WEEKLY RECAP - 14TH EDITION
ZCAS Economics & Business Association (ZCASEBA)
Empowering Tomorrow's Leaders: Nurturing Excellence in Economics and Business
Zambia National Commercial Bank (Zanaco) Plc has announced a record high revenue for 2023, making it the best performing Zambian Bank by revenue for the 3rd consecutive year. The bank's revenue surged 34% to K5.2 Billion. Following this development, the company declared dividends of ZMW 0.4 per share which is a 47% increase from the ZMW 0.292 per share declared the previous year.
2. Zambia Reaches Debt Restructure Agreement
Zambia has sealed a US$3 Billion Eurobond debt restructuring deal with its commercial lenders, bringing the country closer to concluding a process that commenced over 3 years ago. Minister of Finance Dr Situmbeko Musokotwane has disclosed that the agreement means Zambia has now restructured 75% of its external debt.
3. Financial Irregularities In The Procurement Of Petroleum Products unearthed
A special audit report has cited financial irregularities worth over US$ 1.3 Billion in the Procurement of petroleum products. The report issued by the Office of the Auditor General refers to the period between 2019 and 2022. Notable issues in the report include overpayment of suppliers and irregular charging of trader's margins.
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4. Cost Of Living Hits Record High
The latest Basic Needs and Nutrition Basket Statement issued by the Jesuit Centre for Theological Reflection (JCTR) reports that the cost of living for a family of 5 has increased by 2.9% to a record K10, 603 for the month of March. The Centre has attributed the increase in the food basket to price increments of some food items such as mealie meal and fruits.
5. More Benefits Reaped From Zambia's Ties To The West
The US Ambassador to Zambia Mr Michael Gonzales has confirmed that the US government will invest more than K500 Million in funding for agriculture, environment, and climate initiatives in Zambia. Further, The World Bank has approved a grant worth US$ 157 Million towards a project aimed at supporting vulnerable households in Zambia.
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