Government plans to refinance the existing Eurobond debt by issuing another bond. Ministry of Finance recently announced that GRZ “needs to issue another bond to pay off the debt and we will look for creditors that will lend on a low rate". Zambia has two sovereign bonds of US$750 million and US$1billion which are due to mature in 2022 and 2024, when the principal needs to be paid back on top of current interest repayments. (Source: The Post)
Saturday, 28 February 2015
Thursday, 26 February 2015
MINISTERIAL STATEMENT ON 2015 MINING TAXATION REGIME
By Finance Minister Alexander Chikwanda, MP
I wish to brief the House and the Nation at large on the 2015 Mining Taxation Regime which is a topical issue in our country.
Despite Zambia being endowed with vast mineral resources, the country has not realised maximum benefits from the sector’s potential to support growth and enhanced socio economic development. This is against the backdrop that the sector has been experiencing high copper prices in the recent past.
THEMES : mining
Tuesday, 17 February 2015
President Lungu has assumed power when the Kwacha is again threatening to breach K7 per $1. It is currently trading at K6.95 per $1, having fallen by around 20% over the last 12 months. The current rate is just lower than the historic low of K7.05 per $1 recorded in June 2014.
However, it seems it is only a matter of time before we reach the $7 levels again given that it briefly broke through K6.80 two weeks ago. Indeed, a longer trend suggests that the Kwacha has actually halved in value against all major developed nations' currencies since Lungu’s predecessor assumed power.
THEMES : mozambique
Thursday, 12 February 2015
In 'A Memo to President Lungu', we briefly mentioned some of the challenges facing the new administration. In the next few posts we will try and expand on these. The first challenge Lungu has to deal with is the ongoing fall in copper prices.
The price of copper has fallen sharply losing around 10% over the last two months. It has lost around 30% over the last two years. A longer trend suggests that copper has actually fallen by more than 45 per cent in the the past four years.
President Edgar Lungu's has named his new full cabinet :
President- Edgar Lungu
Minister of Defence - Edgar Lungu
Vice President - Inonge Wina
Finance - Alexander Chikwanda
Home Affairs -Davies Mwila
Foreign Affairs- Harry Kalaba
Mines - Christopher Yaluma
Transport and Communication - Yamfwa Mukanga
Education- Dr. Michael Kaingu (MMD)
Justice - Ngosa Simbyakula
Health - Dr. Joseph Kasonde
Agriculture -Given Lubinda
Commerce- Margaret Mwanakatwe
Tourism and Arts -Jean Kapata
Information - Chishimba Kambwili
Local Government and Housing - John Phiri
Lands and Natural Resources - Christabel Njimbu
Labour - Fackson Shamenda
Community Develooment-Emerine Kabanshi
Chiefs and Traditional Affairs- Dr. Joseph Katema
Gender - Nkandu Luo
Youth and Sport - Vincent Mwale (MMD)
THEMES : politics