<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-820x547.jpg" alt="" class="wp-image-418026" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1241448826-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Jamaican Minister of Foreign Affairs &amp; Foreign Trade and Candidate for Commonwealth Secretary-General 2022, Kamina Johnson Smith (R) talks with Prime Minister of The Bahamas, Philip Edward Davis, as they attend breakfast meeting on the climate change and commonwealth, at the Kigali Conference Center in Rwanda on 22 June 2022. &#8211; Rwanda hosts the 26th Commonwealth Heads of Government Meeting (Chogm) from the 20 of june until the 25 june 2022. (Photo by Simon MAINA / AFP) (Photo by SIMON MAINA/AFP via Getty Images)</figcaption></figure>



June 23 (Reuters)&nbsp;&#8211;&nbsp;Heads of government from Commonwealth nations will meet in the Rwandan capital Kigali on Friday and Saturday to discuss cooperation on topics ranging from green energy to rising food prices to the war in Ukraine, among others.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y937V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Here are some key facts about the Commonwealth and the Kigali summit, which was supposed to be held in 2020 but was twice delayed because of the COVID pandemic.



<h2 class="wp-block-heading" id="h-what-is-the-commonwealth">* What is the Commonwealth?</h2>



It is a voluntary association of 54 countries that evolved gradually from the British Empire and has existed in its modern form since 1949.



<h2 class="wp-block-heading">* Who are its members?</h2>



The Commonwealth includes 13 countries in the Caribbean and the Americas, 19 countries in Africa, three in Europe, eight in Asia and 11 in the Pacific, with a combined population of 2.5 billion.



India accounts for 1.4 billion of its citizens, while 32 members have populations of 1.5 million or less, the smallest being Nauru, which has 10,000 inhabitants.



<h2 class="wp-block-heading">* Are they all former British colonies?</h2>



Most of them are, but that is not a condition for membership. The last two countries to join, Rwanda and Mozambique, have no historical ties to the British Empire.



Gabon and Togo, both former French colonies, are expected to apply to join at the Kigali summit.



<h2 class="wp-block-heading">* What does the Commonwealth do?</h2>



It presents itself as a network for cooperation on common goals such as protecting the environment, boosting trade, supporting democracy, promoting education and gender equality, and giving small states a louder voice on the world stage.



Although it is not a free trade zone, it calculates that its members find it 21% cheaper to trade with other members than with non-Commonwealth countries which are a similar distance away, based on an analysis of World Bank data. Factors include a common language and similar legal and commercial frameworks.



<h2 class="wp-block-heading">* Who heads it?</h2>



Queen Elizabeth has been head of the Commonwealth, a largely symbolic role, since her reign began in 1952. The organisation says the British monarch is not automatically its head, but its members nevertheless agreed at a meeting in London in 2018 that Elizabeth&#8217;s son Prince Charles would succeed her in the role.



Charles is attending the Kigali summit, representing his mother.



<h2 class="wp-block-heading">* Who runs it?</h2>



It has a secretariat based in London and a secretary-general, currently Dominica&#8217;s Patricia Scotland.



Commonwealth leaders will decide in Kigali whether to re-appoint her for a second term or replace her with Kamina Johnson Smith, the Jamaican foreign minister. Britain has criticised Scotland&#8217;s leadership and is backing Johnson Smith, as are India and Belize.



<h2 class="wp-block-heading">* Who is attending the Kigali summit?</h2>



Most heads of government of Commonwealth countries are coming, including Nigeria&#8217;s Muhammadu Buhari, Britain&#8217;s Boris Johnson and Canada&#8217;s Justin Trudeau.



But South Africa&#8217;s Cyril Ramaphosa, India&#8217;s Narendra Modi, Pakistan&#8217;s Shehbaz Sharif, Australia&#8217;s Anthony Albanese and New Zealand&#8217;s Jacinda Ardern are not expected, raising questions about the relevance of the organisation for those countries.



(Reporting by Estelle Shirbon; Editing by Alison Williams)

RWANDA-CHOGAM-JAMAICA

FACTBOX-Commonwealth nations meet in Rwanda – what you need to know

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="561" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-820x561.jpg" alt="" class="wp-image-417985" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-820x561.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-768x525.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-1536x1050.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240577113-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Paul Kabuswe, Zambia&#8217;s mining minister, speaks on day two of the Investing in African Mining Indaba in Cape Town, South Africa, on Tuesday, May 10, 2022. Mining executives, investors and government ministers are meeting in Cape Town for the African Mining Indaba, the continents biggest gathering of one of its most vital industries. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



LUSAKA, June 22 (Reuters)&nbsp;&#8211;&nbsp;Zambia needs to hold a bigger stake in new mines and local communities should benefit more from the mineral values chain, mines minister Paul Kabuswe said on Wednesday.



