Economy - Copperbelt Katanga Mining

IMF Staff Reach Agreement for Second Review of Zambia Facility, Unlocks $184 Million 1

The International Monetary Fund has reached a staff-level agreement with Zambia on the second review of its Extended Credit Facility, unlocking another $184 million upon IMF board approval, the Fund said on Monday November 20th. The IMF’s mission chief for Zambia added in a statement that the Fund welcomed Zambia’s memorandum of understanding with its official creditors and ongoing discussions with private creditors to reach an agreement on debt restructuring. She said Zambia may need to further tighten monetary policy to contain inflationary pressures and that building reserves would enhance… Read More Here

Transfers of 10 million USD from SMICO to Gecamines, Guy Robert Lukama finally interviewed by IGF inspectors

November 19, 2023November 19, 2023 arnbethnic1 Comment

Finally, the beginning of definitive highlighting of the file on the transfers of 10 million USD from SMICO to more than twenty agents, senior executives and consultants of Gécamines, began this Friday, November 10 in Kinshasa with the hearing of the PCA of Gécamines, Guy-Robert Lukama, by IGF inspectors. Indeed, after several days of resistance, Guy-Robert Lukama finally gave in and responded to the invitation of the IGF (General Inspectorate of Finance). He was heard from 1 p.m. until late in the night of this Friday, November 10 to elucidate the… Read More Here

Mining in DRC Economy

Félix Tshisekedi is pleased with the growth rate, which has increased from 1.7% to 6.2% in 3 years.

November 19, 2023November 19, 2023 arnbethnic

In his latest State of the Nation address before entering the electoral campaign, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, revisited the seven (7) strategies implemented during his first five-year term for good economic governance on Tuesday, November 14, 2023. In front of assembled deputies and senators at the Palace of the People, President Félix Tshisekedi did not miss the opportunity to acknowledge the progress made on the economic front. In his presentation, the Congolese Head of State went sector by sector. Primary Sector Here, Félix… Read More Here

Mining in DRC Economy Governance

DRC Finance Minister, Unveils Proposal for the Strategic Investment Fund to the Government

November 14, 2023November 14, 2023 Constance

Nicolas Kazadi, the Minister of Finance, presented a proposal to establish the Strategic Investment Fund of the Democratic Republic of Congo to the Council on Friday, November 9, 2023. According to the 119th meeting of the Council of Ministers, the fund’s primary focus will be on managing and optimizing specific real estate assets, including the Financial Center and the Congress Center. The fund aims to act as a reliable partner for investors, co-investing in various strategic projects based on potential opportunities. The proposed legal structure for the fund is a… Read More Here

Mining in Zambia Economy

China calls on Zambia’s creditors to share a “fair burden” in the country’s debt restructuring

November 13, 2023November 13, 2023 Constance

China has urged Zambia’s additional creditors to bear a “fair burden” in the nation’s debt restructuring efforts. This comes as the International Monetary Fund (IMF) and official creditors, including Beijing, have expressed reservations about a deal Zambia made with overseas bondholders. Talks between Zambia and a bondholder committee are ongoing, with the country’s finance ministry confirming the discussions on Friday. Doubts have been raised by the official creditor committee, co-chaired by China and France, along with the International Monetary Fund over the past several days. No specific details were provided… Read More Here

Mining in Zambia Economy

Zambia’s Central Bank to Raise Minimum Mandatory Currency Reserves

November 6, 2023November 6, 2023 Constance

Zambia’s central bank has announced its intention to increase the minimum mandatory reserves of both local and foreign currency deposits that commercial banks are required to maintain with the state institution starting next week to counteract the devaluation of the local kwacha currency. The apex bank stated in a circular that it will raise the statutory reserve ratio for deposits in both local and foreign currencies by 3 percentage points to 14.5%, effective from November 13. This action is intended to alleviate ongoing pressure on the foreign exchange market and… Read More Here

Mining in DRC Economy Gold

DRC Reports Strong H1 2023 Gold Exports at $677.3 Million

October 26, 2023October 26, 2023 Constance

The Democratic Republic of Congo (DRC) exported 15 tonnes of gold during the first six (6) months of the current year (2023) to international markets.According to the report of the Technical Cell of Coordination and Mining Planning of the Ministry of Mines, this volume of export of Congolese raw gold generated revenues of around 677.3 million US dollars during the first half of 2023. Indeed, the Kibali Gold company exported more than 13 tonnes of gold estimated at 556.1 million US dollars. On the other hand, the MCCR company only… Read More Here

Mining in Zambia Economy News in Brief

Tanzanian President Commends Zambia’s Economic Progress

October 25, 2023October 25, 2023 Constance

Tanzanian President Samia Suluhu Hassan has praised Zambia for its significant economic advancements achieved in the past two years under President Hakainde Hichilema’s leadership. President Samia emphasized the need for both countries to strengthen their diplomatic, business, and people-to-people relationships for mutual benefits. During a State banquet ahead of Zambia’s 59th Independence Day, President Samia highlighted the positive impact of shared economic corridors on fostering closer relations and business connections between the two nations. President Hichilema reaffirmed Zambia’s commitment to enhancing the partnership with Tanzania and continuing the legacy of… Read More Here

International Economy

Zimbabwe Plans to Replace US Dollar by 2025, but Scepticism Abounds

October 20, 2023October 20, 2023 Constance

Zimbabwe’s largest independent asset manager predicts that the US dollar will continue to be the dominant currency in the country, even beyond the government’s December 2025 deadline to phase it out of the economy. Imara Asset Management, responsible for managing assets exceeding $100 million, noted that the dollarization of Zimbabwe’s economy is gaining momentum. This trend has been expedited due to government measures taken in July to limit the availability of the local currency in order to maintain its value. Statistics from the national statistics agency reveal that 80% of… Read More Here

Mining in DRC Economy

Sama Lukonde Urges Kazadi to Expedite National Development Bank Creation

October 18, 2023October 18, 2023 Constance

During the 115th ordinary meeting of the Council of Ministers, Prime Minister Jean-Michel Sama Lukonde confirmed the commitment of the Government of the Republic to reduce its dependence on the mining sector by favoring the diversification of economic activities. The objective is to fully exploit the country’s potential in terms of energy, forestry, agriculture and the environment. In addition to the importance given to the development of infrastructure, tourism, improvement of the supply of drinking water and electricity, the government considers the agricultural sector as the cornerstone of this diversification. This… Read More Here