WEEKLY ECONOMIC RECAP - 23RD EDITION
ZCAS Economics & Business Association (ZCASEBA)
Empowering Tomorrow's Leaders: Nurturing Excellence in Economics and Business
This week saw a series of positive developments for Zambia's economy. Here's a quick rundown:
1. Zambia to Receive $250m grant from WB
World Bank country director Nathan Belete said the US$250 million will be received over the coming few weeks.
Two agreements were signed yesterday between the World Bank and Zambia: the National Energy Advancement and Transformation (NEAT) programme as well as the US$150 million financing agreement for girls’ Education and Women’s Empowerment and Livelihoods for Human Capital?
2. Zambia Secures IMF Agreement and Bondholder Approval for $3 Billion Debt Restructuring HOURS after it was announced that Zambia had reached a staff level agreement with International Monetary Fund (IMF) with a request for additional US$400 million, it emerged that the country had secured approval from bondholders to finally conclude a US$3 billion restructuring.
3. About US$10 billion has been invested in the mines MINISTRY of Mines and Minerals Development Permanent Secretary Hapenga Kabeta says the mining sector has recorded actualized investments worth US$10 billion in the last three years
4. FRA enters Markets
THE Food Reserve Agency (FRA) has, with immediate effect, commenced buying grade A non-genetically modified (GMO) white maize from small-scale farmers in all its satellite depots countrywide at K330 for a 50-kg bag or K6,600 per metric tonne.?
Overall, these developments signal a positive outlook for Zambia's economic stability and growth. The financial aid and debt restructuring will provide much-needed resources, while continued investment in mining and support for small-scale farmers can boost the overall economy.
Written By Naomi Bukasa
Edited By David Sikapizye