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EU chief, Stasiak applauds Zambia’s ‘economic diplomacy,’ vows investment

Published

1 year ago

November 22, 2023

The European Union’s Ambassador to Zambia, Karolina Stasiak, has applauded President Hakainde Hichilema’s proactive economic diplomacy efforts, asserting that these endeavours are poised to attract significant investments.

The ambassador noted Hichilema’s focus on value addition in diverse sectors across Zambia, and reiterated the EU’s keen interest in strengthening collaboration with Zambia, particularly in the transport sector, with a focus on supporting the construction of the Lobito Corridor which connects the landlocked country to the Atlantic Ocean as an essential transportation route that promotes economic growth and international trade.

The Lobito Corridor is a critical transportation route that connects the landlocked Southern African nation to the Atlantic Ocean, facilitating international trade and economic growth. After it is completed, the Lobito Corridor is expected to be a key component in trade and commerce facilitation for Zambia, offering a crucial connection to global markets.

Zambia is currently going through some financial stress, with President Hichilema occupied with brokering debt deals. The country’s three-year-old debt restructuring process has become complicated, and suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it to secure more debt relief from international funds that hold its sovereign bonds.

Ambassador Stasiak remarked during her meeting with Minister Tayali that, “President Hichilema’s economic diplomacy initiatives are creating an environment that is conducive to attracting investments and promoting value addition in various sectors of Zambia’s economy”.

The EU’s interest in and support for this project are in line with larger initiatives to improve economic integration and regional connectivity.

Related Topics:Featured Karolina Stasiak Zambia

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Moroccan annual inflation rises to 0.8% in November

Published

3 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

4 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”