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Politics

President Hakainde Hichilema has launched the Public Private Dialogue Forum-PPDF, which will promote economic development through public-private partnerships.

The Head of State said the social and economic development of the country cannot be left to government alone, as it is not possible for government to deliver development on its own because it does not have all it takes to reconstruct the economy therefore the need to engage the private sector.

Speaking when he officially launched the Public Private Dialogue Forum for Private Sector and Economic Development at Mulungushi International Conference Centre, attended by the Zambian Business Times-ZBT, President Hichilema said government recognises the private sector as the engine for innovation and job creation thus the role of the private sector in realising economic development cannot be underestimated.

He added that the magnitude of job creation and business opportunities would come from the private sector hence it is the responsibility of the public and private sector as well as partner groups to work together and drive economic development for the country.

“In order to ensure meaningful private sector participation in the economy, the PPDF has been established to actualise the potential that the country has been sitting on for decades. This will help create jobs and when we create jobs, other underlying issues will fall in place”, President Hichilema said.

President Hichilema mentioned that the contribution of the private sector to economic development in the country in the past years was limited in part by inadequate government uptake of recommendations coming from the private sector but that will now change.

The Head of State said Zambia is a land-linked country and should be the centre of production, processing, packaging, distribution, domestic market spot supply, regional and international market which will help the country realise the potential it has been talking about for years.

He added that economic development would expand the market and demand for goods and services for the private sector.

The President stressed that the PPDF Will provide a strengthened partnership between public and private sector and will promote a mechanism for structured interaction between government and the private sector on various matters affecting the economy.

 

 

 

 

 

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President Hakainde Hichilema has launched the Public

Politics

President Hakainde Hichilema has disclosed that President Felix Tshisekedi of the Democratic Republic of Congo (DRC) is expected to arrive in the country by Friday 29 April 2022 and the two governments will sign agreements aimed at accelerating trade between DRC and Zambia

Speaking during the official launch of the Public Private Dialogue Forum for Private Sector and Economic Development, President Hichilema said the agreements would enable the country to unlock the stringencies that have been inhibiting trade between Zambia and Congo.

The Head of State explained that the agreements would cover a range of areas such as traditional exports-small, medium and large as well as look at how the two countries will work together strategically as countries that are leading in terms of nature’s endowment in electrical vehicle industry on the African continent.

“We have decided to work together with Congo and create strategic value as other countries did before who are oil producing. This is our oil as well going forward and we would like the business community to be part of it”, President Hichilema said.

He noted that government is motivated by the need to harness trade and investment opportunities for the private sector on the local, regional, continental and international markets adding that the UPND administration wants to promote value chains and value addition for various commodities and products as well as create jobs and wealth for the citizens.

President Hichilema said creating businesses that pay taxes to the treasury and businesses that deliver dividends to its shareholders delivers value to all citizens therefore the need to support growth as a country by supporting businesses that create jobs and government must sustain those jobs by ensuring that the businesses succeed commercially.

He said government has committed to an inclusive, transparent and accountable dialogue mechanism with the private sector noting that there have been many efforts to unlock business opportunities in the country and with the launch of the Public Private Dialogue Forum platform, the benefits of those efforts will be realised.

The Head of State stressed that the private sector is the engine for job creation and its role in contributing to government’s vision for economic development cannot be undermined, as it is not possible for government to develop the country alone adding that economic development will expand the market for the private sector.

 

 

 

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President Hakainde Hichilema has disclosed that President

Lifestyle

The U.S. government announced the United States Africa Command (AFRICOM) will open an Office of Security Cooperation at the U.S. Embassy in Zambia.

In a statement made available to the Zambian Business Times – ZBT,  the visiting AFRICOM Brigadier General Peter Bailey, Deputy Director for Strategy, Engagement, and Programs, made the announcement during a meeting with President Hakainde Hichilema – HH.

The statement read that “Building on the foundation of U.S.-Zambia shared security interests, the new Office of Security Cooperation will enhance military to military relations and expand areas of cooperation in force management, modernization, and professional military education for the Zambian security forces”.

And General Bailey commended President Hichilema and his New Dawn Administration for its steadfast commitment to regional peace and stability and stated the U.S. government looks forward to building on its strong bilateral ties with Zambia to enhance security cooperation. General Bailey also praised the Zambian Defence Force for its professionalism and contributions to United Nations peacekeeping missions.

During his visit, General Bailey will also meet with the Minister of Defense, Honorable Ambrose Lufuma, and will represent AFRICOM at the official opening ceremony for the start of pre-deployment training for the eighth Zambia Battalion (ZAMBATT VIII).

The statement did however not state if the opening of the office is a prelude to opening of a full AFRICA command Centre – AFRICOM which is a controversial move that needs proper review as risks of loss of sovereignty become imminent.

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The U.S. government announced the United States

Lifestyle

The number of missing persons in Zambia which is now being exposed via social media may be bigger than it is being thought to be. The Zambia police has revealed to the Zambian Business Times – ZBT that for a person to be classified as a missing person, they have to have been absent for at least seven (7) days.

