The African Development Bank (AfDB) has put Zambia under sanctions for failing to repay its loans contracted to implement various developmental programmes, according to the Ministry of Finance. In a statement released, Tuesday, the Ministry of Finance admitted owing the financial institution an outstanding US $1.4 million, but stressed that the reason for defaulting was...

President Edgar Lungu has exercised his prerogative of mercy on 961 inmates from various correctional facilities across the country to commemorate this year’s Christmas Day. Home Affairs Minister Stephen Kampyongo announced at a press briefing in Lusaka, Tuesday, where he also disclosed that the pardoning of the 961 by the President would result in 930...

The Lusaka City Council (LCC) has renamed Los Angeles road to Kalusha Bwalya in honour of Zambia’s soccer legend. Lusaka Mayor Miles Sampa announced that the decision was arrived at to contrast with Los Angeles Boulevard that runs from Addis Ababa traffic circle in Rhodes Park to the Kabulonga traffic circle near State House. Los...

The Bank of Zambia (BoZ) has suspended Esna Bureau de Change Limited’s licence for six months until June 1, 2020 due to the company’s breach of the Banking and Financial Services (Bureau de Change) Regulations. In a government gazette released by the BoZ, Tuesday, the central bank disclosed that Esna Bureau breached regulations and, as...

The kwacha has continued to rebound against major convertibles on the foreign exchange market, touching K13.24 for buying against the United States dollar on interbank. The British pound is racing towards K17, a gain of almost K3 from last week’s trading levels of around K19.80. The local currency has also recorded gains against the South...

Presidential Affairs Minister Freedom Sikazwe says ghost farmers and ghost cooperatives must be gotten rid off, adding that cooperatives must not be used as conduits of siphoning government fertilisers and reselling it to some unscrupulous agro-dealers. According to a statement issued by Northern Province PF youth secretary Chanda Nsofu, Sikazwe said this on Saturday when...