US$50 million

is banking on China’s positive response to benefit from calls by the World Bank Group (WBG) and International Monetary Fund (IMF) to official cred- itors for suspension of debt

mining indus- payments for highly indebt-

try is considering

THE

ed countries.

to hold an African indaba WBG and the IMF have

where it will present Bank jointly urged Development bilateral cred-

to Government (AfDB) will all issues unveil im- a itors of the poorest coun-

pacting the sector assistance whose out- tries to offer financial debt relief with

package look this for year member-states is gloomy. immediate effect as most of including This is Zambia according to lessen to the them, such as Zambia, were the Zambia economic Chamber and social of Mines imstill drawing support from the (ZCM) Chief Executive Officer, pact International of the coronavirus, Development as it Sokwani Chilembo. approves Association $2 (IDA). million emer

Mr Chilembo said the gency This is assistance meant to help for IDA the planned indaba would address World countries Health with liquidity Organisation needs many issues impacting the

(WHO). to tackle challenges posed by mining industry such as the the AfDB coronavirus indicated outbreak that and it five percent import duty on would allow time soon for unveil an assessment a financial copper concentrates. package of the crisis to enable impact governand fi-

He expressed concern that ments nancing and needs businesses for each coun- unthe chamber had not yet re- dertake try. flexible responses to ceived feedback from the lessen Commenting the economic on and this, social an Ministry of Finance regarding impact economist, of the Oliver pandemic. Saasa, said their submission even after Zambia "It is estimated would benefit that Africa more the Minister, Bwalya Ng’andu, will if China require responded billions of positive- dollars promised that Government to ly cushion to this call the as impact most of the would look into the matter. disease country’s as debt many was with countries that scramble together contingency measures, including commercial lockdowns, in desperate efforts to contain it,"AfDB said in a statement.

Last Thursday, the institution raised an US$3 billion in a three-year social bond, the “proceeds from which will go to help alleviate the economic impact of the pandemic.

Ng’andu when giv- It is the largest dollar-deing the economic status of nominated social bond the country mentioned that launched in international capGovernment would review ital markets to date. the submission from ZCM. Additionally, AfDB on “We have not yet received Tuesday this week approved response but we are hoping to $2 million in emergency asengage soon. sistance for the World Health

We are hoping to engage Organization soon because (WHO) the issues to are reinforce many in its the capacity sector so to we help re- African country. countries contain the ally need to have some sort of COVID-19 “Zambia pandemic. has very little bilat- small indaba to go through all eral The loans. grant, Much which of our is in loan reof them. sponse is commercial to an and international it is non appeal by the WHO, would be used by the world body to equip regional member countries to prevent, detect, investigate, contain and manage concessional, cases of COVID-19. the substantial of that close to 40 percent is in the Eurobonds, those are indi- vidual investors and those you cannot really reschedule. “So it does not really direct- “There are too many issues. ly affect The grant substantial would part of the So we are hoping we engage

contribute toward a

debt stock, for China yes. with Government soon on

But it is a good statement all US$50 the issues million impacting WHO the especially for China because mining Preparedness sector because and the for China, we owe them a lot outlook Response is not Plan, very good which at so if they respond positive that

other partners including

all,” Mr Chilembo said in an will be a plus for us,” Professor interview.

Saasa the said United in an Nations interview. Mr Chilembo indicat- Professor system, are Saasa also said this ed that the chamber would move supporting. would be a relief as soon write to the Ministry of it would allow countries to Finance regarding the indaba. default "It is on one their part loans of several with

He emphasised that there penalties. Bank interventions He explained to that help were many issues impacting the member WBG countries and the address IMF were the pandemic which, while slow to arrive in Africa, is spreading quickly and is straining already fragile health systems,"AfDB said. trying The to grant ensure would that there contribwas equal ute toward supply a and US$50 demand million on the WHO global market. Preparedness and Response He further Plan, explained which that other the partners two organisations including the United were aware Nations that system, market are depression also supthe mining industry which in porting. caused by the highly indebt- needed to be corrected ed According countries to would the AfDB, temper the

“We have not yet written with WHO supply Africa and region demand would on use to them, we will be doing so

the market. funds to bolster the capacsoon. Right now there is no

ity “It of is 41 a call African showing countries that we on feedback from the ministry. are infection in a crisis prevention, and depressed testing in

“We are pushing, the situ- Zambia and case or management. depressed in Africa ation now is that there are so will AfDB lead expected to macroeconomic the WHO many things that need to be instability Africa to globally boost surveillance and when corrected in the industry that there systems, is macroeconomic procure and distribinsta- is just one, so we are trying to bility ute laboratory by these highly test kits indebted and resee if we can get together and countries agents, and then support it affects coordinathe present all of the issues. If we equilibrium tion mechanisms in the global at national mar- just deal with one issue, it may ket,” and Professor regional levels. Saasa said.