Of late, following the abduction and eventual disappearance of a mobile money agent – Pamela Chisumpa, more reports and stories have been circulating on social media of people reported missing, the young and the old, boys and girls and male and female with no clear indication quantification of how deep and big this problem is.

However an investigation instituted by ZBT is indicating that there is no readily available and live statistics of how many people have been reported missing across the country as the police reforms to digitize and upgrade its reporting system  has not been completed with most police stations still utilizing manual recording systems which are difficult for any management team to timely gather case statistics on a real time or timely manner.

An exclusive interview with the Zambian Business Times, Zambia Police spokesperson Rae Hamoonga disclosed that it takes seven (7) days for a reported case of disappearance to qualify to be classified as a missing person. Missing person classification is a parameter used worldwide to be used as a basis to Institute serious investigations.

The Police spokesperson told ZBT that sometimes Police receive reports of someone missing and later these people re-surface, that he or she was with the relatives. “ in some case, we have had parents who are on separation, [one of the] other parent gets them from school and the other parent reports that the child is missing”, he said.

And when asked about the statistics of the total number of missing persons across the country in Zambia total, Hamoonga said that such needs to be compiled because it takes 7 days for a reported case to qualify as a missing person.

Social media has been rife with increasing reports of alleged abductions, the most recent being that of Pamela Chisumpa aged 22 who remains still missing with police indicating that investigations are still underway and the other one relating to Mike Banda aged 26 who was later found and detained for giving false information to a public officer.

The Zambia Police spokesperson told ZBT that they currently have two confirmed adduction cases, these cases are both under investigations. One case of an alleged abduction is yet to be concluded and the other one has turned out to be a fake abduction case of Mike Banda who is currently in the custody, he said.

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The number of missing persons in Zambia

Politics

President Hakainde Hichilema says there is need to apply the rule of law in dealing with the matter in which a leaked audio recording purporting that Home Affairs Permanent Secretary Joseph Akafumba and Presidential Aide for Politics, Levy Ngoma attempted to undermine the democracy of the country.

Speaking when he addressed the nation during a Press Conference monitored by the Zambian Business Times-ZBT, President Hichilema said there is need to be sober when handling the matter and not be draconian stressing that the application of the rule of law is key in handling the matter.

When asked by a journalist, his position on the two government officials that are accused to have been in this audio and the conclusion he had made, President Hichilema said, “The rule of law is what we should use, it’s to apply the rule of law, it’s not to be draconian, it’s to be sober about these issues”.

He said he has asked the Anti-Corruption Commission (ACC) working with the Ministry of Information and Media to establish toll free lines so that every citizen is free to report any corruption cases.

In the leaked audio, the two UPND officials could be heard discussing how they were finding it difficult to convince the Electoral Commission of Zambia (ECZ) Chief Executive Officer, Patrick Nshindano to agree with them in executing their plot against the Harry Kalaba led Democratic Party.

The audio was suggesting that the two officials were attempting to arm-twist the Electoral Commission of Zambia over the Democratic Party’s participation in the Kabwata by-election, which were held in February 2022.

 

 

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President Hakainde Hichilema says there is need

Lifestyle

President Hakainde Hichilema says government is aware of the high cost of living in the country, which it is working towards arresting, as it is aware of the implications on the ordinary citizens.

The Head of State said there is need to deal with the issues of debt, high fuel cost and the high cost of fertilizer in order to have a long lasting solution adding that government is combining short, medium and long-term solutions to address the challenges.

Speaking during a Press Conference at State House yesterday, monitored by the Zambian Business Times-ZBT, President Hichilema explained that in combating the issue of the high cost of living, part of the measures taken are that government is in conversations with bilateral countries, oil-producing countries and fertilizer producing countries.

He noted that government is working towards negotiating bilateral arrangements, which if successful will alleviate the pressure arising from fuel and fertilizer on the high cost of living.

The President said that turning around the economy that was leaking everywhere could not be done by the day but over a period of time adding that lasting solutions shall be created to these short-term issues, which are damaging.

 

 

 

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President Hakainde Hichilema says government is aware

Mining

President Hakainde Hichilema has clarified that government does not intend to give back Konkola Copper Mines (KCM) to Indian mining firm Vedanta Resources.

Speaking during a Press Conference at State House, monitored by the Zambian Business Times-ZBT, President Hichilema explained that government is looking for a solution for KCM so that the mine can contribute to the three million tonnes copper production which government has targeted.

He said government also wants Mopani Copper Mines (MCM) to return to full production in order to increase production, earn more revenue and employ more people in the mining sector so that all citizens can benefit from the mines.

“I have seen the media falsehoods that we want to give KCM back to Vedanta, that’s not true, we want to unlock KCM, it’s a Zambian asset and nothing should stand in the way so that the people of the Copperbelt and the people of Zambia can benefit. When KCM is unlocked, it benefits the people of Copperbelt, it benefits our citizens here, it benefits suppliers, it benefits revenue and foreign exchange income”, he said.

