WEEKLY ECONOMIC RECAP 41ST EDITION
ZCAS Economics & Business Association (ZCASEBA)
Empowering Tomorrow's Leaders: Nurturing Excellence in Economics and Business
1.???? ZAFFICO Expands Pole Production, Eyes Regional Markets
Zambia Forestry and Forest Industries Corporation (ZAFFICO) has successfully increased its annual output of treated poles from 140,000 to 260,000, following a US$3 million investment in expanding its pole treatment plant. With the local market reaching saturation, ZAFFICO is now targeting regional markets, particularly the Democratic Republic of Congo (DRC). Company head of commercial, Ireen Chipili, highlighted ZAFFICO's participation in a recent Zambia-DRC trade mission in Lubumbashi, where the corporation engaged with local enterprises to explore new market opportunities. This move marks a strategic step in diversifying and expanding ZAFFICO’s market reach.
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2.???? Zambia Secures $491.75 Million Farm-to-Market Compact Grant with MCC
President Hakainde Hichilema oversaw the signing of a US$491.75 million Farm-to-Market Compact grant from the Millennium Challenge Corporation (MCC), which supports the New Dawn government’s economic reconstruction agenda. The compact includes US$458 million from MCC and an additional US$33 million contribution from the Zambian government. The agreement was signed by MCC Chief Executive Officer Alice Albright and Zambia's Minister of Finance and National Planning Situmbeko Musokotwane. This marks Zambia’s second compact with MCC, following the successful implementation of a US$355 million compact from 2012 to 2018 that improved water supply and sanitation in Lusaka.
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3.???? Court Orders Forfeiture of Suspected Crime Proceeds to the State
The Economic and Financial Crimes Court has ruled in favor of the forfeiture of over US$16,000 and K40,000 found in dormant bank accounts, suspecting the funds to be proceeds of crime. The court's decision came after the three-month ultimatum issued by the Drug Enforcement Commission (DEC) for anyone to claim the funds lapsed. Judges Susan Wanjelani, Pixie Yangailo, and Vincent Siloka concluded that there was sufficient evidence to suspect the seized money was linked to criminal activity, ordering it to be surrendered to the State.
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4.???? Government to Invest Over K166 Million in Markets and Bus Stations
The government is set to invest more than K166 million in the construction of markets and the extension of bus stations across the country, with a focus on the Eastern Province. The projects, partially funded by the German development bank KfW, aim to improve infrastructure in key areas. Maambo Haamaundu, Permanent Secretary for Administration at the Ministry of Local Government and Rural Development, confirmed the signing of 10 contracts worth K166,295,439.67 for these developments. This initiative seeks to boost local commerce and enhance public transport facilities.
5.???? Government Disburses K15.9 Billion for Development and Public Services
The Ministry of Finance and National Planning has disbursed K15.9 billion to support developmental programs and public service delivery for the previous month. According to a statement from the Secretary to the Treasury, K5.1 billion was allocated to transfers, subsidies, and social benefits, while K1.9 billion was directed towards various developmental programs and general operations. Capital expenditure received K524.5 million, with K4.3 billion allocated to the public service wage bill. Additionally, K4.1 billion was spent on debt servicing, addressing both domestic and external obligations, as well as arrears.
6.???? 21,000 civil servants to be re-trained
About 21,000 accounting and non-accounting staff in the civil service across the country will undergo mandatory public service re-training and certification in various Government procedures aimed at effective management of financial resources and reduction in audit queries.
Written By: Ezra Nkhata & Waza Kaunda