&#8220;This government is saying Zambians must be an integral part of whatever investment. We can no longer sit in the terraces and watch,&#8221; Kabuswe said at a conference.



The minister said later in response to questions that the government was planning to increase the state&#8217;s shareholding in new mines to ensure that Zambia maximises its benefits from the sector.



&#8220;Going forward, I don&#8217;t think there will be a mine where Zambia will own less than 20% (of shares). Those days of 10% shareholdings are gone,&#8221; Kabuswe said.



Kabuswe said the government needed to have a golden share in new mines, which would give it controlling voting rights.



Zambia&#8217;s mining investment arm ZCCM-IH holds less than 50% shares in key mining operations and a 20% stake in Kansanshi mine which is majority owned by Canada&#8217;s First Quantum Minerals&nbsp;FM.TO.



(Reporting by Chris Mfula; editing by Alexander Winning and Jason Neely)

Key Speakers on Day Two of Investing in African Mining Indaba

Zambians must benefit more from mining, minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="506" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-820x506.jpg" alt="" class="wp-image-417973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-820x506.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-1536x947.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/BEGFD2QKPJMXDEQKX5E4LNLTLI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Martha Karua, the running mate to Kenya&#8217;s opposition leader and presidential candidate Raila Odinga of the Azimio la Umoja&#8217; (Declaration of Unity), attends an interview with Reuters in Nairobi, Kenya, June 14, 2022. Picture taken June 14, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, June 21 (Reuters)&nbsp;&#8211;&nbsp;The alliance led by Kenyan presidential candidate Raila Odinga will come down hard on corruption if it wins in August, his running mate Martha Karua said, but dismissed her nickname &#8220;Iron Lady&#8221; as a sexist trope directed at tough women leaders.



&#8220;Strong leadership in women is seen as an exception and not the norm because I haven&#8217;t heard of an &#8216;iron man&#8217;,&#8221; the 64-year-old former justice minister told Reuters in an interview.



Karua and veteran opposition leader Odinga, who heads the Azimio La Umoja One Kenya Alliance coalition, are facing off with Deputy President William Ruto and first time lawmaker Rigathi Gachagua, in an election on Aug. 9.



The election is seen as a key test for stability for East Africa&#8217;s biggest economy. Two of its three last elections were marred by violence, amid disputes over alleged rigging.



Since Karua&#8217;s selection as his running mate, Odinga has overtaken Ruto in opinion polls. A Radio Africa poll, published on June 13, put Odinga ahead with 44.6% of voters favouring him against 38.9% for Ruto.



In his campaign Ruto has largely focused on economic inequality, pledging to lift up Kenya&#8217;s poorest whom he calls &#8220;hustlers&#8221;.



Karua, who would be Kenya&#8217;s first female deputy president if elected, said Azimio&#8217;s priority once in power would be to stamp out corruption, which is estimated to cost the government a third of its budget every year, about 800 billion shillings ($6.83 billion).



She said the funds lost each year would be enough to fund her coalition&#8217;s plan to offer direct monthly support to 2 million of Kenya&#8217;s poorest people.



&#8220;Corruption is strangling or choking the nation,&#8221; she said at her NARC-Kenya party office.



<h2 class="wp-block-heading" id="h-tough">TOUGH</h2>



A former political prisoner, Odinga, 77, ran his previous four races as an anti-establishment candidate, but now he has teamed up with outgoing President Uhuru Kenyatta whose ruling Jubilee Party is also part of his alliance.



Kenyatta, who must stand down after serving the maximum of two five-year terms, opted to back Odinga against his deputy Ruto, with whom he had a falling out.



In Odinga&#8217;s last three campaigns for office in 2007, 2013, and 2017, he challenged the outcomes, saying his victories were stolen. Deadly clashes followed the 2007 and 2017 votes.



Kenya is East Africa&#8217;s most well-off and stable nation and a close Western ally that hosts the regional headquarters of international firms like Alphabet Inc (GOOGL.O).



But public debt has more than tripled by 7 trillion shillings ($61.32 billion) since Kenyatta assumed office in 2013, pushing against the nation&#8217;s debt ceiling.



&#8220;Our intention is to renegotiate the debt and make them long term so that we are able to meet our obligations,&#8221; Karua said.



