Funds to promote renewable energy production. To increase access to electricity and production, the European Union (EU) has given Zambia more than 240 million euros under the European Union Development funding.
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Proflight Joburg touchdown on October 1
PROFLIGHT Zambia will launch flights between Lusaka and Johannesburg on October 1 as air traffic increases following the planned reopening of borders in South Africa. Prior to this development, Proflight was servicing the Durban route. COVID-19, which has affected all sectors including aviation, resulted in the closure of most international airports and suspension of some passenger flights to various destinations.
Zambian Budget Speech to Set Stage for Debt Relief, IMF Talks
Zambia’s finance minister will have to assure creditors he’s got a plan for the country’s debt and convince the International Monetary Fund the government merits a bailout when he presents his annual budget on Friday. At the same time, Bwalya Ng’andu must find ways to ensure a rebound for an economy forecast to contract the most since 1994, and make its finances more sustainable with elections set to be held in August 2021. The southern African nation has for years overspent its budget, while running up external debt and draining foreign-exchange reserves. Combined with that, a collapse in tax revenue as a result of the pandemic’s shock left the government short of cash, prompting it to approach Eurobond-holders this week to seek a six-month freeze on interest payments.