Zambia’s credit rating was cut by Standard & Poor’s, which warned of a rapidly widening budget gap and said elections may prevent the government from addressing it.
……………Zambia, Africa’s second-biggest copper producer, has been hit by a slide in prices and has scaled back plans to increase taxes on miners, adding to budget strains. The government has signaled it may sell as much as $2 billion of Eurobonds as it seeks to finance the deficit. Read More
Embattled Zambia Railways Limited Profesor Clive Chirwa’s company, Claval Incorporated, is broke and his attempt to award it lucrative quasi-government business was a way of boosting its poor financial status, Zambia Reports has learnt. Click here for the Full Story