Blog entries from: Zambian Economist

A non-partisan website that provides independent economic perspectives on Zambia's progress towards meaningful development for her people.

1 to 10 of 162

April 22 2014

From Zambian Economist Tue Apr 22 2014, 16:11:00

I came across this comment in the Times of Zambia by a "concerned citizen" (whatever that means) :

"The increase in fuel prices by the Energy Regulation Board (ERB) last week cannot be blamed on the Government. The price of the same commodity has been upped on the world market and with the depreciation of our Kwacha the increase was unavoidable. Painful though it is, it is important sometimes to live in reality than artificial world were you move with time. Once the Kwacha stabilises we expect a reduction in the price of fuel without delay. Traders and all those who will increase prices of their goods and services are equally expected to swiftly reduce without much ado. With the coming of more dollars from the newly subscribed Eurobond we anticipate the Kwacha to gain"

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April 20 2014

From Zambian Economist Sun Apr 20 2014, 17:47:00

ERB last week released the following press statement :

The Energy Regulation Board (ERB) has increased the pump price of petroleum products by 7.22% for petrol, 8.75% for diesel and 9.54% for kerosene, while wholesale prices have been adjusted by 11.15% with effect from midnight 17th April 2014.

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April 19 2014

From Zambian Economist Sat Apr 19 2014, 17:40:00

It is very shocking that a bag of mealie-meal is very high in the country and I have already met ZNFU and I am yet to meet MAZ in order to resolve this matter

WILBUR SIMUUSA MP

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April 17 2014

From Zambian Economist Thu Apr 17 2014, 17:37:00

"Our debt situation is becoming unsustainable and if you look at the country's economic report of last year, the external debt is at US$3.5 billion, and if you look at the Bank of Zambia first quarter report states that the total amount of domestic borrowing is K20.7 billion and if converted will give you another US$3.5 billion bringing the total debt to US$7 billion which the country has as at now....By the end of the year both local and external debts would be about US$11 billion which is unsustainable because it [would be] above half of our equity of the country's GDP which stands at US$25billion, according to the current CSO statistics which they are now using"

MUHABI LUNGU

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April 16 2014

From Zambian Economist Wed Apr 16 2014, 17:39:00

"We are creating very few jobs...the direct employment from the mining sector is only 1.7 per cent...Go to the Copperbelt, look around and what you see is a ghost town in many ways. Everything has collapsed; the social sector and the mines are just sitting there, sinking new operations in the middle of this devastation. We have a lot of work to do to establish ourselves as a copper country with proper effect on the people"

GUY SCOTT

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April 13 2014

From Zambian Economist Sun Apr 13 2014, 22:25:00

Zambia Union of Journalists (ZUJ) has called on the Government to bail out state media workers (e.g. Daily Mail, Times of Zambia). It draws its membership from the state media. ZUK president James Muyanwa says :

Our members at Times Printpak Zambia Limited, have suffered for a long time now. The workers have been getting their salaries late for about four years now. For instance, currently they are in two-month salary arrears, and have literally been surviving by the grace of God.....Given this situation, we feel the Government should move from mere words to action on the matter to salvage the company from total collapse and also address the plight of our members. We feel that the company, as a public institution, deserves the same treatment as Nitrogen Chemicals of Zambia (NCZ) and Zambia ...

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April 11 2014

From Zambian Economist Fri Apr 11 2014, 22:17:00

I would like to state here that if we are going to have a referendum as it seems to be the case, the legal process leading us to that cannot be completed before the year 2016. A referendum under our present law requires that we should first conduct a national consensus of all those citizens who are eligible to vote (above 18 years old)

WYNTER KABIMBA

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April 10 2014

From Zambian Economist Thu Apr 10 2014, 22:06:00

GRZ is currently importing expensive finished petroleum products through tankers hired by foreign suppliers Trafigura and Dalbit. According to Energy Minister Christopher Yaluma the arrangement is because Indeni Petroleum Refinery, Zambia's sole crude oil refinery is obsolete. Yaluma says, "Indeni has outlived its usefulness and cannot meet the country's demand. In fact, it is running obsolete and all we are doing is that we are pushing it along; otherwise its production capacity has fallen more than three fold" (Source: Daily Nation)

Garry Nkombo MP has advised GRZ to liberalise the energy market and allow more people to supply fuel if the cost of the commodity is to reduce. He believes the solution to fuel challenges lies in government allowing anyone to bring in the commodity without ...

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April 8 2014

From Zambian Economist Tue Apr 8 2014, 21:50:00

Zambia has finally launched its US$1bn 10-year Eurobond at a final yield of 8.625%, according to government sources. The bond was allegedly oversubscribed by US$4.25bn, much lower than last time. The government tried to do this before Christmas but held back to see which way the liquidity wind was blowing.

As this is a 10 year bond, Zambia will be paying interest of 8.625% or $86m per year for the next 10 years. It will then need to pay back the final $1bn in 2024. Zambia is currently paying around $40m interest annually on its first Eurobond of $750m. It is due to pay back the full $750m in 2022.

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April 7 2014

From Zambian Economist Mon Apr 7 2014, 18:02:00

The long awaited Chipata -Mchinji railway line is now operational after stalling over three decades. It is now operating with a locomotive and 51 wagons. ZRL is working towards having 200 wagons including five other locomotives into Chipata by the end of this year so as to create additional capacity. The route now connects Chipata to Nacala port in Mozambique via Mchinji and Nayuchi. (Source : Lusaka Times)

GRZ has begun the rehabilitation of the Mulobezi railway line to facilitate transportation of cargo and people between Livingstone and Mulobezi district. Contractors have been engaged to resuscitate the Mulobezi railway line and will employ a minimum of 600 workers. Transport Minister Yamfwa Mukanga says to ensure that the railway line is viable, Mulobezi railway will be connected to the ...

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