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Tag Archives: Zambia

Zambia’s economy to shrink 4.2% in 2020: Finance Minister

15 July 2020, 6:11 PM

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 sees 2020 expenditure up $1.1 bln as kwacha falls

25 June 2020, 4:33 PM

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 approves $438 million COVID-19 economic stimulus package

23 June 2020, 5:06 PM

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.

Zambia mining revenues drop 30% due to COVID-19, Chamber of Mines says

19 June 2020, 8:09 PM

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 CEC to discontinue power supply to Konkola Copper Mines after talks fail

1 June 2020, 9:55 PM

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.

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