Story of the Day:
Community based financial services are proving to be an effective model of expanding financial inclusion in Zambia and an important step towards its formalisation. Examples of these informal finances include savings groups such as village banking and Chilimba (also called Chamas in East Africa) as well as controversial practices such as Kaloba (lending with interest). Read more
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Milingo Lungu, appointed provisional liquidator at Vedanta Resources’ Konkola Copper Mines in Zambia in 2019, announced his resignation on Sunday. “I’ve resigned. I think I’ve done my part and I don’t think my prolonged stay there, especially if I have to start going to court, is going to be beneficial to the company or any of its stakeholders,” Lungu said in comments broadcast on Lusaka-based, privately owned Diamond TV. Read more: Bloomberg
Acting Health Minister Khaled Abdel Ghaffar on Sunday discussed at a meeting with Zambian Ambassador in Cairo Topply M Lubaya means of boosting cooperation in scientific, research and health fields. Read more: SIS
China and Zambia should expand cooperation in emerging areas, such as modern agriculture, manufacturing, and renewable energy, said State Councilor and Foreign Minister Wang Yi on Saturday. He made the remarks when meeting with Zambian Minister of Foreign Affairs and International Cooperation Stanley Kasongo Kakubo in east China’s Anhui Province. Read more: CGTN
Zambia and other African countries must intensify domestic resource mobilisation (DRM) to address economic challenges because reliance on the global resource envelope is unpredictable since it is shrinking, United Nations Economic Commission for Africa (UNECA) director Eunice Kamwendo said. Read more: Zambia Daily Mail
International Business and Finance
Countries in Sub-Saharan Africa would need to invest the sum of $350 billion between now and 2030, to be able to improve electricity generation/distribution and potentially solve the region’s long-standing electricity access problem. Read more: Business Insider
The World Bank said it has approved a $750 million loan for Kenya, aimed at supporting the East African country’s 2022 budget. The loan will help Kenya to manage its budget deficit which currently stands at 8.1% of the GDP. Read more: Business Insider
The International Monetary Fund is giving Uganda an additional 127 million U.S. dollars as part of an Extended Credit Facility Arrangement. In June last year, the IMF board approved a 1 billion U.S. dollar arrangement for Uganda, to help the country overcome the effects of the COVID-19 pandemic. Read more: CGTN
British Prime Minister Boris Johnson met with oil-rich Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman to lobby for higher production on Wednesday after Russia’s turmoil with Ukraine sent markets into a dip. Johnson, one of the few Western leaders to visit Riyadh since the 2018 murder of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, said he had a “very productive conversation” with Prince Mohammed, but did not announce any concessions from his hosts. Read more: CGTN
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In 87 trades recorded on Thursday, 507,927 shares were transacted resulting in a turnover of K1,785,862. A share price gain was recorded in Copperbelt Energy Corporation of K0.01. A share price loss of K0.46 was recorded in Chilanga Cement. Trading activity was also recorded in AECI, First Quantum Minerals Zambia, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,639,59 points, 0.26% down from its previous close of 6,655.95 points. The market closed on a capitalization of K69,725,570,745 including Shoprite Holdings and K34,942,885,305 excluding Shoprite Holdings.