The President said the mining asset is being abused and government is determined to do what it takes to bring the asset back into production adding that no innuendo or court process will slow government down.

“That’s why you hear the noise on the liquidator of KCM because he was sitting in the way of resolving the KCM problems, Mopani we are very close, it’s an easier asset to unlock so we are getting there, soon you will hear the progress we have made. KCM is a bit complicated and it was made complicated by appointing liquidator who should not have been there in the first place”, the President said.

 

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President Hakainde Hichilema has clarified that government

Markets

ZANACO has attributed the slight appreciation of the kwacha to the statement made by the Chinese Central Bank Governor Yi Gang that China will finally join Zambia’s creditor committee.

According to ZANACO’s Indicative Forex Rates on 22 April 2022, the kwacha is buying at K17.03 and selling at K17.36.

The Bank’s Head of Economic Research Dr. Patrick Chileshe said China’s commitment is likely to accelerate the pace of restructuring Zambia’s debt because previously investors were concerned with china’s participation in the process.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Chileshe said now that China is firmly on board, everyone is indicating that it is just a matter of when and not if as it is almost a done deal.

Chileshe explained that the International Monetary Fund (IMF)’s indication that it has finally agreed to move ahead, together with the World Bank on Zambia’s US$1.4 billion bailout package has also contributed to the appreciation of the kwacha adding that IMF was also happy to hear that China is going to participate in the debt restructuring process.

He added that china been the largest lender to Zambia them participating in the process adds more credibility to the restructuring process for Zambia’s debt

“The rates are reacting to positive sentiments that have come out of Washington, positive news came out of Washington and that is what the market is reacting to. All the orders of foreign currencies appear that the kwacha is likely to gain significantly, we are seeing a low of around 15 so what we might see is more and more people might start panic selling and that must push the kwacha to more appreciation”, he said.

“We are seeing the kwacha crossing into well below the K16 mark into K15; it is already indicating that direction at the moment. If you look on the interbank market, the kwacha is trading at around K16.80 and we expect those rates to translate into market rates very quickly. We should see it next week open even much lower in terms of trading on the interbank market”, Chileshe said.

 

 

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ZANACO has attributed the slight appreciation of

Lifestyle

Intercity Bus Terminus Station Manager Annie Shikabonga has disclosed that the riot that broke out this morning at Intercity Bus Terminus and surrounding areas was sponsored by an employee of one of the bus companies.

Shikabonga has accused an employee of Shalom Bus Services of been behind the commotion that took place at Intercity this morning because he was not happy with management’s decision to reduce the number of callboys at the station.

Speaking in an interview with the Zambian Business Times-ZBT, Shikabonga said management allowed bus operators to remain with 2-5 callboys depending on how big the company is adding that the callboys should only be present when the busses are loading which they agreed to.

Shikabonga explained that once the busses are loaded and they leave the station, the callboys remain at the bus station harassing and stealing from people adding that the callboys do not use proper toilets and are also promoting the abuse of drugs around the area, a situation that led to the decision to limit the number of callboys at Intercity.

“Last week on Thursday we had a meeting between Intercity and bus operators at the council chambers. The problem that we have is we have an influx of callboys every day and it was observed that these guys are coming in because they are being paid K50 for every client that they bring to the bus everyday but they are harassing and stealing from people”, she said.

“Just yesterday the guy from Shalom approached my deputy and said we are not for the idea that the call boys go because we still need them. In the morning he was seen paying those guys, he told the guys to say protest and I will give you money”, she said.

Shikabonga noted that operation officers from Lusaka central police are keeping vigil and the situation is now calm.

 

 

 

 

 

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Intercity Bus Terminus Station Manager Annie Shikabonga

Markets

The Bankers Association of Zambia (BAZ) says the statistics from the first quarter of 2022 indicate that the market had sufficient liquidity to support the private sector, households as well as calls for bids from government.

This is despite most domestic businesses and the general public complaining of low liquidity “no money in circulation” and reports of reduced demand in the retail sector.

BAZ Chief Executive Officer (CEO) Leonard Mwanza said that in terms of liquidity on the side of commercial banks, there has been sufficient liquidity that has been circulating on the Zambian market.

Speaking in an interview with the Zambian Business Times-ZBT, Mwanza said there has not been a point where banks are short of liquidity to meet their daily obligations or to place with the private sector borrowers as well as to place with the private sector through government bonds and treasury bills.

Mwanza reiterated that the liquidity profile on the market has been sufficient to meet liability obligations as they fall due. “Liquidity, we measure it as the capacity for a bank to pay the owners of the money, to meet their liabilities as and when they fall due and to have sufficient liquidity that they can use to support government intentions to borrow, to support individuals or the private sector to borrow”, he said.

There is a narrative and social media complaints that there is “no money in circulation” with some members of the public blaming the increase in the price of fuel as the main cause of reduced spending power experienced in the retail and informal sector.

There has not been an official statement from the ministry of finance or statistics to back the allegations of low market liquidity.

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The Bankers Association of Zambia (BAZ) says