Join our community of SUBSCRIBERS and be part of the conversation.
To subscribe, simply enter your email address on our website or click the subscribe button below. Don't worry, we respect your privacy and won't spam your inbox. Your information is safe with us.
The Fire Fighters at the Scene of the blaze
Fire last night swept through Lusaka’s Soweto Market destroying six makeshift restaurants and two makeshift bars.
However, quick response by Lusaka City Council (LCC) Fire Brigade last night contained the possible fire disaster at the market.
The fire started around 21:00 hours from one of the makeshift restaurants.
LCC Assistant Public Relations Manager George Sichimba says alert marketeers noticed the fire immediately called the toll free line 993 and the LCC fire brigade quickly responded by dispatching all the four new fire tenders.
Mr. Sichimba says the fire was in no time contained except for six makeshift restaurants and two makeshift bars which had already been completely gutted by the time the team arrived at the scene.
He says preliminary investigations indicate that the fire started from one of the makeshift restaurants as a result of the cooking pot which was left on the blazier unattended.
Mr. Sichimba tells QTV News that it is alleged that the boy who was cooking something in the affected shop left the pot on the blazier to go and watch Brazil Vs Belgium soccer match at the nearby pub.
He discloses that the boy was so much taken by the thrilling game forgetting that he left the pot on fire which resulted in the contents burning and the fire spread to nearby shops.
The LCC Assistant Public Relations Manager has since warned that this is a fire prone period and marketeers and the general public should take extra care by not leaving fires unattended to.
The opposition United Party for National Development (UPND) has maintained that has maintained that when attacked by the ruling PF, citizens must stand up and defend both themselves and their rights.
The opposition political party has said that there is nothing wrong for someone to defend himself from unlawful attackers.
UPND Spokesperson Charles Kakoma said that every person in Zambia has the Constitutional right to defend himself and his property from thugs.
Mr. Kakoma said that Patriotic Front media director Sunday Chanda has continued issuing statements in which he is framing the UPND, who are the victims of their violence, to be violent.
Mr. Kakoma said that the Constitution under the Bill of Rights confers upon citizens the right to defend themselves, quoting Articles 11 (a) and 12 (3) (a) which he said are instructive on the right to self-defence.
Mr Kakoma further said that the Penal Code under section 17 which he said clearly gave power to citizens to defend themselves.
The UPND Spokesperson stated that if PF cadres attack UPND cadres, the UPND members have the right to defend themselves, adding that the PF want to look like saints when they are violent to the core.
Yesterday, PF Media Director Sunday Chanda condemned opposition UPND leader Hakainde Hichilema for agitating for violence as self-defense, charging that “UPND was led by desperate thugs who wish to qualify violence for self-defence”.
Mr Chanda said the UPND was a violent party as demonstrated by its long history of violence exhibited through the Mapatizya Formula and panga for panga approaches.
Mr Chanda said that Mr. Hichilema and the UPND leadership have failed to condemn violence and foul language because it’s inherent in them.
The Itezhi Tezhi Magistrates Court has committed a 26-year-old fisherman to high court for sentencing for raping a 41 year-old fish monger.
Itezhi Tezhi Magistrates Mugala Chalwe convicted Gracious Muzambwe following collaborative evidence brought before court by the prosecution.
Particulars of the offence allege that on 6 May 2018, Gracious Muzambwe of Chibolya compound in Itezhi Tezhi district in Central Province had carnal knowledge of Monica Sosopi without her consent.
During trial, Monica Sosopi, a fish trader, testified how Muzambwe allegedly violently dragged her in the bush while she was on her way to Kafue River to buy fish and allegedly raped her.
Sosopi told Magistrate Mugala Chalwe that on May 2018, around 04:00 hours while on her way to Kafue River, a man approached her and told her that she was going to follow him to his home.
She told the court that she resisted going to Muzambwe’s home as she did not know him but Muzambwe violently dragged her into a bush where he ripped off her dress including the underwear.
