THE Ministry of Finance and National Planning has disclosed that the World Bank is committing approximately $959 million to support Zambia’s recovery from the multiple debt and economic crises.
And the Ministry says as soon as the International Monetary Fund (IMF) supported programme is approved, it is envisaged that the World Bank will supply funding amounting to US$275 million over the next three years.
In a media statement issued yesterday, Minister of Finance and National Planning Situmbeko Musokotwane said the funds will help to institute reforms for inclusive growth and poverty reduction.
Dr Musokotwane has also clarified that government has reached a Staff Level Agreement (SLA) with the International Monetary Fund barely three months after assuming office in August, 2021.
“Pledges by multilateral lenders to provide concessional financing to Zambia as part of the effort to resolve the country’s financing limitations based on the DSA results.Convening the OCC (mainly bilateral related lenders) to discuss Zambia’s request for debt relief under the G20 Common Framework for Debt Treatment. This action has commenced.
Convening, immediately after the OCC, a committee of Commercial Lenders (Eurobonds, Commercial Banks, and Private Lenders etc). This is pending completion of discussions by the OCC,” he said.
Dr Musokotwane said Government has regularly engaged both official creditors and private creditors who have been provided with economic policy and debt data, with a view to facilitate decision-making and successive meetings of the two creditor groups.
He said the Government has been engaging multilateral partners for concessional financing as part of the effort to resolve Zambia’s fiscal limitations.
“As announced before, the engagements have culminated in several benefits such as the pledge by the World Bank to support the national budget through a Development Policy Operation. As soon as the IMF Supported Programme is approved by the IMF Board, it is envisaged that the World Bank will supply funding amounting to US$275 million over the next three years,” he said
He further disclosed that U$$294 million has already been committed for scaling up social cash transfers and projects to strengthen the COVID-19 response, including vaccination and emergency health financing to improve service delivery.
“The remaining U$$665 million will be presented in three operations to the World Bank Board for approval within June 2022. The program includes two results-based operations, the first to reinvigorate growth in agriculture and support reform of the agricultural subsidy regime and the second to strengthen decentralized public service delivery while enhancing public financial management, accountability, and citizen engagement and will support the increased resource allocation towards Constituency Development Fund. The third operation will finance additional social protection spending in response to various shocks,” Dr Musokotwane said.
He said upon agreement of the country Assistance Strategy during the second half of 2022, financing is also expected from the Africa Development Bank (AfDB) over the next three years.
Dr Musokotwane said Government will continue to work tirelessly towards returning the country to a state of fiscal stability that will facilitate sustainable growth.
(Mwebantu, Monday, June 20th, 2022)
Meteorological Department advises members of the general public to keep warm as it warns of Cold temperatures, it anticipates light rain in some areas from June 27 to July 1st
THE Zambia Meteorological Department has advised members of the general public to keep warm as the country is expected to experience very cold weather.
The Department has also advised farmers to secure their harvested produce as the department continues to monitor the weather system.
“Most parts of the country is anticipated to experience reduced temperatures with a chance of light rain over Chirundu, Siavonga, Choma, Mpika, Serenje, Kapiri Mposhi, Kabwe, Lusaka and the surrounding areas during the forecast Period 27th June to 1st July, 2022. This is due to a strong high pressure system positioned over the south-east of the Indian Ocean which will be advecting cold air over most parts of Zambia.”
“Members of the general public are advised to keep warm and secure their harvested produce.
The Meteorological Department will continue monitoring this weather system and will keep the nation updated,” according to a report by the department.
(Mwebantu, Tuesday, June 28th, 2022)
MoH follows up case of suspected movement disorder at Lunte boarding school in Northern Prov.
THE Ministry of Health is following up some suspected movement disorders which affected more than 20 pupils from Lunte boarding school in Northern Province.
On June 21, this year, the school reported numerous cases of pupils reporting similar signs and symptoms of difficulty in walking, weakness, and painful knees and ankles.
Speaking at a media briefing, Health Minister, Sylvia Masebo disclosed that of the 27 pupils affected, 15 have been sent back home by the school management for observation.
“The rest of those with mild symptoms remained in school. These pupils were placed in a designated isolation area within the school confines. Health workers have been assigned to monitor the pupils’ conditions daily.
To date, 18 recoveries were reported from among both those pupils sent home and those under school isolation. I wish to offer the affected pupils and their families my assurance that this suspected movement disorder may not be a public health emergency,” she said.
(Mwebantu, Monday, June, 27th, 2022)
CNBM takes solid actions to contribute to sustainable development in Zambia
Over the past seven years, the Zambia Industrial Park funded by China National Building Materials Group Co., Ltd. (CNBM) has integrated into the local community, fulfilled its social responsibility, and guided enterprises to pursue high-quality development and create values, contributing to sustainable development in the country. Construction of the Zambia Industrial Park started in 2015 and began operations in 2018.
CNBM Zambia Industrial Park Zambia staff dormitory
Adhering to the core values of “innovation, performance, harmony and responsibility,” the CNBM Zambia Industrial Park has remained committed to conducting operations through advanced technologies and competitive production capacity and pursuing win-win cooperation through integration into the Zambian culture.
The late Dr. Kenneth David Kaunda, the first President of Zambia, recognized the CNBM Zambia Industrial Park’s active role in promoting Zambia’s economic development during his visit to the industrial park.
Zambia’s first President, the late Dr Kenneth David Kaunda during a visit to the park
Believing that employees are a core asset of an enterprise, the CNBM Zambia Industrial Park has been committed to ensuring the career security of its employees and creating a sound working and living environment for them. It has guaranteed that employees get a physical examination once a year. The industrial park has taken science-based COVID-19 control measures during the pandemic period to protect the health and safety of its employees responsibly. In addition, the industrial park has regularly held various vocational skills training sessions and established incentive mechanisms to support employees’ career development. It has also actively carried out rich recreational activities after work to enhance employees’ sense of belonging and happiness.
By taking root in the local community, the CNBM Zambia Industrial Park has deepened communication in community development, actively donated funds to facilitate education, and carried out free clinical programmes and donation activities in areas that need support. It has actively created wealth for the local community and promoted cultural exchanges for a long time.
Carried out donation activities, road expansion, free clinical programmes, and donated funds to facilitate education to improve the lives of local people, Zambian employees and their relatives
The CNBM Zambia Industrial Park has attached importance to corporate talents, promoted fair employment, and protected the legitimate rights and interests of employees. It has valued the development of employees, providing them with a stage to showcase themselves. It has also adhered to the principles of openness, competition and merit in recruiting, training and stimulating employees to establish harmonious labour relations and promote common development and growth of enterprises and employees.
The CNBM Zambia Industrial Park will work together with all parties to contribute more to local economic development, social advancement, ecological protection and cultural exchanges through innovation, openness, integration and sharing.