Zambia | - Part 2

IMF Sees No `Substantive’ Zambian Aid-Deal Talks This Month

LUSAKA (Capital Markets in Africa) – The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to discuss next steps,” Alfredo Baldini, the fund’s resident representative in Lusaka, Zambia’s capital, said in reply…

Zambia Favors Kwacha Debt Over Eurobonds for 2018 Financing

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LUSAKA (Capital Markets in Africa) – Zambia won’t sell dollar debt in 2018 as it focuses on raising kwacha loans and increasing tax collection, Finance Minister Felix Mutati said. The government plans to borrow 11.2 billion kwacha ($1.2 billion) from the domestic market next year, more than triple the amount in the 2017 budget. This is part of its strategy to tilt funding in favor of the local market, after external debt bulged to $7.5 billion by mid-year…

Zambia Seeking Bids for New Mobile Provider to Take on MTN

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LUZAKA (Capital Markets in Africa) – Zambia is seeking bidders for a fourth mobile-network license to take on operators including market leader MTN Group Ltd. in the southern African country, Transport and Communications Minister Brian Mushimba said. The ministry last week gave the go-ahead to the telecommunications regulator to start the process, he said in a recorded response to questions on Monday. The new carrier could be in place over the next six to 12 months and the…

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

Africa’s Biggest Copper Mine Hit by Zambian Power Restrictions

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LUSAKA (Capital Markets in Africa) – Zambia is cutting power to mines including Africa’s biggest copper site, the Kansanshi pit owned by First Quantum Minerals Ltd., escalating a fight over tariffs. “They have still got some significant amount of power for them to operate, but obviously their operations will not be at 100 percent because of the power restrictions,” Energy Minister David Mabumba told reporters Tuesday in Lusaka, the capital. Glencore Plc has said it halted production…

Zambia Central Bank Reduces Key Rate to Lowest Since 2014

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LUSAKA (Capital Markets in Africa) -Zambia’s central bank cut its benchmark lending rate for a third time this year as inflation remained below the government’s target. The Bank of Zambia lowered the rate to 11 percent from 12.5 percent, Governor Denny Kalyalya told reporters Thursday in Lusaka, the capital. That’s the lowest level since February 2014. The southern African nation’s consumer inflation rate is near the lowest since 2013, with this year’s record harvest of corn, which is used to make…

Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

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NAIROBI (Capital Markets In Africa) – At its Monetary Policy Committee meeting this month, Kenya’s central bank held its rate at 10.0 percent. Its Monetary Policy Committee will next meet to set lending rates on Sept.18. While the currencies of Kenya, Nigeria and Tanzania are expected to hold steady, traders said Uganda’s shilling and Zambia’s kwacha are forecast to weaken against the dollar in the next week to Thursday, while Ghana’s cedi will firm. KENYA…

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