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Zambia has over $2.5 bn. in reserves

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Bank of Zambia
Bank of Zambia

ZAMBIA’s international reserves at the Bank of Zambia (BoZ) have increased to US$2.5 billion as at end of June 2011 translating into four months prospective imports.

The major products that were exported during the period include mining, Non traditional exports accounting for US$1.2 billion and remittances in the excess of US$200 million.

BOZ economics director Emmanuel Pamu said with the US$2.5 billion international reserves recorded as at June 2011, the country has exceeded the target of US$2.3 billion set for the year.

Speaking at the BoZ briefing held at the Agricultural and Commercial show in Lusaka, Dr Pamu said projections are that the reserves will continue to grow adding that copper exports and other metals have also risen contributing to the economic growth.

He said the economy has managed to pick up tremendously despite the impact of the 2008 global financial crisis.

He said lending to the private sector and household personal loans have increased considerably.

Commenting on the exchange rate, Dr Pamu said the Kwacha has been stable which is important for a growing economy.

And BOZ deputy governor Austin Mwape has said that the central bank is on course to attain the seven percent target inflation set for this year.

Dr Mwape said Zambia has managed to maintain a single digit inflation rate at nine percent. This enhances the optimism that the targeted inflation rate will be reached.

“The good part of the year has been the stabilisation of the inflation and the exchange rate. We have managed to maintain quite a stable financial system,” Dr Mwape said.

Director of non-banking financial institutions Chisha Mwanakatwe said the central bank was impressed that personal loans have increased over the past four years because of the coming down of interest rates.

Mr Mwanakatwe said new banks in the market have extended a lot of personal loans which has created competition resulting in interest rates declining.

“The banking industry has been adequately capitalised; new entrants in the sector have played a vital role. The coming up of financial systems (commercial and non-banks) aggressively on the market has facilitated services to the people who never had access to borrowing and saving in the past,” he said.

[Zambia Daily Mail]

Election date announcement will not slow down economic activities-BOZ

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Bank of Zambia Governor Dr. Caleb Fundanga

Bank of Zambia (BoZ) says that the announcement of the date for tripartite elections will not slow down economic activities or affect the performance of the Kwacha but will trigger more business activities.

BOZ said this in contrast to Standard Chartered Bank which predicted depreciation of the Kwacha against the US dollar following the announcement of the election date.

Bank of Zambia Governor Caleb Fundanga said in an interview that the economy and currency will remain stable during elections because a lot of economic activities are expected to take place.

Dr Fundanga said the supply of US dollars on the market is dependent on exports and not elections, saying trade will continue even during the election period.

“The supply of US dollars on the market is dependent on exports. The question one may ask is whether exports are affected by elections, the answer is no. We, however, expect the demand for election materials go up, but I don’t see a strong relation with the Kwacha,” he said.

Dr Fundanga said the slowdown in economic activity and subsequent depreciation of the Kwacha experienced in 2008 were due to the global credit crisis and the elections.

“The results of 2008 had nothing to do with the elections but the global financial crisis, portfolio investors withdraw from all emerging markets whether they had elections or not,” he said.

“International organisations are saying elections or no elections Zambia is on the path of positive growth,” he said.

But Standard Chartered Bank head of global markets Stanley Tamele said the Kwacha is likely to trade at around K4,900 and K4,950 during the election period because of the political risk aversion associated with the election period.

Mr Tamele said historically, when Zambia and other African countries go to the polls, there is a tendency of people and companies holding on to their transactions until after elections.

“Investors tend to withdraw money from the economy and people hold on to transactions and US dollars because of the risks associated with politics,” he said.

Mr Tamele, however, said the Kwacha would pick up at around K4,700 after the elections.

2014 World Cup Qualifiers: Zambia Dates Ghana in Group D, Local League: Warriors beat ZESCO

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Zambia has been draw with Ghana in Group D of the 2014 World Cup qualifiers. The two teams will clash in the second round group stages when they enter the fray next year in a Group D that also includes of Sudan.

Group D will be complete with the winner from the preliminary round match between Burundi and Lesotho.
Winner from Group D will advance to the final third round stage where 10 teams will battle in a league format for the five Africa zone places available at the World Cup.

And Dick Ngwenya began his first day at the office at Kabwe Warriors on a good note with a 1-0 home win over Zesco United in a Faz Super Kabwe.