She said that Muzambwe then forced himself on her as she screamed and lay helplessly on the rough ground.
“He violently tore my jean skirt, breast holder and underwear and forced himself on me despite having repeatedly screamed and telling him that I was a patient” Sosopi narrated.
She said that during the course of the act, she continued screaming for help and later Maurice and Esther Kambeu came to her rescue and she reported the matter to Itezhi Tezhi police station where she was given a medical certificate form before being referred to Itezhi Tezhi District Hospital for examination.
And a second witness Esther Kambeu,25 told the court how she was awakened around 04:00 hours by a man called Maurice with whom she went with to the scene where she found Muzambwe on top of Sosopi red-handed and grabbed him by his red T-shirt that he was wearing.
Kambeu told the court that the two recognized Muzambwe as it was bright because of the moonlight.
She said that when she held Muzambwe by his T-shirt he took off the T-shirt and escaped leaving her with the red T-shirt in her hand.
A medical report and torn clothes and underwear were submitted in the court.
And in his defense, Muzambwe told the court that on the material day he met a woman he later came to know as Monica Sosopi and proposed love to her and she accepted.
After she accepted he went with her at drinking place around 02:00 hours. He said that they agreed to go to his home and have sex but after being with her for 30 minutes, she sneaked out and when he saw that it had taken too long for her to come back, he decided to make a follow up.
He told the court that he later saw the Sosopi leaving the drinking place and he began chasing her until he caught up with her.
Muzambwe said that he asked the woman why she decided to leave after they agreed to go to his home and have sex and that she slapped him on his chin and said that she could not do that because she was attending her menstrual period.
Muzambwe told the court that he then demanded that Sosopi give him back his money since the sexual services he procured could not be provided but she resisted.
He said that he then decided to search her body starting with a meticulous search on her breast holder and when he could not find the money he decided to undress her and search her underwear where he finally found the money.
He said that during the search, she was screaming and this led to Maurice and Esther Kambeu to come forward and rescue her.
Muzambwe explained to Maurice and Kambeu how they had agreed to have sex with her but that Maurice decided to get his T-shirt and after three days he was apprehended by the police for allegedly asaulting someone.
In delivering judgment, magistrates Mugala Chalwe ruled said that it was not in dispute that the offender had carnal knowledge of the victim as shown by a medical report.
“I have no doubt in my mind that the accused committed the offence and I accordingly convict him as charged. I hereby commit him to the high court for sentencing and remand him in custody” Mrs. Mugala said.
The ruling Patriotic Front (PF) has condemned opposition United Party for National Development (UPND) leader Hakainde Hichilema for agitating for violence as self-defense.
PF Media Director Sunday Chanda said in a press statement issued to ZANIS charged that “UPND is led by desperate thugs who wish to qualify violence for self-defence”.
Mr Chanda said the UPND is a violent party as demonstrated by its long history of violence exhibited through the Mapatizya Formula and panga for panga approaches.
He said Mr. Hichilema and the UPND leadership have failed to condemn violence and foul language because it’s inherent in them.
Mr. Chanda said Mr. Hichilema and the UPND have become irrelevant to Zambia’s political and democratic dispensation and urged Zambians to ignore the opposition party.
He said Mr. Hichilema who has lost presidential elections five times in a row has become desperate and his loose mouth can inflame the country.
He cited many nations around the world that had been engulfed by violence as a result of hate speech.
Mr. Chanda urged Mr. Hichilema to emulate President Edgar Lungu who has called for non – violence and restraint.
Transport Minister Brian Mushimba
Transport and Communications Minister Brian Mushimba says innocent citizens have lost over K600,000 collectively through internet-based scams. Speaking when he issued a ministerial statement yesterday, Mr Mushimba said government was concerned about the abuse of social media platforms.
