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Zambia's 2023 Budget: A return to global norms 1 Mining in Zambia Economy 

Zambia’s 2023 Budget: A return to global norms

Copperbelt Katanga News
Tax Partner at KPMG Zambia, Michael Phiri, unpacks the Budget measures designed to set in motion a mining-led economic recovery The dust has now settled since the announcement of the 2023 National Budget, during which the Minister of Finance set out the Government’s plan to revive Zambia’s economy. In this, the first in a series of exclusive interviews with financial, economic, and mining experts, Michael Phiri, Tax Partner at KPMG Zambia, sheds light on why certain Budget measures have been proposed, and how they will set in motion a mining-led economic recovery.… Read More Here
How could the 2023 Budget drive continued economic growth for Zambia? 2 Mining in Zambia Economy Governance 

How could the 2023 Budget drive continued economic growth for Zambia?

arnbethnic
As is tradition, ahead of the annual Budget announcement by the Minister of Finance, Mining For Zambia spoke to celebrated Zambian economist, Professor Oliver Saasa, to ask him about the measures we might expect to see introduced in order to drive continued economic growth, one year since the ‘new dawn Government’ took the helm. Ahead of the announcement of the 2022 Budget in October 2021, much of the country eagerly waited to hear what President Hichilema’s administration had in store. Almost a year on, what would you say have been the biggest changes to… Read More Here
Banking activity in the DRC is one of the weakest in the region, according to the IMF 3 Mining in DRC Economy Environment Social Governance (ESG) 

Banking activity in the DRC is one of the weakest in the region, according to the IMF

arnbethnic
In its report published recently in August 2022 on the Congolese financial system, the International Monetary Fund (IMF) indicates the fragility of the business model of commercial banks in the Democratic Republic of Congo. “A comparative analysis with certain peers in the region (countries very dependent on exports from the mining sector) underlines that banking activity in the DRC is one of the least profitable in the region despite very high interest margins, at more than 10 percent,” notes this Bretton Woods financial institution in this study conducted by its Monetary… Read More Here
The DRC 2023 draft budget amounted to 14.6 billion USD 4 Mining in DRC Economy Governance 

The DRC 2023 draft budget amounted to 14.6 billion USD

arnbethnic
The Sama Lukonde Government is betting on tabling the 2023 Draft Budget on September 15, 2022 in parliament, in accordance with the instructions of the Head of State Félix Tshisekedi.   “At the latest adjustments, the central government budget for the 2023 financial year is presented in balance, in revenue and expenditure, at 29,511.1 billion FC (14.6 billion USD), i.e. an increase rate of 32.6% compared to the Law for the financial year 2022 amounting to 22,253.0 billion FC”, reveal the documents of the Minister of the Budget submitted to the… Read More Here
Zambia has finally received approval of a long-awaited IMF-supported program, what next? 5 Mining in Zambia Economy 

Zambia has finally received approval of a long-awaited IMF-supported program, what next?

arnbethnic
Now that Zambia has finally received approval of a long-awaited IMF-supported program, what will it do for the country? Renowned economist Prof. Oliver Saasa gave Mining For Zambia this exclusive comment:“At the end of the day, in Zambia, the entry of the IMF spells good tidings. It allows us to go back to being a member of the global village where there is fiscal prudence and management of our economy, alongside other like-minded countries. It allows us to receive advice from multilateral institutions on the number of challenges that the… Read More Here
Some councils in Zambia have confirmed failure to collect levies from big mining companies 6 Mining in Zambia Economy Governance 

Some councils in Zambia have confirmed failure to collect levies from big mining companies

arnbethnic
Despite copper prices and other minerals mined enjoying excellent international prices and Zambia having over eight (8) large scale copper mines, local authorities mostly known as councils have reported having serious challenges collecting land rates and other levies from mining companies. Most council officials and contacts spoken to by the Zambian Business Times – ZBT have indicated that compliance levels from mining companies are too low, and when the councils push for collections, there is heavy political interference from senior government officials and politicians which make it impossible to collect… Read More Here
DRC government will abolish 14 levies and reduce 20 others to improve the business climate 7 Mining in DRC Economy Environment Social Governance (ESG) Governance 

DRC government will abolish 14 levies and reduce 20 others to improve the business climate

arnbethnic,
The file relating to the identification of arbitrary levies was adopted by the government at the 61st meeting of the Council of Ministers on Friday July 8, 2022. This, within the framework of the government reform on the improvement of the business climate in the Republic Congo Democratic. In his presentation, the Minister of Foreign Trade Jean-Lucien Bussa indicated that one of the missions assigned to him is the identification of arbitrary levies with a view to rationalizing import and export taxes and reducing costs. and deadlines. “He indicated that… Read More Here
17 trucks illegally transporting mining products worth 3.5 million USD seized in Lualaba, DRC 8 Mining in DRC Economy 

17 trucks illegally transporting mining products worth 3.5 million USD seized in Lualaba, DRC

arnbethnic
The Agency for the Prevention and Fight against Corruption (APLC) in the Democratic Republic of Congo (DRC) announced to the press, on Thursday July 7, 2022, that it had intercepted 33 trucks illegally transporting mining products in the province of Lualaba. Sixteen (16) out of the thirty-three (33) trucks were required to pay fines in the order of several hundred US dollars for having violated the rules enacted in this regard. In addition, 17 other trucks were seized with goods estimated at nearly 3.5 million USD by teams from the… Read More Here
ICMM Members Commit to Consistent Reporting on Social and Economic Contribution 9 Economy 

ICMM Members Commit to Consistent Reporting on Social and Economic Contribution

admin
The International Council on Mining and Metals (ICMM) has published a new Social and Economic Reporting Framework which commits members to report against a set of social and economic indicators, empowering stakeholders such as communities, governments, and investors to assess the contribution of mining to social and economic development more easily. ICMM members, representing around a third of the industry, have committed to report on eight key indicators which includes country by country tax reporting on revenues, payment and tax, workforce composition, pay equality, wage level, training provided, local procurement, education and… Read More Here
African leaders talk up policy reform and regional cooperation in the mining sector 10 Economy Battery Metals Cobalt Copper Corporate social responsibility Events & Expos 

African leaders talk up policy reform and regional cooperation in the mining sector

admin
The Invest in Africa Mining Indaba heard that African leaders are waking up to the fact that the continent stands at the precipice of a generational opportunity to reinvent itself and participate in meaningful economic upliftment as the global energy transition accelerates. But to get there, several African leaders spoke of ongoing policy reforms to attract new investment and create new regional value chains to service the emerging green economy. South Africa’s president, Cyril Ramaphosa, told the Indaba audience that policy reforms were at the core of what was required… Read More Here

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