A text book tap-in from Mundia Makokwa in the 39th minute on the near left post from a Derrick Mulenga cross from the far right win handed Warriors the vital three points.

The goal was Makokwa’s first for Warriors since his K25 million move at the start of the season from National Assembly.

And the victory sees Warriors rise one spot from 14th to 13th on the table on 16 points from as many games played.
Warriors dominated a poor Zesco especially after the visitors’ caretaker coach Masautso Mwale made a tactical blunder.

Mwale took off influential playmaker Portipher Zulu in the 43rd minute for an ineffective John Chingandu who was lost in midfield the entire period he was on the pitch.

Zesco drop from 7th to 8th as Mwale feels the pressure in his first game in charge after Fighton Simukonda was fired on Tuesday.

Meanwhile, Red Arrows maintained top spot on the table after a 2-0 away win over Nkana in Kitwe.

Defender White Simwanza scored a free kick in the 58th minute and a second from Dube Phiri in the 71st minute made sure Arrows stayed top of the table.

Arrows are on 33 points, two less than Power Dynamos who rallied to beat hosts Green Eagles 3-2 thanks to a Lottie Phiri brace that saw him increase his tally to 10 goals this season.

MTN/FAZ Super Divsion
30/07/20111
Week 16
Roan United 3-Forest Rangers 2
Kabwe Warriors 1-Zesco United 0
Konkola Blades 0-Lime Hotspurs 2
Zanaco 0-Nchanga Rangers 0
Kalewa 1-Green Buffaloes 2
Nkwazi 2-Nakambala Leopards 2
Nkana 0-Red Arrows 2
Green Eagles 2- Power Dynamos 3

 

[standings league_id=18 template=extend logo=false]

Speak to Your Mountains

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TODAY’S SCRIPTURE

“And Jesus answered them, Truly I say to you, if you have faith (a firm relying trust) and do not doubt, you will not only do what has been done to the fig tree, but even if you say to this mountain, Be taken up and cast into the sea, it will be done”
(Matthew 21:21, AMP)

TODAY’S WORD from Joel and Victoria

We’ve all had seasons when the challenges of life feel overwhelming. During those times, it’s easy to be tempted to talk about how bad things are. Maybe you received a bad medical report, or maybe you’re facing a financial obstacle. But the more you talk about something, the bigger it becomes in your mind. Instead, you’ve got to dig your heels in and say, “No, I am not going to give life to that defeat. I am not going to speak sickness over myself. I’m not going to speak lack. I’m not going to speak fear. I’m choosing a different report. I believe the report of the Lord which says I am blessed. I am favored. I am prosperous. I am healthy. I am whole. I’m a victor, not a victim.”

Remember, even if you don’t see how things could ever work out, God does. You’ve got to speak to those mountains in your life and declare favor over those situations. Instead of talking to God about how big your problems are, talk to your problems about how big your God is! As you speak to your mountains, they will be moved, and you will move forward into the victory God has prepared for you!

A PRAYER FOR TODAY

Heavenly Father, thank You for Your Word which is life to my spirit. I receive Your strength today and choose to speak to the mountains so I can move forward in the victory You have in store for me. In Jesus’ Name. Amen.

— Joel & Victoria Osteen

RB warns against shoddy road works

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President Rupiah Banda
President Rupiah Banda

PRESIDENT Banda has warned that his Government will not tolerate shoddy works from road contractors who desire to enrich themselves at the expense of Zambians.

Speaking when he officially opened the 85th Agricultural and Commercial Show in Lusaka yesterday, President Banda said Government will ensure contractors do not compromise on quality because Zambians demand value for their money.

“I am aware that the state of transport infrastructure and roads in particular is a major concern to farmers and the business community alike. I would like to assure you that we are working on the rehabilitation of our entire transport infrastructure,” President Banda said.

Mr Banda said he expects contractors and those charged with the responsibility of supervising the construction of roads to ensure that they are built to the highest standards.

“Zambians demand value for their taxes, and as Government, we will not tolerate those who compromise quality standards in order to benefit themselves,” the President said.

President Banda said it was pleasing that the agriculture sector had continued to perform well and congratulated farmers for successive bumper harvests.