She said Azimio also wants closer scrutiny of private wealth of public sector workers and political leaders, adding that tackling corruption was the only way to fix the country.



&#8220;It is governance, stupid!&#8221; she said, adapting a well-known line from an advisor of former U.S. president Bill Clinton.



Odinga has already designated Karua as his justice minister if they win. Over the years she has earned the nickname Kenyan &#8220;Iron Lady&#8221; for her determination, starting with her victory over a powerful former civil service head during her first parliamentary election in 1992.



In 2001, she defiantly walked out of a rally by former authoritarian president Daniel arap Moi, after she was denied a chance to speak.



She also left the cabinet after six years in 2009 because of differences with the then government of President Mwai Kibaki on human rights, tackling corruption and judicial appointments.



Among her achievements Karua said she counted her role in helping to lay the ground for Kenya&#8217;s constitutional charter and fighting for multi-party democracy as a lawyer in the early 1990s.



Karua said she learnt early lessons on taking responsibility from her paternal grandmother in a rural county near Mt. Kenya where she grew up on a farm and took care of her younger siblings while also attending school.



&#8220;I&#8217;m grateful for that sort of upbringing. I&#8217;m not able not to give a 100 or 102%. Work is in me,&#8221; she said.



($1 = 117.1000 Kenyan shillings)



(Reporting by Duncan MiririEditing by Raissa Kasolowsky)

Interview with Martha Karua, Kenya’s opposition leader Raila Odinga’s running mate, in Nairobi

Odinga’s running mate in Kenyan election promises corruption crackdown if elected

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg" alt="" class="wp-image-417697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)</figcaption></figure>



LUSAKA, June 16 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s government presented its official creditors with plan for getting its debt under control on Thursday, requesting assurances of help from them in order to unlock an International Monetary Fund support programme.



Zambia, which is seeking relief on more than $17 billion of external debt, held its first meeting with official creditors on Thursday, and the International Monetary Fund urged Zambia&#8217;s them to give assurances on their &#8220;treatment&#8221; of the southern African country&#8217;s debt as a precondition of its support.



&#8220;(The) government presented to the official creditors the path envisioned for reaching debt sustainability and the support that will be needed from international partners, including initial assurances of debt treatment,&#8221; the Finance Ministry said in a statement after the virtual talks with creditors in Paris.



The restructuring is being conducted under a new common framework supported by the Group of 20 major economies and is being closely watched as it will likely set a precedent for other similarly distressed countries. Zambia became Africa&#8217;s first pandemic-era default in November 2020.



Under the G20 framework, the priority is meant to be on maturity extensions on debt, while haircuts are reserved for exceptional cases, and officials involved in the negotiations have not said what type of restructuring is on the table.



Underscoring the challenges it faces, Zambia on Thursday made a surprise move to extend its fuel subsidy. The eventual scrapping of the subsidy is a condition of receiving debt support, including a $1.4 billion three-year extended credit facility agreed at IMF staff level in December. <a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y33CJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-zambia-says-first-creditor-meeting-set-for-thursday">Read more: <a href="https://www.cnbcafrica.com/2022/zambia-says-first-creditor-meeting-set-for-thursday/">Zambia says first creditor meeting set for Thursday</a></h3>



Explaining the move, Energy Minister Peter Kapala said in a statement: &#8220;Though government policy is not to subsidise fuel imports &#8230; the government is also acutely aware of the impact that unfettered fuel price hikes cause.&#8221;



IMF Deputy Managing Director Antoinette Sayeh visited Zambia on Wednesday to discuss the support programme, which Zambian officials hope to start in September, and Finance Minister Situmbeko Musokotwane said major creditors were willing to discuss debt restructuring.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y21YC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We look forward to continued engagement with the Fund as we negotiate with our creditors and seek a solution to the debt crisis facing our country,&#8221; Musokotwane said in a statement.



Sayeh earlier on Thursday described Zambia&#8217;s implementation of its economic programme as impressive.



As well as scrapping the fuel subsidy, other efforts to impose discipline on public spending include slashing handouts to agriculture but also re-directing some of that money to education and health.



&#8220;We urge creditors to provide financing assurances as soon as possible, as they are needed before staff can put forward Zambia&#8217;s program,&#8221; she said.