“As at the end of 2017, the total number of mobile telephone subscribers stood at almost 14 million, representing a penetration rate of 82 percent. This represented a 12 percent growth from the previous year. The sector has been recording a significant increase in the usage of mobile internet with eight million active internet users in the first quarter of 2018 representing a 47 percent internet penetration and a 16 percent growth from the previous year for the same period.”
“As the ministry responsible for communications, we wish to see this number grow as it encourages connectedness, social and commercial interactions and allows innovative individuals and businesses to thrive with increased access to their customer base at affordable rates. We want as many Zambians as possible to embrace the digital transformation, to get onto social media and e-platforms and for them to use these platforms productively,” he said.
The minister said a small group of people was notoriously using the platforms to steal identities, spread false news, cyber bullying, and to transmit pornographic images among other crimes.
“I want to emphasize that this is a very small group of people and as government, we don’t want this group or we won’t allow this group to grow. This small group is notoriously using the platforms to steal identities, spread false news or fake news, cyber bullying, transmit pornographic images, perpetrate hate speech and plainly abuse other consumers online. Most users of the internet in Zambia can testify to the offensive or inciting nature of some messages found in our digital eco-system,” Mushimba said.
Mushima said over 627 people had been duped on social media by scammers.
“In the recent past, ZICTA and the Zambia police have recorded an upswing in the number of cases known as affinity fraud cases. These are cases in which unsuspecting members of the public are duped into believing [that] they are communicating with someone in position of authority or a politician on Facebook such as a minister and they are being offered assistance in getting employment, loans, contracts or scholarships. To date, a total of 34 cases have been flagged with over 627 victims, over K600,000 has been stolen from victims with the majority of the moneys sent outside the country through commercial banks.”
“It is clear that a lot of unsuspecting members of the public are falling prey to these scammers using social media platforms such as Facebook. The scammers are stealing small amounts of money from a large number of people and when added up these amounts are becoming significant.
The visiting World Bank Group touring the 20 kilometre Natonga Canal during the visit of the Zambia Strengthening Climate Resilience Project in the Barotse Sub-Basin in Imalyo area of Mongu District, Western Province
The World Bank has released additional finance amounting to US$14 million to support climate resilience projects in the Barotse Sub Basin.
The funds are additional support to the already existing US$36 million world bank funded Pilot Programme for Climate Resilience (PPCR) in the country since 2013, that aims to cement existing approaches on climate resilience and natural resource management.
ZANIS reports that PPCR Communications Specialist Chama Zimba said the US$14 million will deepen participation of the private sector in implementing adaption programmes on climate resilience.
Mrs. Zimba said the additional finance to the PPCR project is expected to benefit thousands of beneficiaries in adapting to effects of climate change.
She said the PPCR has approved over 1,000 community projects that are changing lives of over 100,000 people in 25 districts in Western, Southern, Central and Lusaka Provinces.
Mrs. Zimba said the PPCR is attaining the goals it set out of strengthening climate resilient planning and prioritising adaptation activities to enhance sustainable livelihoods.
She said the PPCR will be engaging the public through its new campaign of #Think 2044 to spur awareness among people of the anticipated adverse weather in 2044 and do something about it.
Mrs Zimba said it’s imperative that the country starts to think and talk green in order to galvanise support and participation from people on protecting the environment.
FILE: HH with Canisius Banda at KKIA this morning enroute to Eastern Province
Former United Party for Nation Development (UPND) Vice President for Politics Canisius Banda has apologized to the people of Eastern Province for having misled them in 2016 to vote for Hakainde Hichilema.
Speaking when he appeared on a political hour programme on Breeze FM Radio Thursday evening, Dr. Banda said he is in the province to apologize to the people for having misled them during the last general elections.
Dr. Banda said he campaigned for Mr. Hichilema in the Province and the opposition UPND party got a number of votes.
He thanked the people that voted for the UPND but was quick to mention that UPND is not a good political party to lead Zambians.
