This will unlock a $1.3 billion IMF loan to boost the country’s finances. The exact terms of the debt relief are yet to be determined and Zambia needs to strike a similar deal with private creditors, Mena FN reports.

\r\n\r\n

“The support from the official creditor committee for Zambia's envisaged IMF-supported programme, together with its commitment to negotiate debt restructuring terms, accordingly, provides the IMF with official financing assurances,” Georgieva added. 

\r\n\r\n

Zambia was the first country in Africa to default during the Covid crisis, when payments were halted on $17 billion of external debt. This includes $3 billion in U.S. Dollar-denominated Eurobonds.

\r\n\r\n

China has become Zambia’s largest creditor over the last decade, providing around $6 billion in loans, as the African nation carried out numerous infrastructure projects such as roads and airports.

\r\n\r\n

Last year, President Hakainde Hichilema's government agreed on terms for a three-year IMF bailout in a matter of months, after securing a landslide victory over Edgar Lungu.

\r\n\r\n

However, Hichilema’s government had to wait for assurances from creditors before starting the IMF programme, and negotiate debt restructuring terms with private and official creditors.

\r\n\r\n

“We are confident that together with our partners, Zambia will address the issue appropriately and with the urgency needed to help get the economy back on a sustainable growth trajectory,” said Situmbeko Musokotwane, Zambia’s finance minister.
\r\n 

\r\n","IsApproved":true,"IsDeleted":false,"PublishedDate":"2022-08-02T00:00:00","CreatedDate":"2022-08-02T10:18:36.823","ItemCategory":{"Id":18,"Abbreviation":"EC","Definition":"Economy"},"WebPage":{"Id":66358,"Name":"China-agrees-debt-relief-deal-for-Zambia","Header":null,"MetaTitle":"China agrees debt-relief deal for Zambia","MetaKeywords":"IMF, Bailout, G20","MetaDescription":"Zambia’s official creditors, with China at the helm, have reached an agreement to offer debt relief to the country, making way for an IMF bailout.","IsDeleted":false,"CreatedDate":"2022-08-02T10:18:36.823","WebsiteId":4,"WebPageTypeId":4},"Images":[{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/original_2376ebd9-9b80-4266-821e-63b0e6fc52da.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/large_2376ebd9-9b80-4266-821e-63b0e6fc52da.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/medium_2376ebd9-9b80-4266-821e-63b0e6fc52da.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/small_2376ebd9-9b80-4266-821e-63b0e6fc52da.jpg"},{"FullFilePath":"https://cmsdevere.blob.core.windows.net/images/og_2376ebd9-9b80-4266-821e-63b0e6fc52da.jpg"}]}],"IsSuccess":true,"Exception":null}