Zambia Coverage August 2018
• IMF aid package talks remain on hold due to risky borrowing plans• S&P cuts sovereign rating by one notch to B- on rising deficit, debt burden
• Two-year bond yield rises by 100bps in this week's government bond auction
• Electricity generation increases by 0.8% m/m in June
• Government budget gap declines in H1 thanks to June surplus – preliminary data
• CA deficit widens by nearly 50% q/q to USD 454mn in Q2
• Credit to private companies grows by 4.7% q/q in Q2
• Copper production grows by 10.6% y/y in H1 – central bank
• Share of non-resident holdings of govt securities inches down in Q2
• Production starts at new mine of Chambishi copper complex
• Central bank leaves key interest rate unchanged at 9.75%
• Insurance market grows by 9% y/y in Q1
• IDC, Ethiopian Airlines sign shareholder agreement for national airline
• Tax authority serves Gemfields with search warrants in tax evasion probe
• Government sells T-bills above target as demand increases
• Government expects to collect USD 22mn from new internet call tax
• Government introduces tax on internet phone calls
• US voices concern over Zambia's handover of Zimbabwean opposition figure
• Budget deficit exceeds target in Jan-May – preliminary data
• Electricity generation grows by 3.6% m/m in May
• Copper production grows by 11.4% y/y in May
• ZCCM-IH targets USD 67mn annual dividend revenue by 2023
• Government sells T-bills way below target at primary auction
• PMI indicates further easing in private sector growth in July
• Government says in talks with China on TAZARA concession
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