The Minister of Finance recently revealed that the Government was looking to refinance the Eurobond portion of the external debt ($6.7bn as of September 2016) stock with a view to securing new long-term debt with lower interest rates. This also came up last year as the Treasury Secretary talked about various options that the Government was exploring with respect to external debt.
More than 1,000 SMEs enter Nyamuka Zambia business competition
MORE than 1,000 Small Medium Enterprises (SMEs) have registered their business ideas in the Nyamuka-Zambia business plan competition. The ZANACO-sponsored Nyamuka Zambia is one of four components under the Private Enterprise Programme Zambia (PEPZ), funded by the United Kingdom's Department for International Development (DFID). (Read more)
The following is a brief presentation making the case for the Government to issue a third Eurobond for investment into 4 key areas:
Minister of Finance Alexander Chikwanda announced the K46.7 billion 2015 national budget today - up 9.6 percent from last year’s figure. Here is a look at how it will be financed in comparison to 2014:
The following is the statement that Fitch Ratings released on Friday:
Fitch Ratings has revised the Outlook on Zambia's Long-term foreign and local currency Issuer Default Ratings (IDR) to Positive from Stable and affirmed the IDRs at 'B'. The issue ratings on Zambia's senior unsecured foreign and local currency bonds have also been affirmed at 'B'. The Country Ceiling has been affirmed at 'B+' and the Short-term foreign currency IDR at 'B'.
Government set to release $600m VAT refund to affected miners
According to a report by the Daily Mail newspaper on Wednesday, the government will start releasing the $600m in VAT refunds which has been withheld from mining companies which were failing to provide import certificates from destination countries where Zambian copper was being exported. The paper quoted the Minister of Mines who had said that some mining companies had stated complying with the requirement subsequent to which the Zambia Revenue Authority was instructed to begin working on repayment of the funds.
Ratings agency Fitch Ratings has affirmed Zambia's credit rating at 'B' with a stable outlook. They released the following statement today:
Fitch Ratings has affirmed Zambia's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B'. The issue ratings on Zambia's senior unsecured foreign and local currency bonds are also affirmed at 'B'. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling is affirmed at 'B+' and the Short-term foreign currency IDR at 'B'.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *