Connect with us


STANDARD AND POOR’S: Zambia’s economic outlook is now stable



STANDARDS and Poors (S&P) global ratings has revised and upgraded Zambia’s sovereign rating from negative to positive, with a stable outlook.

According to a statement issued by Ministry of Finance Spokesperson Chileshe Kandeta, Finance Minister said the (S&P) global ratings have revised Zambia’s outlook on the ‘B’ long -term foreign and local currency sovereign ratings to stable, from negative.

Mutati said the  ‘B’ long-term and ‘B’ short-term sovereigns have also been affirmed at the same time.

“This development rides on the basis of the critical reforms which we have embarked on as a country under the Economic Stabilisation and Growth Programme to implement fiscal consolidation, remove subsidies, reform the energy sector, and embark of diversification of the economy through agriculture development and industrialisation,” Mutati said.

Mutati said according to the report on Zambia issued by S&P Global last Friday 25th August, 2017, government’s fiscal financing position appears more assured, with domestic liquidity conditions continuing to improve.

“S&P Global has also observed in the report that the country’s economic growth prospects are improving, as a result of which, they said, they were revising their “outlook on Zambia to stable from negative and affirming the ratings at ‘B/B’,” Mutati said.

Mutati said the the report further stated that Zambia’s stable outlook, balances an improving macroeconomic picture against a number of negative rating pressures, including a still large fiscal deficit and substantial debt stock.

“They cautioned that the rating could be lowered if the government materially deviated from its fiscal consolidation target,” Mutati said.

“S&P Global noted that, “should Zambia’s external imbalances reduce materially faster than expected in tandem with faster growth than they currently expect, which could raise their GDP per capita trend growth forecast, “upward momentum on the ratings UPWARD could imemerge.

He said government through his Ministry has  assigned a stable outlook to reflect a number of more positive developments which they expect will continue to reduce pressure on Zambia’s fiscal, economic, and external assessment.


Six vehicles hit into each other in RTA along the Chirundu-Kafue road, police say



SIX vehicles have been involved in a road traffic accident after one of the drivers failed to keep to their lane along the Chirundu-Kafue road.

The accident occurred yesterday, Sunday December 3rd around 12:00 hours.

Police spokesperson Rae Hamoonga said police have recorded a serious Road Traffic Accident involving six vehicles.

“Involved was Joe Hansi aged 48 of City Frontier transport Ndola who was driving a Sino Howo truck Registration Number BCE 9743 ZM, Trailer number BCF 9872 ZM and BCF 988 ZM loaded with Copper cathodes who was driving from West to East. The driver sustained minor injuries and the horse extensively damaged while the copper load spread on the road,” he said.

Mr Hamoonga said also involved was Peter Zulu aged 39 of Chirundu Police Station who was driving a Toyota Axio Registration Number AEB 3895 ZM who was driving from East to west along Chirundu- Kafue Road who sustained general body pains and his motor vehicle was extensively damaged.

“Also involved were three juveniles aged three, five and 12 who were passengers on a Toyota Axio who sustained serious body injuries, Mutavesu Henry aged 33 of house number 861 Dvli Beti bridge South Africa who had parked his motor vehicle Registration number FLR 966 a Volvo truck, trailer number FPF 901L and FPF 094L.The driver sustained painful waist and the front part of the horse was extensively damaged.”

“Naomi Lusambo aged 30 of who was driving a Toyota Vitz Registration number BAV 7770 from East to West who escaped unhurt, a passenger in a Toyota Vitz Sherry Mwale aged 20 sustained a big cut on the forehead, Jackson Siabasimbi aged 32 of Chirundu who was driving a Mitsubishi Canter Registration number AEB 3868 ZM, escaped unhurt ,but had his motor vehicle damaged on the right side of the trailer,” he said.