Zambia&#8217;s foreign debt is owed to bondholders, sovereign bilateral lenders and multilateral institutions.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y11SQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Chris Mfula; Writing by Tim Cocks; Editing by Alison Williams and Gareth Jones)

US-ECONOMY-FINANCE-IMF-WORLD BANK

Zambia asks creditors to give debt assurances to unlock IMF programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-820x548.jpg" alt="" class="wp-image-417874" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/PI5YJMXN6VK27HG35T4H646NWM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Members of the staff board a plane reported by British media to be first to transport migrants to Rwanda, at MOD Boscombe Down base in Wiltshire, Britain, June 14, 2022. REUTERS/Henry Nicholls/File Photo</figcaption></figure>



LONDON, June 15 (Reuters)&nbsp;&#8211;&nbsp;Britain pressed on with its strategy of deporting asylum seekers to Rwanda on Wednesday and is planning further flights despite a last-minute intervention by European judges that grounded the first plane minutes before it was due to depart.



The government was thwarted in its attempt to send a handful of migrants on a charter plane more than 4,000 miles (6,4000 km) to Rwanda on Tuesday night after the European Court of Human Rights (ECHR) stepped in to issue injunctions, meaning the flight was cancelled.



&#8220;We will not be put off by the inevitable legal last minute challenges nor we will allow mobs&#8230;to block removals,&#8221; Home Secretary (interior minister) Priti Patel told parliament, saying the government was committed to the policy.



&#8220;We believe that we are fully compliant with our domestic and international obligations, and preparations for our future flights and the next flights have already begun,&#8221; she added.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/uk-courts-to-hear-last-minute-appeals-to-stop-first-rwanda-deportation-flight-leaving/">UK courts to hear last-minute appeals to stop first Rwanda deportation flight leaving</a></h3>



London struck a deal with Rwanda in April to sends tens of thousands of asylum seekers who arrived illegally in Britain to the East African country to have their claims processed. The British government says the plan will stem the flow of migrants who make dangerous trips across the English Channel from France.



The United Nations&#8217; refugee chief has called the policy &#8220;catastrophic&#8221;, the entire leadership of the Church of England denounced it as immoral and shameful, and media reports have said Prince Charles, the heir to the throne, had privately described the plan as &#8220;appalling&#8221;.



The government argues the policy will smash the business model of people-smuggling networks, but political opponents say it is a divisive stunt and an expensive shambles.



The European court&#8217;s late intervention has also led some in Prime Minister Boris Johnson&#8217;s Conservative Party to call for Britain to pull out of the European Convention on Human Rights altogether.



One minister said she was not aware of any such plan, but Johnson&#8217;s spokesman said nothing was being ruled out.



<h2 class="wp-block-heading" id="h-all-options-on-table">ALL OPTIONS ON TABLE</h2>



&#8220;We will do whatever it takes to deliver this new approach, including being prepared to explore any and all further legal reforms that may be necessary,&#8221; the spokesman said. &#8220;We are keeping all options on the table.&#8221;



Law experts said Britain would be joining Belarus and Russia in not being part of the convention if it were to opt out.



While a number of migrants had their removal blocked by British courts on an individual basis in the days leading up to the flight, Patel said the ECHR had intervened to block three deportations, preventing anyone from being on the plane.



In its ruling regarding one of the men, the European court said he should not be removed until after a full court trial is held in London to decide on the legality of the scheme. This is due to take place next month.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/uks-johnson-seeks-to-put-fine-behind-him-with-immigration-plan/">Britain reaches deal to resettle asylum seekers in Rwanda</a></h3>



Patel said the government believes this did not preclude other flights from being able to leave in the meantime.



Britain hopes the $150 million deal with Rwanda will put a stop to dangerous journeys by migrants in small boats across the English Channel, with more than 28,500 people arriving from Europe last year. On Tuesday alone, another 444 were detected.



Patel said it cost 5 million pounds a day to accommodate the migrants.



Polls indicate the British public are evenly split on the issue, with many wanting action on illegal immigration &#8211; something which played a major role in the 2016 vote for Brexit &#8211; while others say the policy harms Britain&#8217;s international reputation.



Rwanda, whose own human rights record is under scrutiny, said it also remained fully committed to the plan.



(Writing by Kate Holton and Michael Holden; additional reporting by Alistair Smout; editing by James Davey, Tomasz Janowski and Angus MacSwan)

FILE PHOTO: First Rwanda deportation flight set to leave Britain

UK pushes on with plan to deport migrants to Rwanda

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-820x547.jpg" alt="" class="wp-image-417818" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240479080-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Situmbeko Musokotwane, Zambia&#8217;s finance minister, during an interview at his office in Lusaka, Zambia, on Thursday, May 5, 2022. China should head the creditors committee being formed to renegotiate Zambias $17.3 billion of foreign debt because that will help accelerate the resolution process, Musokotwane said. Photographer: Zinyange Auntony/Bloomberg via Getty Images</figcaption></figure>



LUSAKA, June 14 (Reuters)&nbsp;&#8211;&nbsp;Zambia will hold its first meeting with its international creditors on Thursday, finance minister Situmbeko Musokotwane said, but acknowledged that the government&#8217;s aim of concluding negotiations by the end of June no longer looked tenable.



