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Posts published in “Day: September 2, 2022

Take advantage of IMF three-year deal, economist urges

By KENNEDY MUPESENI-AN economist has said the country should take advantage of the International Monetary Fund (IMF) three-year deal that will be characterised by improved confidence in the economy to boost key sectors of the economy such as agriculture and manufacturing.Mathews Muyembe also said fiscal prudence and policy consistency has earned the country an IMF […]

Stakeholders hail Govt over $1.3bn bailout

By MAIMBOLWA MULIKELELA-VARIOUS stakeholders have commended the Government for securing a US$1.3 billion International Monetary Fund (IMF) Extended Credit Facility (ECF) which will help restore the country’s macroeconomic stability.Zambia Association of Manufactures (ZAM) vice president –South Chipego Zulu-Chileshe hailed the Ministry of Finance and National Planning for the hard work put in to ensure that […]

ZAM launches digital tax stamps brief policy

By MAIMBOLWA MULIKELELA-A policy brief has been launched by the Zambia Association of Manufacturers (ZAM) on the “Effectiveness of digital tax stamps in Africa”.As digital tax stamps is underway, ZAM urges Government to be cautious so as to mitigate the challenges faced by the sector such as high cost of production, fluctuation in the exchange […]

Chilanga Cement sales revenue reduces to K803m

By MAIMBOLWA MULIKELELA-CHILANGA Cement PLC has reported a reduced sales revenue of K803 million for half year ended June 2022.This is down by 16 per cent compared to sales revenue recorded in 2021, according to unaudited financial results for the half year ended June 2022 posted by the Lusaka Securities Exchange (LuSE).The company recorded profit […]

Veterinary Services Dept bans importation of cloven-hoofed animals

By JOSEPH BANDA-THE Veterinary Services Department has suspended the importation of cloven-hoofed animals from South Africa and Botswana because of Foot and Mouth Disease (FMD) detected in the two countries.The department said in a statement yesterday that the issuance of permits for importation of live cloven-hoofed animals from South Africa and Botswana was suspended until […]

K500m for Indeni redundancy packages

By JAMES KUNDA-The Government has released more than K500million as a redundancy package for the 320 redundant Indeni Petroleum Refinery workers in Ndola.The facility is currently under care and maintenance.Energy Minister Peter Kapala said the workers, who were declared redundant in June this year, would be paid their full benefits, barring procedural delays.Read more

HH toasts IMF approval of long sought $1.3 billion package

By MAIMBOLWA MULIKELELA, CHUSA SICHONE and JOSEPH BANDA-“IT’S done,” read a message from International Monetary Fund (IMF) managing director Kristalina Georgieva late on Wednesday to President Hakainde Hichilema to break the good news that the US$1.3 billion bailout package had been approved in Washington DC.A major milestone for President Hichilema, like icing a cake, to […]

$1.3bn bailout package is 10-year concessional loan – IMF

By JAMES KUNDA and JOSEPH BANDA-THE International Monetary Fund (IMF) says the US$1.3billion approved for Zambia by the fund’s executive board is a 10-year concessional loan.Meanwhile, Bank of Zambia (BoZ) Governor Denny Kalyalya says 50 per cent of the fund will be used for budget support, while the other half will be allocated towards enhancing […]

Three cops extorting Chinese business executive

By DARLINGTONE KABAMBE-THREE police officers have been arrested for allegedly extorting K8,000 from a Chinese business executive.The victim, Zheng Yun, trades in iron sheets in Mongu of Western Province.Western Province Police Commanding Officer Fwambo Siame confirmed in a statement the arrests of Benson Zulu, 36, a police inspector, Emmanuel Nawa, 35 and Elijah Sikana, 29, […]

HH launches 8NDP

By CHUSA SICHONE-President Hakainde Hichilema has launched the Eighth National Development Plan (8NDP), clarifying that the US$1.3 billion bailout package that the International Monetary Fund (IMF) approved on Wednesday is based on a Zambian designed economic reconstruction blueprint.The 8NDP sets out Zambia’s strategic direction, development priorities and implementation strategies for the period 2022 to 2026.Read […]

Zambia Receives IMF Bailout for Debt Reduction Plan

[VOA] Nairobi, Kenya -- Zambia's President Hakainde Hichilema has pledged to improve the country's financial situation after it received a $1.3 billion bailout from the International Monetary Fund. Zambia was the first African country to default on its...