Dr. Banda said it is true that there is tribalism in the UPND because there was a time when he was stopped from going to Southern Province for party mobilization because he hails from Eastern Province.
He said UPND has remained a platform for projection of ethnic pride and thrives on that.
Dr. Banda said the party picked Geoffrey Bwalya Mwamba as the running mate for Mr. Hichilema despite, staying in the party for a short time and not him because he is not rich.
He said his ethnicity became a problem in the UPND as he was called a mole and spy sent by President Edgar Lungu.
“They were calling me a mole and a spy sent to UPND by Lungu. It’s not President Lungu that told me to leave the party but because the place became hostile and toxic for me. I was not consulted about the issue of a running mate and only knew the running mate at Mulungushi International Conference Centre when filling nominations,’’ he said.
He said he does not belong to any political party at the moment but that he supports the ruling party and President Lungu as government has continued to perform extremely well as far as delivering development is concerned.
Dr. Banda said the story that was in the media that he was evicted from a house in 2016, was false and created to discredit him from being selected as a running mate.
Pride is at stake as Nkana and Power Dynamos clash on Saturday at Arthur Davies Stadium in the final installment of the Kitwe derby in the 2018 FAZ Super Division season.
The two Super Division giants face-off in Ndeke at 15h00 in the round 23 match seeking improved results.
Hosts Power are coming from a 1-0 loss to Kitwe United on Tuesday on the same day Nkana forced a disappointing 2-2 draw against struggling National Assembly in Wusakile.
“In a derby the worst result probably must be a draw,” Power coach Kelvin Kaindu said in a pre-match interview.
“When playing against big teams we come to the occasion. What has been a challenge with us are those so called small teams,” Kaindu said.
Power edged Nkana 2-1 in the first round match played in Wusakile.
“90 minutes will tell. We will go to fight for three points. We can’t run away from Power Dynamos and I am sure they respect us as we respect them,” Nkana coach Beston Chambeshi said.
Nkana are fourth on the table with 38 points, one ahead of sixth placed Power, after 22 matches played.
Power have one un-played match.
FAZ SUPER DIVISION
WEEK 23
07/07/2018
Power Dynamos-Nkana
Nakambala Leopards-Kitwe United
Nchanga Rangers-Kabwe Warriors
Green Eagles-New Monze Swallows
12h30: Lusaka Dynamos-Napsa Stars
14h30:Red Arrows-Kabwe Youth Soccer Academy
13h00:Buildcon-Lumwana Radiants
15h00:Forest Rangers-Zanaco
08/07/2018
12h30:National Assembly-Zesco United
14h30:Nkwazi-Green Buffaloes
New Chipolopolo Coach Sven VandenbroekSven Vandenbroek says he is looking forward to a successful nine-month stint as Chipolopolo coach.
The 39-year-old Belgian arrived in Lusaka on July 6 after agreeing a short-term deal with the mandate to steer Chipolopolo to the 2019 AFCON in Cameroon.
Vandenbroek has five games between September, 2018 and March 2019 to successfully negotiate Zambia’s passage through the 2019 AFCON Group K qualifiers.
Chipolopolo are slumped last in Group K on zero points after losing 1-0 at home to Mozambique on June 10, 2017.
“It has been a long trip here but a nice trip because one is coming to something positive,” Vandenbroek said upon arrival in Lusaka.
“I am looking forward to the challenge for next couple of month’s altogether.
“So I am looking forward to the five-game programme ahead of us.
“It will be tough but I think we can make it, we have to make it.
“I think will be a lovely journey and I think we are going to make the best of it.”
This will be Vandenbroek’s debut as a national team coach.
Vandenbroek won the2017 AFCON with Cameroon as Hugo Broos’ assistant.
And FAZ president Andrew Kamanga said that Vandenbroek heads straight to work and will hold his first Chipolopolo camp on July 15 with the home-based players.
