Metro

Zambia: Opposition party leader calls for reintroduction of fuel subsidy amid hardship

Published

3 months ago

August 2, 2024

President of one of Zambia’s opposition parties, the Economic Freedom Fighters (EFF), Kasonde Mwenda, has called on the government of President Hakainde Hichilema to reintroduce fuel subsidies to cushion the hardship in the country amid fears of the economy collapsing.

Mwenda, who made the call in a statement in Lusaka, also advised the government to immediately put a halt to the exportation of electricity until the domestic energy crisis was resolved.

“The EFF demands the immediate reinstatement of fuel subsidies to provide relief to the struggling Zambian people and avert further economic collapse,” Mwenda said.

He also stated that the government must stop pretending that everything was under control and acknowledge the reality, and demanded that Zambia deserved a leadership that prioritised the well-being of its people over profit, adding that EFF would not rest until the government was held accountable for its gross mismanagement of our economy.

“We stand with the Zambian people in demanding immediate action to reverse these damaging policies before it is too late,” he said.

Mwenda alleged that the government that promised economic stability and growth had not lived up to the promise.

“It is shocking that the Energy Regulation Board (ERB) announced yet another increase in fuel prices.

“The ERB had increased petrol prices from K31.58 per litre to K33.47 per litre, diesel from K29.34 per litre to K30.05 per litre, and kerosene from K26.36 per litre to K27.52 per litre.

“The government’s response to this crisis is a slap on the face to the Zambian people. Rather than addressing the escalating poverty and economic decline, they continue to bleed the country dry,” Mwenda concluded.

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Metro

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

Published

12 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

1 day 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.