Zambia expects its gross domestic product to shrink by around 4.2% in 2020, more than the 2.6% contraction forecast by the central bank in May, finance minister Bwalya Ng’andu said on Wednesday.
Zambia’s expenditure is expected to rise by approximately 20 billion kwacha ($1.11 billion) this year as the local currency weakens, piling more pressure on a nation already struggling with huge debt, President Edgar Lungu said on Thursday.
Zambia’s cabinet approved a 8 billion kwacha ($439 million) economic stimulus package financed through a COVID-19 bond in an effort to alleviate the pandemic’s impact, the presidency said on Tuesday.
Mining companies in Zambia, Africa’s No.2 copper producer, have suffered a 30% drop in revenue over the three months to April due to the COVID-19 pandemic and the fallout could last for at least 12 months, the Chamber of Mines said.
Zambia’s Copperbelt Energy Corp.(CEC) said it will stop supplying power to Vedanta’s local unit Konkola Copper Mines Plc (KCM) from Monday after talks on extending their supply agreement broke down over debt owed to CEC.