Mr Hamoonga explained that further involved was Shepherd Chinyama a Zimbabwean National aged 34 of house number 445 Wood Park Gweru, Zimbabwe who was driving a Scania Registration number FPP941L, trailer FLG Registration number 523L and FLG566L, he escaped unhurt but had his three tyres from the right side his trailer damaged.

He said all victims who sustained serious injuries were rushed are admitted at Mutendere Mission Hospital in Chirundu District.

Mr Hamoonga added that the accident occurred when the first driver Joe Hansi, failed to keep to his lane in the process he went to the right side of the lane and hit into five other motor vehicles which were in the queue.

(Mwebantu, Monday, 4th December, 2023)

Continue Reading


MultiChoice launches GOtv Stream in Zambia. A new way to experience the best of sports and entertainment!



NO stranger to bringing entertainment into homes across the nation, MultiChoice is expanding its online offering, by introducing GOtv Stream to GOtv customers across Zambia.

“It is no secret that more and more people are leaning toward streaming services to experience uninterrupted entertainment that’s uninhibited by infomercials and ads. GOtv Stream is just another way MultiChoice Zambia is continuing our trend of upward innovation, as we strive to evolve with our audiences and their viewing needs.”, says Leah Kooma, Managing Director, MultiChoice Zambia

MultiChoice and DStv have already made their presence in the digital space with their online platform – DStv Stream, and now GOtv customers can enjoy the same user-friendly, and personalized streaming at their fingertips. The new feature allows viewers to seamlessly watch their favourite programmes and other content on electronic devices, keeping them connected at any time and from anywhere.

Ms Kooma reiterates that, “You may recall, GOtv was officially launched in Zambia on 5th September 2011, and now with the introduction of GOtv Stream customers will enjoy a great online service. What drives innovation for us, is providing our customers with the content they love, in the way that best suits them. As the home of the best sports and entertainment we will continue to deliver unrivalled value and choice for our customers”.

She adds: “GOtv Stream is an online service that will allow all GOtv customers take a subscription and enjoy our content anywhere and at any time. The launch of GOtv will allow us to expand our online offering and bring more great entertainment closure to the customers”.

Some of the functionality available are; Live TV, TV guide, CatchUp, use on up to four devices, downloading content to devices, and Live Chat. All paid up GOtv customers, with an internet connection can download and use GOtv Stream for free – available on Google Play Store or the Apple App Store.

(Mwebantu, Saturday, 2nd December, 2023)

Continue Reading


Government secures an equity partner for Mopani Copper Mines



FOLLOWING the ongoing negotiations to revamp operations at Mopani Copper Mines on the Copperbelt, Government has finally secured an equity partner.

The Equity partner being International Resources Holdings (IRH) an affiliate of Abu Dhabi Conglomerate International holding was selected after an extensive process.

The process was undertaken by ZCCM-IH, together with Rose Child and Company, a company based in South Africa.

In carrying out the process of revamping the mine, which started last year in June, the process focussed on assessing Mopani’s balance sheet due to high level indebtedness and also finding a suitable partner for sustainable development.

Announcing the development, Mines and Minerals Development Minister Paul Kabuswe said the selection of an equity partner will help restore life back into Mopani.

“I wish to announce and I am so glad and exited to announce that after extensive and thorough process, Government through the directors of ZCCM-IH have appointed a strategic equity partner for Mopani. The preferred partner selected is International Resource Holding Limited an affiliate of Abu Dhabi Conglomerate International holding company,” he said.

He said the partner selected is expected to inject funds into Mopani to stabilise short term work requirements, completion of the mine projects and unlock its potential.

Mr Kabuswe also stated that the equity partner will also reset the existing relationship with Glencore.

He further added that other details of the development at Mopani will be announced in due course when signing of the deal is being made.

(Mwebantu, Friday, 1st December, 2023)

Continue Reading

Mwebantu on Facebook

© Copyright © 2023 Mwebantu. All Rights Reserved. Zambia's leading Social news platform.