Mr. Kalaba also says his Ministry has not received any formal complaint from the United States Embassy that President Lungu has snubbed the American envoy.

Mr. Kalaba was speaking in an interview with journalists at Kenneth Kaunda International Airport shortly before President Lungu’s departure for Uganda.

He said any diplomat who fails to access President Lungu is free to approach the Ministry of Foreign affairs to be scheduled to fit into the President’s programme.

Meanwhile Mr Kalaba says Zambia’s International Image is still intact despite the closure of the Post Newspaper.

He has reiterated that government did not influence the closure of the daily tabloid as the Zambia Revenue Authority -ZRA acted independently to enforce its obligation of collecting tax.

Dear Editor,

Chikwanda was telling us we will have 7% inflation. It is more than THREE TIMES that now.

I have not heard a single word about the massive debt and how Zambia is going to repay it. Now Citigroup and J P Morgan are closing in to feast on rich pickings for themselves all because of PF stupidity. We will be paying for generations to come.The IMF will come and will lend us money. And these banks will then take it back in interest payments while Zambians continue to struggle in poverty!

Thankyou Lungu! Thankyou Chikwanda!

Citigroup, JPMorgan Favor Zambia’s Dollar Debt in Bet on IMF Aid

Citigroup Inc. and JPMorgan Chase & Co. are among investors stocking up on Zambian dollar debt, anticipating that a growth revival and an International Monetary Fund aid package will help the southern African nation plug its yawning budget deficit.

Citigroup started adding Zambian debt on June 10, while JPMorgan moved its holding of the nation’s dollar bonds to overweight, seeing room to “earn considerable pickup” amid signs of an improving economy. The bonds returned 7.3 percent in June, the most among 18 African nations monitored by Bloomberg.

The yield on Zambia’s dollar bonds due in 2024 has fallen more than 500 basis points from a February high of 16.3 percent, but is still more than 3 percentage points higher than that of debt by similarly rated Ethiopia. Ranked five levels below investment grade by S&P Global Ratings and Fitch Ratings, Zambia, heavily reliant on copper, expects negotiations with the IMF to start in October and move to board level in December.

“We continue to like the position” in Zambian bonds, said Luis Costa

With developed-nation yields likely to remain lower for an extended period after the U.K.’s vote to leave the European Union, Zambian debt offers returns that are hard to find elsewhere, according to Citigroup.

“We continue to like the position” in Zambian bonds, said Luis Costa, Citigroup’s London-based chief strategist for eastern Europe, the Middle East and Africa. “The IMF deal is a supportive factor. From the risk-reward point of view it is a very interesting long, despite Brexit.”

The yield on Zambia’s Eurobonds due 2024 dropped 6 basis points to 10.57% by 3:35 p.m. in the capital, Lusaka.

While the southern African nation has said it expects an aid program from the fund by the end of the year, a deal may not be that easy as it’s likely to require the government to cut energy subsidies. The IMF in March estimated the payments could cost the Zambian treasury $660 million this year. Increasing prices at a time when inflation already exceeds 20 percent may be unpopular in the build-up to general elections next month.

Better Rains

The 2016 budget shortfall will probably be slightly smaller than last year’s 8.1 percent of gross domestic product, Deputy Finance Minister Christopher Mvunga told reporters in May. That’s still more than twice the 3.8 percent deficit Finance Minister Alexander Chikwanda targeted in his 2016 budget statement.

JPMorgan sees a stabilizing exchange rate and improved rainfall supporting Zambia’s economy, while expecting that fiscal austerity will get the government through the coming months. The bank expects the fiscal deficit to remain below 8 percent of GDP in 2016.
President Edgar Lungu, who will seek re-election in Aug. 11 polls, said in May the country will only access IMF support if the lender’s conditions are acceptable, and not all investors are convinced about the positive outlook for the nation’s debt.
While Zambia’s Eurobonds have remained buoyant, underpinned by anticipation of an IMF support package materializing within months of the new government being formed after the August vote, the optimism is misplaced, according to Rhombus Advisors LLC, a consultancy that advises hedge funds and private-equity firms on African economies.

Zambian ‘Ambivalence’

Given “the ambivalence of local authorities, we have considerable reservations about any investment strategy that is dependent on an IMF support package,” Omotunde Mahoney of Rhombus wrote in a research note on June 21. This “would set the stage for a potentially significant correction in Zambian asset prices.”

While there may be delays on the path to an IMF agreement, demand from China will support the copper price, buoying the economy, which relies on the metal for more than 70 percent of export revenue, said Lutz Roehmeyer, director of fund management at Landesbank Berlin Investment.

“We are positive on economic growth and expect normal demand for commodities,” said Roehmeyer, who is overweight Zambian dollar bonds. “African exporters should perform well with rising commodities.”

Source: Bloomberg news

President Edgar Lungu has challenged those alleging that the August 11 General election will be rigged to provide evidence.

President Lungu says some opposition leaders should not use speculations of rigging as an excuse if they lose election.

The President also says persistent allegations of rigging shows that the opposition leaders are not ready for the election.

He labelled those with unfounded allegations of election rigging as cry babies.

President Lungu was speaking in an interview with journalist at Kenneth Kaunda International Airport enroute to Uganda.

Meanwhile, Phoebe Sakala reports from Kampala that President Lungu will be in Uganda, to attend the 40th anniversary of the Entebbe operation.

This was a successful counter-terrorist hostage-rescue mission, carried out by the Israel Defense Forces, at Entebbe Airport in Uganda.

This hostage rescue happened on July 4, 1976, a week after an Air France plane with 248 passengers had been hijacked by Pro-Palestinian militants.

President Lungu, who has been invited by President Yoweri Museveni, will be among 6 other heads of state, who include Israeli Prime Minister, Benjamin Netanyau.

