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We need to successfully restructure our debt, with the active engagement of the bondholders, HH says

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OPPOSITION United Party for National Development (UPND) president Hakainde Hichilema has charged that the country faces a real risk of holdout creditors taking legal action to seize sovereign assets after failing to pay US$40 million coupon.

In a statement issued, Mr Hichilema has since urged Government pay the US$ 42.5 million defaulted to unlock the support from bondholders, as it embarks on negotiations to restructure the debt.

“There are reports already that some creditors have embarked on a process to determine a possible payout to holders of default insurance, which may trigger a chain of collection of payouts that could lead to the recall of the loans in full.

Some banks are considering withdrawing confirmations of letters of credit issued to our business community, while others have suspended the global custody service and advised their clients to change future investment strategies for our country,” Mr Hichilema said.

He said to avoid the risk, Government should immediately engage the International Monitory Fund and request for a staff programme, as a basis to embark on the journey to earn credibility, creditworthiness.

The UPND leader further said the move will give the needed assurance to the creditors and potential investors of the commitment to a coherent recovery programme.

“The government must provide a full picture of our public external debt, domestic debt and private debt by quasi-government institutions that are not publicly guaranteed (including those contracted by companies now owned by ZCCM IH and IDC), arrears to suppliers of goods and services to the government and VAT refund exposure,” he said.

He also said the full disclosure must cover the terms on which the debt was contracted.

Mr Hichilema said Government should also scale up the engagement with all creditors, especially the bondholders, who feel that the level of engagement has so far fallen short.

He has further said Government should revise the 2021 budget which he says has significant gaps.

Mr Hichilema said the theme of the budget should be to cut all wasteful expenditures, such as slush funds, bogus expenditures on harmful and sub-standard goods and services, huge emoluments spent on politicians’ lifestyle, including the presidential jet.

“We encourage the PF to learn from the experience of Argentina and Ecuador, which only a couple of months ago successfully restructured their debt, with the active engagement of the bondholders.” he said.

Business

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

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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)

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Government secures an equity partner for Mopani Copper Mines

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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)

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Over 30 people trapped after a mine accident in Chingola

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MORE than 30 people are believed to be trapped in an open pit mine in Chingola district on the Copperbelt after a mining accident.

Minister of Home Affairs and Internal Security Jack Mwiimbu said the affected are trapped as a result of earth collapsing and has since asked the nation at large to put the affected in prayer.

Mr Mwiimbu speaking in Parliament said more than 30 people are trapped and the rescue team is on site

“May I just inform the nation that we have a tragedy that is brewing in Chingola where a number of our people have been affected by a collapse of the open pit in Chingola. We have more than 30 people under the rubble and we are struggling to retrieve them. We would like to ask all of us to put our citizens in prayer,” he said.

(Mwebantu, Friday,  1st December,  2023)

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