Zambia reports 15.2% inflation, as M’membe describes state of economy as worse than COVID-19. See our top 10 stories of the week

In case you missed them, here are our top 10 stories of the week:

1. President Hakainde Hichilema has called for the rationalisation of national resources to address the current economic challenges and mitigate the effects of climate change. Read more…

2. Zambia’s annual inflation rate has surged to 15.2 percent in June, up from 14.7 percent in May, according to the Zambia Statistics Agency (Zamstat). Read more….

3.The Luapula Council of Chiefs has joined other stakeholders in rejecting the proposed US$72 billion Vietnamese rice investment project spearheaded by VietZam Development Corporation Limited.Read more….

4. The government has accused the former ruling Patriotic Front (PF) administration of neglecting investment in alternative power generation, leading to the prolonged load-shedding currently affecting the country. Read more….

Read more:Why govt wants Banda imprisoned, Lungu disqualified by constitutional court. See our top 10 stories of the week

5. The American government has announced that it would provide US$66.8 million to Zambia to support efforts to combat drought, enhance economic and climate resilience and strengthen food security. Read more….

6. Dr. Fred M’membe, the Socialist Party (SP) leader, has expressed doubts about Zambia’s revised Gross Domestic Product (GDP) growth forecast of 2.3 percent, down from an initial 4.8 percent, citing severe economic challenges. Read more…..

7. The International Monetary Fund (IMF) board has approved an augmentation of Special Drawing Rights (SDR) of about US$385.7 million for Zambia. Read more….

8. ZESCO Limited has admitted it was experiencing significant difficulties balancing the available power supply with demand due to the adverse effects of El Niño, which has caused power generation to drop to its lowest levels. Read more….

9. Former President Edgar Lungu has urged President Hakainde Hichilema to avoid falling into “denial mode” regarding the current food crisis. Read more…

10. Champions Zambia started the defence of their COSAFA Cup 2024 title on a losing note after suffering a surprise 2-0 defeat at the hands of East African guest nation Kenya at the Nelson Mandela Bay Stadium on Thursday.Read more…

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