Metro

Bank of Zambia announces sensitisation programmes for Export Proceeds Tracking Framework

Published

9 months ago

February 4, 2024

The Bank of Zambia (BoZ) has announced sensitisation programmes on the Export Proceeds Tracking Framework (EPTF) that came into effect on January 1, 2024.

Governor of BoZ, Denny Kalyalya, who disclosed this at a symposium on the 2023 Budget Performance and Economic Developments in Lusaka on Friday said the programmes were going on simultaneously across the country.

The BoZ governor used the opportunity to remind stakeholders that under the Framework, all export earnings were “required to be reflected in an account at a bank domiciled in the Republic of Zambia.”

According to Kalyalya, the e-BoP Monitoring System was launched in December 2019 to enhance the compilation of external sector statistics, which he said, had now been fully operationalised through the implementation of the Export Proceeds Tracking Framework that came into effect on January 1, 2024, as announced in the 2024 Budget Speech.

“The Bank is currently undertaking countrywide sensitisation programmes on the Framework,” Kalyalya said.

“The Bank is in the process of sensitising all stakeholders to ensure the success of the Framework,” he emphasized, explaining further that exporters would retain full rights and control to use the funds as they deem fit as long as they comply with Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) obligations as had been the case under the current foreign exchange arrangement.

“In line with the Bank of Zambia Act, 2022, the Bank has issued Directives compelling all exporters to route export earnings through a domestic bank account,” the Governor noted.

Related Topics:Bank of Zambia Export Featured Framework

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

15 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.