He said successive bumper harvests and economic growth averaging 6.6 percent was evidence that the policies of the MMD Government were bearing fruit.

Mr Banda was also confident at the rate agricultural productivity was growing in Zambia; the country was poised for more surplus productivity.

“I wish to state that the full potential for agriculture is yet to be realised. I therefore urge our farmers to adopt appropriate technologies and improved farming practices in order to increase production and productivity of both food and crops,” he said.

President Banda assured that his Government will continue to provide the necessary support to further transform the agricultural sector into a rewarding commercial activity.

He said the measures will include improved marketing of agricultural produce and enhancement of research as well as extension services.

Government will also continue to encourage value addition and promote processing of farm produce into finished products.

“For that reason, it is important to understand that for us to build our economy and to sustain its growth, we need to lay a firm foundation. My Government is therefore implementing measures and programmes aimed at increasing access by all our citizens, both in rural and urban areas, to economic and productive resources,” President Banda said.

He also pointed out that Zambia was on the right path of becoming a wealth economy, given its positive economic growth, B+ sovereign credit, and its recent reclassification to lower middle-income economy by the World Bank.

“Government efforts and policies aimed at improving the economy have yielded positive results. Our economy has for the last three years been growing at an average 6.6 percent per year,” President Banda said.

The President said Zambia was also ranked among the top 10 reformers in the world by World Bank in 2010.

He assured Zambians that his Government will continue to diversify the economy from predominantly copper mining to bring on board agriculture, tourism and other activities such as nickel, gold and oil exploration.

[Zambia Daily Mail]

Electoral Commission of Zambia sets dates for filling in nominations

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Electoral Commission of Zambia Director Priscilla Isaacs
Electoral Commission of Zambia Director Priscilla Isaacs

The Electoral Commission of Zambia has set August 7 to August 10 as dates for filling in Presidential Nominations.

ECZ has also set August 12 as dates for filling of nominations for the National Assembly and local government elections.

Commission Director Priscilla Isaacs said that Presidential aspiring candidates should complete the attested statutory declaration of the oath, the affirmation of Zambian citizenship and the nomination papers before the chief Justice at the Supreme Court.

Ms Isaac said in a statement to ZNBC News that each aspiring Presidential candidate is required to pay a non refundable nomination fee of K10 million.

Each candidate shall also be expected to carry 200 supporters who are registered voters in any constituency.

She said that filing of Presidential nominations will be taking place from 09:00 hours to 16:00 hours.

Parliamentary nominations will be conducted at the respective constituency centers before a returning officer.

Ms Isaacs said that parliamentary candidates shall also be required to pay a non-refundable nomination fee of K500 000.

The aspiring candidates shall also be required to be accompanied by 9 supporters who are registered voters in the respective constituencies.

Local government aspiring candidates for city councils will pay a non-refundable nomination fee of K100 000

For Municipal Councils, candidates will pay K75 000 non-refundable.

District Council aspiring candidates will pay K50 000 nomination fee.

Nominations for both parliamentary and local government aspiring candidates will be conducted from 08:00 hours to 16:00 hours in all centers.

Ms Isaacs also said that accreditation for international election observers will start on August 2 to September 16.

Local Monitors and the Media will be accredited from August 8 to September 16, 2011.

And several Political Parties have welcomed the announcement of dates for filing nomination by the Electoral Commission of Zambia-ECZ.

National Movement for Progress Party (NMPP) President Ng’andu Magande has said that it is good that the ECZ has set the dates soon after the announcement of the election date.

Mr. Magande said that his party is ready for Parliamentary and Local Government nominations.

And UPND Spokesperson, Charles Kakoma said that his party is happy with the nomination dates.

Mr Kakoma however said that the programme set by the ECZ is too short for the commission to the reach the remote areas.

Alliance for Democracy and Development-ADD President Charles Milupi has also welcomed the announcement of nomination dates.

Mr Milupi said that his party will release the names of adopted candidates next week.

And MMD National Secretary Major Richard Kachingwe has expressed happiness that Electoral Commission of Zambia has finally announced the nomination dates.

Major Kachingwe said that with the announcement of the adopted candidates, the party is now ready to go ahead with nominations.

And Patriotic Front-PF Vice-President Guy Scott said that the announcement of the nomination dates is welcome.

Dr Scott said that the PF is ready for the nominations and elections in general.

