Fitch rating agencies downgraded the copper producer to ’B-‘ (-ve) outlook citing budget credibility concerns Further latitude for downgrades exists between the ‘B-‘ (S&P/Fitch) and Caa1 (Moody’s) corridor if MOF does not act swiftly Credit rating agency Fitch, on 11 October, announced a long term issuer rating (LTR) downgrade for Zambia to ‘B-‘ (negative outlook). The rating agency cited the inconsistent fiscal deficit targets that the copper producer has revised a number of times. Fitch stated that revision of fiscal deficit then questions budget credibility and adherence to the medium term expenditure framework. Zambia’s MTEF target by 2021 was initially 5.1%…
Author: The Editor
Demand for air transport in Southern Africa is expected to increase slowly by 2% to 3% a year over the next five years, reflecting weak GDP performances in the region, according to AASA projections. Africa overall is expected to report a collective loss of $100m for the period, reflecting relatively stronger performances of Ethiopian Airlines and Air Mauritius. AASA CEO Chris Zweigenthal told delegates to the association’s annual general assembly that the airline industry needs Southern African governments to clarify their local economic reform policies “so they do not spoil the appetite for much-needed trade and investment in the…
One of Lusaka’s premium malls, East Park, is in an $85mn expansionary extension program. East Park mall expansion program is part of public private partnership (PPP) between Graduare and the University of Zambia. This investment targeted for completion in 2019 will create employment and will also provide additional revenue to the tertiary instruction aimed at ultimately reducing its dependency on the state for funding. This was established during a site visit on 10 Nov by Lusaka Minister Bowman Lusambo, UNZA Vice Chancellor Professor Luke Mumba in the company of Graduare Chief Executive Officer Diego Casili. East Park…