“On behalf of The Football Association of Zambia, we are happy we have finally gotten the coach here, it has taken a bit of time but we should be able to get working almost immediately we have a very tight first one-week programme,” Kamanga said.
FILE: Transport Minister Brian Mushimba unveils the Intelligent Mobility Solutions (IMS), a PPP that will run road traffic system in Zambia.
Transport and Communications Minister Brian Mushimba says vehicles with registration plates such as “Commando 1” and “Number 1 Bootlicker” are illegal and not registered by RTSA except for “ECL 2021” which could be approved under vanity and personalised registration category.
Responding to a written question from Monze Central UPND member of parliament Jack Mwimbu who wanted to know if such political registration plates were issued by RTSA, Mushimba said “ECL 2021” plates could be approved under vanity and personalized registration.
“The agency conducts registration of motor vehicles and trailers according to the Act No. 11 of 2002 and the following are common motor vehicle registrations conducted by the agency: there is normal registration which includes the standard three alpha letters and a maximum of four numerical figures such as AAB 1234.”
“This type of registration is sequential and does not attract a fee. Number two is a diplomatic registration which includes the registration of motor vehicles for embassies for use on our roads at no fee, and lastly the vanity for personalized registration which includes the preferred registration numbers after a vehicle has been given a normal registration number. For example we have seen K10 or TAB 2020.”
“Vanity of personalised number plates can have a maximum of three alpha letters and a maximum of four digits and is approved by the agency with a fee of K8,333. So Madam Speaker, ECL 2021 under vanity and personalised registration could be approved and given to a vehicle,” Mushimba said.
“To answer the Honourable members’ question, no, the number plates in question were not registered by RTSA. They are in fact illegal number plates. As a matter of fact, number plates such as “Commando 1” and “Number 1 Boot Licker” do not qualify to be considered as valid registration plates under vanity and personalized registration, but ECL 2021 qualify Madam Speaker.”
“RTSA does not allow such vehicles to be on the road, this is an illegal practice and to curb it, RTSA and Zambia Police conduct random road traffic patrols checking on registration marks through the call centre for verification. Any motor vehicle that does not correspond with the details in the system is stopped and immediately impounded. In 2017, 613 vehicles were impounded for flouting these regulations Madam Speaker. This practice does compromise the security of the nation and that is the more reason why any motorist found wanting have their vehicles impounded.”
The Zambia Revenue Authority -ZRA- collected 39.2 billion Kwacha in revenue, between January and December 2017.
This is 1.5 billion Kwacha above the parliamentary target.
ZRA board chairman CHILESHE KAPWEPWE disclosed this when she officially handed over the ZRA annual report to Minister of Finance MARGARET MWANAKATWE in Lusaka yesterday.
Ms KAPWEPWE has attributed the positive performance during the year to the continuous and heightened engagements with tax payers to ensure voluntarily compliance.
She said in addition, the relative improvement in inflation, electricity supply, the price of copper on the international market among others also contributed to the sustained revenue performance in 2017.
Ms KAPWEPWE said ZRA has embarked on several strategies to improve its tax collection and has learnt a lot of lessons on the way to improve tax collection.
She said the authority is largely focusing on leveraging technology and has been using electronic fiscal devices to increase its coverage.
Ms KAPWEPWE also called on government to help in the quick implementation of the national financial switch to help address the high transaction cost associated with payment formalities.
And Mrs MWANAKATWE congratulated ZRA for surpassing the parliamentary target.
She has further encouraged the authority to encourage tax compliance among Zambians.
Speaking at the event Mrs MWANAKATWE said government will continue supporting ZRA as it is key to Zambia’s economic performance.
The Northern Technical College (Nortec) has become the first higher learning institution in the country to offer qualification in Legal and Industrial metrology.
This follows the formalization memorandum of understanding (MOU) between Nortec and the Zambia Metrology Agency (ZMA).
