Zambia faces crisis as biggest man-made reservoir dries up at Kariba; it’s worst spell in 20 years
Tom Lawson's insight:
"The southern African nation, the second-biggest copper producer on the continent, typically generates almost half of its electricity output from a hydropower plant at Kariba. The power shortage is deepening an economic crisis as President Edgar Lungu’s government struggles to cope with a plunge in metal prices, a widening budget deficit and a collapse in the nation’s currency."
"Kariba is the world’s biggest man-made reservoir by volume that straddles the Zambian and Zimbabwean border and supplies about 1,830 megawatts of power to the two nations when running at full capacity. The dam was 40% full on July 19, less than half what it was a year ago, according to official data. Fed by the Zambezi river the reservoir is 226 kilometers (140 miles long) and as wide as 40 kilometers."
"Zambia’s state-owned utility Zesco Ltd. has already asked mining companies including Glencore Plc and Vedanta Resources Plc to curb power demand by 30%, reducing output from an industry that makes up about 12% of the economy. Investors are starting to abandon Zambian assets, once a favoured bet because of the nation’s stable political environment and average economic growth of 6.8% a year in the past decade."
By Shane Obata and Richardson GMP BIG BAD CHINA It seems as though every day we are inundated with news out of China. Investors are already concerned. The offshore renminbi (CNH) is more international than the onshore one (CNY), which is tightly …
Tom Lawson's insight:
This article explains the financial and structural problems of China which will continue the low levels of commodity demand which is so damaging for the exports of countries like Zambia. It also shows that there is still downside risk for the Chinese economy which could cause global recession or slowdown.
An article in today’s FT quotes some new research in which economists at the IMF and the World Bank warn that – in the parlance of our headline writers – the world may have reached ‘Peak Trade’. So what are they talking about? Read more
The Ministry of Commerce Trade and Industry (MCTI) is Zambia's principal Government body responsible for administering national policy for private sector development. It coordinates industrial, commercial and trade matters and liases with various public and private sector organisations to facilitate the implementation of government sector policies related to trade and industry. This is in line with the Ministry's mission statement.
Tom Lawson's insight:
Ruth Tarrant on Tutor2U highlights the importance of SEZs in the last paragraph of the F585 stimulus, saying:
"Zambia currently has two SEZs, both developed in partnership with China’s imaginatively-named (state-owned enterprise or SOE) China Non-Ferrous Metal Mining Corporation. One, near the capital city Lusaka, specialises in producing clothing, food and electronics. The other is found in Zambia’s copperbelt, and unsurprisingly specialises in copper-related products."
adwAfrica's economy is likely to face a very tough 2016, as the continent deals with falling commodity prices, China's slowdown and a host of other problems, reports BBC Africa Business Report's Matthew Davies.
So how’s your knowledge of the global goals? How many are there, and when do they expire? Do you know your SDGs from your MDGs? We’ve set you a tough line-up of goals – see how often you can hit the target
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