ZNBC

Church mother body calls for tolerance ahead of elections

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The Zambia Episcopal Conference (ZEC) has called for the spirit of tolerance in the country ahead of this year’s tripartite elections.

Speaking to Qfm in an exclusive interview, ZEC Secretary General Father Cleophas Lungu says Zambians have the freedom to express their views without intimidation.

And Father Lungu has declared the church mother body’s readiness in carrying out sensitization programmes of voters across the country.

He says sensitizing voters on the importance of participating in the electoral process is important and that no one should be questioned for carrying out this noble cause.

An Anglican priest in Ndola is reported to have been summoned by the police for questioning for allowing an Electoral Commission of Zambia voter education facilitators to educate congregants on the importance of voting.
[ QFM ]

No u-turning on privitisation – Dr Musokotwane

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Finance and National Planning Minister Situmbeko Musokotwane
Finance and National Planning Minister Situmbeko Musokotwane

Former Finance Minister, Dr Situmbeko Musokotwane has maintained that Government will not reverse its decision to privatize the mining sector.

Dr. Musokotwane who is also MMD chairman for Finance says the nationalisation of mining companies resulted in poor management of the mines thereby reducing the value of mines.

Dr. Musokotwane also says that pressure to force government to impose higher taxes on mining companies such as windfall taxes is unrealistic.

He says the law guiding the mining sector in Zambia is similar to the one obtaining in countries like Canada, Australia, and South Africa.

Dr Musokotwane says it is wrong to demand that Zambia should have a special tax which is not applicable to other mineral-producing countries.

He says the windfall tax being agitated for, will make Zambia less attractive to foreign investors and lead to massive job losses.

Dr. Musokotwane says mining companies have stabilized and are now able to pay more taxes that have helped Government raise more money for various development projects.

He was speaking on a BBC TV debate on whether mining benefits the African continent.

And Former British Secretary of State for International Development who is also Chairperson of the Extractive Industries Transparency, Claire Short says Africa’s Wealth has become a curse instead of being a tool for poverty reduction.

But Dr. Musokotwane has opposed the view saying minerals have done a lot for Zambia by creating jobs while money from taxes is being used for improving the lives of people through poverty reduction.

ZNBC

Veep urges Zambians to ensure peace

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VP George Kunda

Vice President George Kunda has urged Zambians to guard jealously the peace the country is enjoying ahead of the September 20 general elections.

Mr. Kunda says this year’s elections are special and Zambians need to ensure that they protect the country.

Mr Kunda was speaking when he paid a courtesy call on Senior Chief Mwata Kazembe at his palace in Mwansabombwe on Saturday.

He also says government will continue to consult the Mwata Kazembe on issues of national development both in his chiefdom and Luapula province.

Mr. Kunda says government wants to share developmental ideas with Chiefs and get their input on matters of national interest.

And Senior Chief Mwata Kazembe says he will not allow any politician to engage in acts of violence in his chiefdom before and after the elections as long as he remains chief.

The Traditional ruler has also praised government for the massive infrastructure development taking place across the country.

He says President Banda deserves to be praised because he has performed exceedingly well in the few years in has been in office.

The Vice President and Senior Chief Mwata Kazembe later held closed door talks.

[ZNBC]

Chitimukulu calls for peaceful issue based campaigns

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Paramount Chief Chitimukulu of the Bemba People
Paramount Chief Chitimukulu of the Bemba People

Paramount Chief Chitimukulu of the Bemba People of Northern province has called for peaceful and issue based campaigns in the run up to the September 20 elections.

The Traditional leader has urged Zambians to reject campaigns of mudslinging and character assassination.

The paramount chief was speaking at his palace in Mungwi with ZNBC news.

He says he will not condone non-issue based political campaigns in his region.

He has urged all political stakeholders to help foster politics of unity and co-existence.

Paramount Chief Chitimukulu says all political contenders should feel free to conduct their campaigns in his chiefdom because he considers all Zambians to be his subjects.

The Paramount Chief has urged all Zambians to graciously accept the election results as it is the will of the people.

He has commended President Banda for dissolving parliament and announcing the election date in good time.