Witnessing the signing of the agreement between the two institutions and hand over of the curriculum in Ndola today, Minister of Commerce, Trade and Industry Christopher Yaluma describe the agreement as significant milestone.
Mr.Yaluma noted that quality measurements and services for innovation, sustainability is key to growing the country’s economy.
Mr.Yaluma emphasized that legal metrology services are important in industry, consumer care and protection, and merging technologies.
He explained that quality measurements’ of services depend on the level of knowledge and skills of people’s responsibility in making measurements.
He said, hence the introduction of the metrology studies will be capable of generating the knowledge and skill required.
He pointed out that the country in recent past has lacked indigenous professional training curriculum in legal and industrial metrology, a trend that compelled the agency to develop a project aimed domesticating the profession.
Effective implementation of the course shall lead well-rounded Mythologists and promote the improvement of Metrology services.
And speaking at the same event Ministry of Higher Education Acting Permanent Secretary Alex Simumba urged Nortec to sticks to standards.
Mr.Siumumba said the Ministry will support the institution in the development of the newly introduced diploma course.
He added that the Ministry will divert part of the skills development fund to the institution to finance the specialized implementation of the course to bring it to fruition for economic benefit of the country which will be attained through the human resource that will graduate.
He has since appealed to stakeholders’ involvement in the implementation of the course through donation of equipment, transfer of expertise and creation of laboratory to enable students have hands on experience.
Minister of Foreign Affairs Joseph Malanji with his Turkish counterpart Mevlut Cavusoglu in Ankara
PRESIDENT Edgar Lungu is expected in Turkey to attend the inauguration ceremony of Turkish President Recep Tayyip Erdogan scheduled for Monday, July 9, 2018 in the capital, Ankara.
Minister of Foreign Affairs Joseph Malanji said President Lungu is expected to attend the inauguration ceremony at invitation of his Turkish counterpart.
Mr Malanji, who was flanked by Zambia’s Ambassador-designate to the Republic of Turkey, Mr Joseph Chilengi, said Mr Lungu is among five African Heads of State and other world leaders invited to attend President Erdogan’s inauguration ceremony.
The minister was speaking in Ankara yesterday shortly after a bilateral meeting with his Turkish counterpart Mevlut Cavusoglu ahead of President Lungu’s expected visit to Turkey.
Mr Malanji said President Lungu’s visit to Turkey is of paramount importance to Zambia as it will strengthen relations and trade between the two countries.
He also said part from attending the inauguration ceremony, President Lungu is also expected to hold a bilateral meeting with President Erdogan to discuss issues of mutual interest between Zambia and Turkey.
The minister also said he and Mr Cavusoglu discussed the signing of a number of pending co-operation agreements between Zambia and Turkey.
“You know with the policies that we have put in place, it is only prudent that we are aggressive to make sure that national development blueprints like the Seventh National Development Plan(7NDP) can be brought to precision,” Mr Malanji said.
President Erdogan won the June 24, 2018 snap Presidential and parliamentary elections with a 52.6 percent first round majority vote to become Turkey’s first executive President under the new constitution.
Under the new executive presidential system, Turkey will have 16 ministries while the Prime Minister’s office will be abolished.
Minister of Foreign Affairs Joseph Malanji during a bilateral meeting with his Turkish counterpart Mevlut Cavusoglu in AnkaraMinister of Foreign Affairs Joseph Malanji during a bilateral meeting with his Turkish counterpart Mevlut Cavusoglu in Ankara yesterday. On the right is Zambia’s Ambassador designate to the Republic of Turkey, Mr Joseph Chilengi and Ministry of Foreign Affairs of the Republic of Turkey, Director General for Africa, Mr Ahmet Riza DemirerMinister of Foreign Affairs Joseph Malanji presents a gift to his Turkish counterpart Mevlut Cavusoglu at the Ministry of Foreign Affairs of the Republic of Turkey headquarters in AnkaraTurkish Minister of Foreign Affairs Mevlut Cavusoglu presents a gift to his Zambian counterpart Joseph Malanji in Ankara
The meeting between the Government officials from the Ministry of FInance and the World bank Officials
Bloomberg reports Zambia is shelving projects that aren’t almost complete and will renegotiate loans as it seeks to contain ballooning debt and entice the International Monetary Fund to restart talks on a support package.
