Zambia - April

5.04.24

·After reaching a deal with overseas bondholders last week, Zambia is currently in talks to restructure its $3.3bn of commercial debt.  https://www.reuters.com/world/africa/zambia-negotiates-33-bln-commercial-debt-restructuring-after-bonds-deal-2024-04-03/

·Zambia’s copper output could rise to 1 million tons by 2026. The production of copper is a key to Zambia’s economic growth. https://www.miningweekly.com/article/zambias-copper-output-may-rise-to-one-million-tons-by-2026-as-mines-expand-2024-04-05

16.04.24

·Zambia has uncovered a sophisticated Chinese cybercrime syndicate. This had led to the arrest of 77 people. https://www.bbc.co.uk/news/world-africa-68777137

·Zambia is confident they will soon strike a deal with their creditors following talks with China going well. https://www.bloomberg.com/news/articles/2024-04-16/zambia-s-musokotwane-sees-commercial-creditor-deal-in-months

24.04.24

·Zambia’s audit of their public debt has found inflated costs and wasteful spending. One loan that has been scrutinised saw the government buy 10,000 laptops for $3900 each when they should have cost $630. https://www.bloomberg.com/news/articles/2024-04-25/zambia-debt-audit-shows-government-paid-600-premium-for-laptops

·The French government has announced Zambia and its creditors have reached a deal to restructure $6.3bn in loans. https://www.aol.com/debt-plagued-zambia-reaches-deal-182837057.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAK0IZODb_F3I9NOM7QkQ-nfyx8guTiQNuLt0MiflrwARiLJ5MvgbEwVJi38jZm0OXcU8efUO-PB4ExryEfgubCgdHPPFYdqUXuZAmA4-4H0lhC2yzpUpuRjeycsrxO-6QQtp_2zfjwuIwHtOPPh_DdQyeHSR_boGUeirpYF-4TS8

·The IMF is actively discussing with the government to potentially boost Zambia’s financing as the country is experiencing its worst drought on record. https://www.bloomberg.com/news/articles/2024-04-19/imf-considers-upping-zambia-funds-to-help-with-drought-emergency

·Abu Dhabi’s most valuable company, IHC, has offered to buy a majority stake in Vedanta Resources’ Zambian copper assets. https://www.reuters.com/markets/deals/uae-giant-eyes-majority-stake-vedantas-zambian-mines-expansion-drive-2024-04-19/