ZNBC

State House dismisses reports by Post Newspaper on Wa Mutharika

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FLASHBACK: President Rupiah Banda embraces his Malawian counterpart Bingu Wa Mutarika at Lusaka international airport

State House has dismissed reports that Malawian President Bingu Wa Mutharika has been invited to open the 85th Zambia Agriculture and Commercial Show.

Special Assistant to the President for Press and Public Relations Dickson Jere says he is not aware of any invitation to any foreign head of state to officiate at the show.

He says the statement by Former Patriotic Front Member of Parliament Given Lubinda is misleading.

Mr Jere says records are available at the ministry of foreign affairs to prove that the President did not invite any foreign head of state to officiate at the show.

He says it is unfortunate that the PF has decided to conduct a malicious campaign and statements about President Banda and his Malawian counterpart whose country has enjoyed long standing warm relations with Zambia dating back to pre-independence days.

Mr Jere has also clarified that the decision by President Banda not to invite President Mutharika or any other head of state has nothing to do with recent disturbances in Malawi.

He told ZNBC News that the President had issued a statement that he will officiate at the Agricultural and Commercial shows in Kitwe and Lusaka as well as the Trade Fair in Ndola.

The Post Newspaper has published a lie from former Kabwata PF Member of Parliament that the Malawian president is in the country to officially open the Agricultural and Commercial show in Lusaka.

And President Rupiah Banda Saturday morning toured stands at the on-going 85th Zambia Agricultural and Commercial show in Lusaka.

President Banda who arrived in the showground’s shortly after 10 hours and was met by Show Society officials and Deputy Secretary to cabinet Evans Chibiliti.

Some of the stands the President toured included Jubilee hall where several small scale farmers are exhibiting, Diary Association of Zambia, and ZANACO bank.

During his tour President Banda was accompanied by Agriculture Permanent Secretary Abednigo Banda and his counterpart at the Ministry of livestock Professor Isaac Phiri.

And President Banda took time to interact with show goers that wanted to have a glimpse of him.

President Banda made several stopovers to shake hands with people who included the young and the old.

[ZNBC]

Printing of ballot papers outside the country proves that the Electoral Commission of Zambia is compromised-Bishop Mambo

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Bishop John Mambo
Bishop John Mambo

Bishop John Mambo says the decision by the Zambian government to print ballot papers outside the country is clear testimony that the Electoral Commission of Zambia is compromised.

Bishop Mambo says the compromised position of the ECZ makes it doubtful whether this year’s elections will be free and fair.

He says Zambia is capable of printing ballot papers locally, wondering why the ECZ and government have decided to print ballot papers in South Africa.

Bishop Mambo in an interview with QFM in Lusaka says whichever political party will be ushered into office should ensure that the ballot papers for future elections are printed locally.

He has also advised the next government to ensure that the Electoral Commission of Zambia is independent.

He has however stated that despite the Electoral Commission of Zambia being compromised, there is nothing that will stop Zambians from voting for their preferred candidates.

And Bishop Mambo has advised political parties to conduct their campaigns in a peaceful manner.

He says now that the elections date has been set, political parties should ensure that they conduct campaigns in a peaceful manner.

QFM

Kabanda describes past cabinet as selfish

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Citizens Forum Executive Secretary Simon Kabanda

The Citizens Forum has described the just dissolved parliament as the most selfish the country has ever had.

Executive secretary Simon Kabanda has told QFM news that MPs in the dissolved parliament focused so much on personal benefits by increasing their allowances at the expense of the people they were supposed to represent.

Mr. Kabanda adds that parliament also failed to give the people of Zambia a progressive national constitution despite spending so much money on the constitution making process.

And Mr. Kabanda has urged the aspiring parliamentary candidates not be pre-occupied with selfish interests by trying to use parliament to amass wealth.

Meanwhile, Mr. Kabanda has observed the need for cabinet to become a separate entity from parliament after this year’s elections.

He notes that once this is done it will help in curbing the abuse of public resources by the ruling party among other things.

QFM

Give RB another chance – ZCTU

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ZCTU

THE Zambia Congress of Trade Unions (ZCTU) has described the performance of President Rupiah Banda in the last three years as exemplary and asked Zambians to give him another chance to deliver more.

And Lusaka residents have welcomed President Banda’s call for unity and peace during campaigns when he dissolved Parliament on Thursday in a live address aired on Zambia National Broadcasting Corporation where he also announced that the general elections would take place on September 20, 2011.

