Metro

Zambia announces receiving $516m out of $1.3b from IMF

Published

9 months ago

February 5, 2024

The Zambian Minister of Finance and National Planning, Situmbeko Musokotwane, has announced that the country has recieved a total of $561 million of a $1.3 billion facility from the International Monetary Fund (IMF) as a result of implementing the Economic Reform Programme.

Musokotwane, who disclosed this at a symposium on the 2023 Budget Performance and Economic Development
in Lusaka on Friday, said the funds were from an earlier agreed deal with the IMF, with the $1.3 billion expected to flow into Zambia during the implementation phase of the programme.

“The release of the money from the IMF also triggered other support mechanisms, especially from the World bank where Zambia got a grant amounting to US$125 million,” the minister said.

He further noted that the next performance of programme would be assessed sometime in the middle of the year.

“Another important milestone for last year is that the country continued to successfully implement the Economic Reform Programme that we are undertaking together with the IMF.

“As a result of that, more disbursements were made, with lasted being in December where we received $187 million from the World Bank bringing the total cumulative receipts from the IMF to $561 million out of the $1.3 billion that is expected to flow to us during this period of the programme,” Musokotwane added.

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.