China, Paris club plans to heal Zambian economy. The economy could get some relief if plans by China to waiver interest payments on government loans and the decisions by Paris Club creditors to provide suspension of Zambia’s debt service are actualized, the central bank has said.
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Kwacha nosedives to 19th mark
Th Kwacha yesterday breached the 19th rank, the highest ever recorded, a thin United States dollar supply took center stage.
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Briefcase trader tips maize trader, millers
Maize traders and miller have been urged to take advantage of the steady supply of the commodity by buying more to ensure sufficient reserves.
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INTERNATIONAL BUSINESS NEWS
South African Towns Struggle to Collect $11.1 Billion Debt
South African towns and cities are in increasingly dire financial straits, with a National Treasury report showing they are likely to collect less than a fifth of their outstanding debt. Consumer debt owed to municipalities rose to 191.5 billion rand ($11.1 billion) by the end the financial year through June 30, from 181.3 billion rand in the previous quarter, the Treasury said Thursday in a statement on its website. If debt older than 90 days is excluded, “the actual realistically collectable amount is estimated at 33.4 billion rand,” the Treasury said. “This should not be interpreted that the National Treasury by implication suggests that the balance must be written off by municipalities.”
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