ZCTU deputy secretary general, Cosmas Mukuka said President Banda had stabilised the exchange rate while civil servants were now accessing loans from commercial banks which they were using to improve their living standards.

Mr Mukuka, who is Basic Educational Teachers Union of Zambia president, said before Mr Banda assumed office in 2008, the exchange rate was volatile and changed everyday but was now stable.

He said Zambia was now competing well with other international convertible currencies in terms of exchange rate while agricultural development had added to the economic growth.

Former Foundation for Democratic Process president Stanley Mhango urged voters to take stock of the performance of all presidential, Parliament and local government candidates to make informed decisions.

He said Zambians should give credit where it was due but should not hesitate to reject leaders who had not performed well.

Mr Mhango said President delivered a rare speech where he even wished his own competitors good performance in the elections.

“For a leader who is also aspiring to wish his competitors good luck sets a good precedence for the leaders who would come after him. That speech was inspiring,” Mr Mhango said.

A Lusaka resident, Harold Chandabala encouraged everyone to be focused on this year’s elections and supported President Banda’s statement that Zambians should not be divided because of choices of political parties.

Another resident, Mundia Lufafa advised the Electoral Commission of Zambia (ECZ) to ensure that it conducted free and fair elections in line with the aspirations of President Banda.

Mr Lufafa said the explanation given by ECZ that ballot papers could only be printed in South Africa due to inadequate printing facilities and resources made a lot of sense.

The Hotel and Catering Association of Zambia president Felix Mulenga said the home empowerment policy and increased funding had significantly contributed to the growth of the tourism sector.

Mr Mulenga said the home empowerment policy had contributed to the room spaces because some sitting tenants had turned their houses into lodges to accommodate tourists.

He said apart from the home empowerment policy, the Government’s increased funding to the Zambia Tourism Board had also contributed to the development of the sector.

He said he was impressed that the Government had increased funding to the board from K3 billion to K12 billion per year.

Chief Madzimawe said the Government had made stringent efforts to develop the tourism sector by rehabiliting and constructing roads leading to national game reserves, heritage sites and other tourist attractions.

He urged the Government to sensitise traditional leaders on the importance of game reserves and the tourism sector in general.

The Chabuka-Aba-Ushi Cultural Traditional and Development Association commended the MMD Government for the democratic and economic achievements scored in the last three years.
Copperbelt region chairperson Stephen Chitwa said in Kitwe that Government had scored success in agriculture, education, health and social sectors of the economy.

He said schools, health centres and hospitals had been built and upgraded across the country and were being used by all Zambians regardless of their political affiliation.

Mr Chitwa said the rural electrification programme was also commendable as most areas were now electrified.

It’s Constitutional for Vice-President to continue running his office-RB

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Vice President George Kunda

PRESIDENT Rupiah Banda has said his announcement that Vice-President George Kunda should continue running his office is backed by the Constitution.

He said a statement by Forum for Democracy and Development leader Edith Nawakwi that the vice-president should vacate office was irregular.

This is according to a statement released yesterday by the president’s special assistant for Press and public relations, Dickson Jere.

“It is sad that a leader of a political party and former senior Cabinet minister, Ms Edith Nawakwi can demand for the vice-president to vacate office when the Constitution of Zambia is very clear on this matter,” Mr Jere said.

He said the position by President Banda that Mr Kunda would continue in office even after the dissolution of Parliament was backed by the law and that Ms Nawakwi as a former minister should have known this fact.

“For the avoidance of any doubt, I wish to state that the president relied on Article 45 (3) of the Constitution of Zambia, Chapter 1 of the Laws of Zambia, when he said that the vice-president will continue in office.

The relevant provisions read: 45 (1) There shall be an office of the vice-president of the Republic of Zambia (2) The vice-president shall be appointed by the president from amongst the Members of the National Assembly.

(3) Subject to the provisions of this Constitution the vice-president shall vacate that office upon the assumption by any person of the office of President,”  Mr Jere said. He said the rationale provided in Article 45 (3) was meant to avoid a vacuum in case a vacancy occured in the office of the president during the time when Parliament was dissolved.

Mr Jere said in case a sitting president was incapacitated while Parliament and Cabinet was dissolved, the vice-president would take over in the interim period.

 

[Times of Zambia]

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