Parliament approves the 2017 National Budget

Parliament has approved the K64.5-billion 2017 national budget without any amendments. The national budget was passed last week Wednesday night. First Deputy Speaker of the National Assembly Catherine Namugala presided over debates that led to the approval after which she handed over the report to Speaker of the National Assembly Dr. Patrick Matibini. Earlier Minister of Finance Felix Mutati presented the Appropriation Bill number 47 of 2016 which was a culmination of tasks started in the committee of supply and estimates for the 2017 National Budget. Mr. Mutati stated that…

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Government receives $31.1 million from the GLobal Agricultural and Food Security programme

Government has received $31.1 million grant from the GLobal Agricultural and Food Security programme aimed at promoting productivity and market enhancement, among small scale farmers. The seven year programme, under the Agricultural Productivity and market Enhancement Project – APMEP- is being supervised by the African Development Bank – ADB. Fisheries and livestock permanent secretary David Shamulenge says government has done well in infrastructure development and will next year start value addition, market linkages and empowerment programmes for the farmers. Dr Shamulenge who is touring Chongwe and Rufunsa districts says President…

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Zambia scraps planned import duty on copper concentrates

LUSAKA Dec 21 (Reuters) – Zambia will scrap a plan to impose a 7.5 percent import duty on copper concentrates from Jan. 1, Finance Minister Felix Mutati said on Wednesday. “We have taken the decision that the 7.5 percent be deleted,” Mutati told parliament. Industry has complained that the planned tax would have put a kink in the global copper supply chain by forcing neighbouring Democratic Republic of Congo to send surplus mine output elsewhere. (Reporting by Chris Mfula; Editing by Ed Stoddard and Joe Brock)… Source: Reuters Africa by

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Prof Saasa advises Government to heed IMF warning on Eurobond

GOVERNMENT should heed the advice of the International Monetary Fund (IMF) not to refinance the US$2.8 billion Eurobonds at the moment until financial conditions on the market have eased, says Professor Oliver Saasa. Government issued a US$750 million Eurobond in 2012, followed by a US$1 billion issue in 2014 and another worth US$1.25 billion last year, mainly for infrastructure projects. The bonds will fall due in 2022, 2024 and 2025. Economist Prof Saasa explained in an interview that financial conditions on the market were currently quite tight which posed a…

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World Bank Approves Loan $40 Million for Zambia’s diversification program

The World Bank Group Board of Executive Directors has today approved a US$ 40 million credit to support Zambia’s economic diversification efforts through the Zambia Agribusiness and Trade Project. The project aims to contribute to increased market linkages and firm growth in agribusiness. The project will cover all ten provinces of Zambia. Initially, implementation of the activities will commence with the regions that have both high poverty incidences and agro-processing activities. According to Brian Mtonya and Tugba Gurcanlar, World Bank Senior Private Sector Specialists, “Zambia’s growth has been primarily driven…

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Trump Is Causing a Rare Trend in Commodities

One of the fundamental dynamics of commodities markets has being turned upside down, thanks in part to Donald Trump. Industrial metals prices and the dollar are rising in tandem on expectations that U.S. economic growth and inflation will accelerate during Trump’s presidency. Usually, they move in the opposite direction as the dollar’s strength makes commodities, which are mostly denominated in the currency, more expensive for buyers outside the U.S. The trend is so rare that it’s only happened a handful of times in the past decade, and it’s one of…

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