By Nawa Mutumweno – The Zambian Cabinet has approved the rebasing of the country’s currency, the Kwacha, by dividing the current notes by 1 000. Minister of Finance and National Planning Alexander Chikwanda disclosed at a press conference on January 23, 2012 that this will consequently result in the removal of three zeros from the denominations of the 1 000 notes and above. “For example K1 000 will be K1, K5 000 will become K5, K10 000 will become K10, K20 000 will become K20, and K50 000 will become K50. In addition, the Bank of Zambia will also re-introduce... Continue Reading
Publish Date: Monday, January 30th 2012 |
By Nawa Mutumweno – The African Development Bank (AfDB) has given the Zambian government a poverty reduction budget support loan worth $22.8 million (ZMK115.4 billion). At the signing ceremony in Lusaka recently, Finance minister Alexander Chikwanda said the fourth poverty reduction budget support has come at the right time when the Patriotic Front (PF) government is in a hurry to transform the lives of people who are living in abject poverty. “We really appreciate the support. I am also aware that the AfDB is among a few of our development partners who have remained committed to providing budget support to... Continue Reading
Publish Date: Thursday, January 26th 2012 |
By Nawa Mutumweno – The Department for International Development (DfID) of the United Kingdom is supporting the UNICEF sanitation and hygiene programme in Zambia to the tune of 19 million pounds (ZMK152 billion) over a four-year period. According to the Head of the DfID office in Zambia, Mike Hammond, poor sanitation and hygiene currently presents a massive health burden, especially to children under five and women. With UK aid, Zambia should be able to meet the MDG target of halving the proportion of the population without sustainable access to basic sanitation. The DfID assistance will enable 3 million people in... Continue Reading
Publish Date: Wednesday, January 25th 2012 |
By Nawa Mutumweno – Kansanshi Mine, a Canadian First Quantum Minerals (FQM) subsidiary, in Solwezi, north-western Zambia, pays about ZMK8 billion in various taxes to the country’s Treasury. According to FQM country manager General Kingsley Chinkuli, the mininhg firm has to date paid up to ZMK8 trillion in various taxes to the Government since attaining a tax-paying position half a decade ago. “The projections were that we will make profits after five years, but we did that in 18 months and immediately started paying taxes. We have so far paid $1.6 billion (about ZMK8 trillion) to date,” Gen. Chinkuli pointed... Continue Reading
Publish Date: Tuesday, January 24th 2012 |
By Nawa Mutumweno – Airtel Zambia has launched 3.75 Generation (3G) services, a roll-out plan to speed up internet connection and facilitate an additional one million subscibers this year. The services which were launched on January 17, 2012 are part of the company’s $250 million roll-out plan that comes to a close in March 2012. Airtel becomes Zambia’s fastest mobile internet provider with the 3.75 G services with a speed of up to 21 megabit per second. The company has also reduced on data bundle rate to ZMK98 from ZMK1 100 and increased the validity periods of bundles to 90... Continue Reading
Publish Date: Monday, January 23rd 2012 |