Zambia’s High Commissioner to Tanzania, judith kapijimpanga, who is also accredited to Uganda, has confirmed this in an interview with ZNBC in Uganda.

According to a programme released in Kampala, the heads of state will later hold a closed door summit on counter-terrorism, and later issue a communiqué, after the commemorations.

The whole programme is expected to end at 17 hours.

President LUNGU is later expected to return to Zambia, the same day.

ZAMBIANS will be endorsing Gender Based Violence (GBV) if they are going to vote for Hakainde Hichilema and his running mate Geoffrey Bwalya Mwamba in the August general elections, Kelvin Fube has warned.

Mr Fube, who is Patriotic Front (PF) deputy elections chairperson, said Zambians should heed President Edgar Lungu’s call to seriously scrutinise presidential running mates in political parties that would be participating in the coming general elections because some had documented records of Gender Based Violence.

He said President Lungu had challenged Mr Hichilema to explain how he had preferred Geoffrey Bwalya Mwamba as his running mate over his long and faithful vice-president for political affairs Canisius Banda to forewarn Zambians about the danger of making wrong choices on leadership. Mr Fube said in a statement yesterday that the women rights movement and the church had betrayed Zambians for failing to condemn Mr Hichilema for selecting Mr Mwamba as his running mate despite having a record of engaging in GBV.

He challenged the Women’s Lobby Group, NGOCC, WILSA, Catholic and United Church of Zambia (UCZ) women and Law Association of Zambia (LAZ) president Linda Kasonde to state their position on Mr Hichilema’s running mate because GBV was an evil that should never be condoned in a civilised society. Mr Fube alleged that the UPND had embraced personalities whose characteristics was nothing but causing terror in communities and that the UPND leader had embraced The Post Newspaper for neglecting to honour its tax obligations which he said was a criminal act.

“Voting for Mr Hichilema will be directly endorsing GBV which his running mate Geoffrey Bwalya Mwamba has embraced whole heartedly. It is a betrayal that the women’s rights movement, the church and other right thinking Zambians have failed to call Hichilema’s bluff on his endorsement of GBV as per record in The Post regarding his running mate,” he said. And Mr Fube said Zambians should re-elect President Lungu and his running mate Inonge Wina because of their dedication to delivering development to the country.

He said Zambia was in safe hands under President Lungu because the Head of State was a God fearing leader.

He said President Lungu was the best presidential candidate among all the candidates and that his humility and respect for citizens had placed him far ahead of the coming presidential race.

UPND President Hakainde Hichilema has stressed the need for government to open up Western Province to business and investment in areas such as agriculture, tourism and value addition industries.

Speaking today when he addressed three campaign meetings in Sikongo village in Sikongo Constituency, Lukona village in Kalabo Constituency, and Muyaulula village in Liuwa Constituency, Mr. Hichilema committed to fighting disease among livestock and improving the quality of cattle breeds so that farmers can secure more profit.

Mr. Hichilema further called for the setting up of border and warehouse facilities in areas such as Sikongo so that the country can export cashew nuts, beef, rice, fish and agricultural produce to neighbouring Angola.

He also said there is a need for a good airstrip facility in areas such as Sikongo along the border with Angola as a way to open up the area along the plains to the tourism industry.

The UPND leader committed to engaging the traditional leadership across the country to open up land for ranching facilities and thereby create jobs for the local people, especially youths and women.

ADD President Charles Milupi called on the people of Western Province not to miss out in joining the mass movement uniting behind the UPND leadership.

Mr. Milupi said the people of Western Province must never be deceived by the PF Government that all the promised projects have been implemented.

He said even the Mongu -Kalabo road was not a PF project but was started by the previous government.

PRESIDENT Edgar Lungu has said that there is need to eliminate trade barriers between Zambia and Mozambique to further grow ties between the two countries.

Mr Lungu said Zambia and Mozambique had signed various agreements, including the setting up of a coal-powered energy plant in Tete Province of Mozambique.

The Head of State said there was still need to develop trade relations for the benefit of both countries.

Mr Lungu was speaking at a luncheon organised by the Zambia International Trade Fair (ZITF) in honour of Mozambican President Filipe Nyusi who was in Ndola today to officially open the Fair.

“It is my expectation that our governments will work together to re-energise the work, to fully operationalise the growth triangle (Zambia-Malawi-Mozambique). Our countries should invest in the necessary infrastructure to make this a reality. We must also eliminate artificial barriers that limit trade between the two countries,” President Lungu said.

He was happy that Zambia and Mozambique continued to enjoy bilateral relations that had grown over the years.

Mr Lungu was optimistic that with the enhanced value-addition, the Mozambican ports would handle an increasing level of value and exports from Zambia.

Mr Lungu also said Zambians were impressed with the growth of the Zambian economy, despite an unfavourable global economic conditions owing to the weaker external demand for commodities.

Zambia and Mozambique have both taken bold and prudent measures to mitigate the impact of the challenges.
Mr Lungu said the two countries, therefore, had a lot to learn from each other.

He said as the two countries developed domestic value chains, there was need to build regional value chains to enhance job creation in the region.

Meanwhile, President Lungu has assured the people of the Southern African Development Community (SADC) that the Government endeavours to hold free and fair elections.

Mr Lungu assured the region through Mr Nyusi, who is the chair, that the Zambian Government was working to ensure peaceful, free and fair elections this August.

He said there would always be people who claimed that the electoral process was unfair.

“I am glad that you (SADC) are sending an observer mission, because there will always be those that cry foul when they lose, saying the political playing field was not leveled,” President Lungu said.

He said some politicians in some parts of Africa found it difficult to accept defeat and blamed their loss on the electoral process.

Mr Nyusi has since returned to Mozambique.