The IMF has warned the southern African nation is at high risk of debt distress, while investors have grown skeptical about the amount of external loans the country claims it has incurred, saying it may be significantly more than the $9.3 billion announced.
Eurobonds of Zambia, Africa’s second-biggest copper producer, have been the worst performers this year.
“We did a three-week deep dive into our debt sustainability assessment, we know what debt we have and also we have shared the facts and figures with the IMF,” Zambian Finance Minister Margaret Mwanakatwe said in an interview in her office in the capital, Lusaka, on Thursday.
“We have reached a situation where we have given them everything that they require with the possibility of re-engaging.”
Zambia approached the multilateral lender in 2014 after a plunge in copper prices hit economic growth and curbed income from mining companies that are a major source of revenue.
The government is now seeking to roll back on large-scale infrastructure projects and debt that it continued to accrue.
Praying for IMF
Mwanakatwe, 56, said while the assessment wouldn’t be released to the public, it has given the government confidence in its debt numbers. It’s hopeful that this will be enough to appease the IMF and that it can be considered at the Washington-based lender’s September board meetings, she said.
“I am praying for a visit” by the IMF team, Mwanakatwe said in her first interview with an international news agency since being appointed in February. “I need the IMF, I need the IMF because they bring confidence to my private sector here, to my external investors.”
The government is battling to convince investors that it can control its debt.
While the IMF welcomed a plan released last month to postpone taking on new liabilities and cancel some loans that haven’t been disbursed, yields on Eurobonds due in July 2027 remain near 11 percent, having climbed 400 basis points this year.
They fell 14 basis points, the most since June 22, to 10.99 percent at 11:45 a.m. in Lusaka Friday.
The government should consider releasing the debt assessment to the public to show how confident it is in its numbers, and their expectations for IMF talks may be overly optimistic, according to Trevor Simumba, an independent business consultant.
“For me, I think it’s a pipe dream right now,” he said by phone. “There are a lot of hoops that the government has to go through in order to re-engage.”
The government won’t do anything that risks an economic recovery and will keep projects that boost expansion and offer social benefits, Mwanakatwe said.
Higher copper prices have helped support the economy, with growth rebounding to 4.1 percent last year, according to a government report.
Copper accounts for more than 70 percent of exports.
Mwanakatwe said the pace of debt accumulation will reduce significantly going forward and talks with Chinese investors to restructure the terms of loans are proceeding “quite well.”
Chinese Loans
“I’m looking at China, China has got about 30 percent of my debt stock,” Mwanakatwe said. “I want to ensure that anything that is commercial in terms of debt is renegotiated and probably re-profiled as well — make it longer, make it cheaper.”
Zambia also has about $3 billion in Eurobonds outstanding, with the first of $750 million due for repayment in 2022.
“I’m not worried about the interest payments,” she said. “When it comes to the actual debt itself, we intend to set aside a sinking fund so that we can be ready for 2022, 2024 and 2025 to 2027.”
The government is seeking to keep the budget deficit to less than 9 percent of gross domestic product this year, but is sticking to its longer term target of a fiscal shortfall of 3 percent. The gap was “currently” at 7.8 percent of GDP, Mwanakatwe said.
“I’m looking at the longer term, I would love to bring it down to 3 percent but certainly not this year or next year, that’s not going to be possible,” Mwanakatwe said. “If at the very least, at the very least I can stay where I am now, I think that would be an achievement. And, if I can come down, even better.”
