Zambia, Africa’s biggest copper producer, will probably delay the sale of its planned $500 million Eurobond until after elections in September, central bank Governor Caleb Fundanga said.
The debt “can only be handled when there is a Cabinet in place,” Fundanga said in a telephone interview from Lusaka, the capital, today. “The matter has to be put on hold. It requires a Cabinet process to move it forward.”
Zambia is looking to raise funds to build new transport links and generate and transmit more electricity to the copper mines that drive the economy. The Eurobond was to be sold by the end this month, according to Situmbeko Musokotwane, who was finance minister before the Cabinet was dissolved last week ahead of the Sept. 20 vote.
On March 22, Standard & Poor’s assigned the southern African nation a B+ credit rating, its fourth-highest junk grade, with a “stable” outlook. Zambia’s assessment is the same as that for Kenya, Nigeria and Paraguay. Fitch Ratings assigned it B+, also four steps below investment grade, on March 2.
Zambia’s economy remains “robust,” with mining and agriculture showing expansion, and is unlikely to be disrupted by the election, Fundanga said. He warned there may be a “slight delay” in the 2012 budget presentation that was scheduled for October.
President Rupiah Banda, the 74-year-old leader of the Movement for Multiparty Democracy, will run for a second term next month against Michael Sata, head of the Patriotic Front, the largest opposition party. Sata narrowly lost in the previous ballot in 2008, winning 38.1 percent of the vote to Banda’s 40.1 percent.
This is aimed at giving you information on news developments from within Zambia and the whole world at large.
Friday, August 5, 2011
AFRICAN STORIES
The image of Africa painted by the west has been more negative than positive as has been the trend in most media organizations talking about this rich continent.
In an effort to reverse this unfortunate scenario, the Deutsche Welle Akademie brought together African journalists from across the southern African region to tell the African story as it should be.
The participating countries included Namibia, Malawi, Zambia and the hosts South Africa.
As a Zambian representative for our participating station, MUVI TV, we had a challenging but worthwhile task of highlighting a positive aspect about Africa from the diverse opportunities people in Cape Town have identified.
The stories were mainly centered on individuals making a difference in their various traits despite the challenges they are encountering.
Team Zambia represented by Alister Sibbuku, Matthew Nthala and Pennipher Sikainda did a piece on a visually impaired Cape Town resident who is using his disability to change public perception especially among the young people in schools.
Its expected that more media institutions take up the role of painting a more positive picture about the continent to highlight the achievements by individuals and certain government strides leading to better welfare of the people.
In an effort to reverse this unfortunate scenario, the Deutsche Welle Akademie brought together African journalists from across the southern African region to tell the African story as it should be.
The participating countries included Namibia, Malawi, Zambia and the hosts South Africa.
As a Zambian representative for our participating station, MUVI TV, we had a challenging but worthwhile task of highlighting a positive aspect about Africa from the diverse opportunities people in Cape Town have identified.
The stories were mainly centered on individuals making a difference in their various traits despite the challenges they are encountering.
Team Zambia represented by Alister Sibbuku, Matthew Nthala and Pennipher Sikainda did a piece on a visually impaired Cape Town resident who is using his disability to change public perception especially among the young people in schools.
Its expected that more media institutions take up the role of painting a more positive picture about the continent to highlight the achievements by individuals and certain government strides leading to better welfare of the people.
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