&#8220;We are one step closer to debt resolution because those discussions are beginning this Thursday,&#8221; Musokotwane told a media briefing on Tuesday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Y01I8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



France, which hosts the Paris Club forum for international creditors, and China are co-chairs of the bilateral negotiations to restructure Zambia&#8217;s external debt, which stood at $17.27 billion at the end of 2021, according to government data.



The southern African country reached a staff-level deal on a $1.4 billion three-year extended credit facility with the International Monetary Fund in December and needs to finish bilateral talks to secure the funding.



In 2020, Zambia became the first pandemic-era sovereign default, buckling under a debt burden of more than 120% of gross domestic product (GDP).



Musokotwane said that he was hopeful the IMF programme would kick in after the creditor meeting and that Zambia had been ready for the meeting since December, but creditors had their own issues which had now been resolved.



&#8220;We are another step forward towards resolving this problem of unsustainable debt,&#8221; he said.



Musokotwane had previously repeatedly said he hoped the restructuring process would be done by the end of June, a timetable analysts had long deemed ambitious.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WY0IC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Last month, sources with knowledge of the process said China was holding up the debt relief discussions. China said it was ready to support Zambia with its debts.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XI3FU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021.



(Reporting by Chis Mfula; Writing by Bhargav Acharya and Rachel Savage; Editing by Olivia Kumwenda-Mtambo, Alexander Winning and Susan Fenton)

Zambian Finance Minister Situmbeko Musokotwane Interview

Zambia says first creditor meeting set for Thursday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-820x547.jpg" alt="" class="wp-image-417802" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1240898038-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenneth Ofori-Atta (R), Ghanas Minister of Finance, shakes hands ith Dr Akinwuni A. Adesina (L), president of the African Development Bank Group during a ceremony for the signature of the Ghana Solar Photovoltaic-Based Net Metering Project in Accra, Ghana, on May 25, 2022. &#8211; The Solar Photovoltaic-Based Net Metering Project is to support renewable energy in Ghana and the African Development Bank is the lead Multilateral Development Bank (MDB) for the Ghana SREP programme. (Photo by Nipah Dennis / AFP) (Photo by NIPAH DENNIS/AFP via Getty Images)</figcaption></figure>



LONDON, June 14 (Reuters)&nbsp;&#8211;&nbsp;A new Ghanaian government-owned development bank aims to lend $600 million to small businesses over the next one to two years, its chief executive said, to help meet demand for credit and contribute to growth in the inflation-wracked west African country.



The World Bank, Germany&#8217;s development agency KfW, the European Investment Bank (EIB), and the African Development Bank (AfDB) have also put in funds, the Development Bank of Ghana CEO Kwamina Duker told Reuters ahead of its official launch on Tuesday.



Companies with 100 workers or less struggle to get loans in Ghana, with a World Bank&nbsp;<a href="https://documents.worldbank.org/en/publication/documents-reports/documentdetail/934351587974318392/improving-access-to-finance-for-ghanaian-smes-role-for-a-new-dfi" target="_blank" rel="noreferrer noopener">report</a>&nbsp;estimating the gap between supply and demand was equivalent to 13% of GDP in 2017.



&#8220;(There is) very little long-term financing available, at rates that will allow our SMEs (small and medium enterprises) to grow,&#8221; Duker said.



DBG is owned by Ghana&#8217;s government, which is putting in $250 million equity. The AfDB is granting $40 million, while the World Bank is lending $200 million and the EIB and KfW 170 million euros ($177.7 million) and 46.5 million euros, respectively.



Duker said it would lend between $5 million and $30 million to commercial banks, with four &#8211; CalBank&nbsp;CAL.GH, Consolidated Bank Ghana, Fidelity Bank of Ghana&nbsp;FIDELIT.LG&nbsp;and GCB Bank&nbsp;GCB.GH&nbsp;&#8211; already signed up.



Those banks would then make three to 15 year loans of $25,000 to $3 million to small companies.



DBG&#8217;s aim, which currently has 40 staff, is to raise the proportion of loans given to small businesses in Ghana from around 9% to 15% in two years, Duker said.



Duker declined to share details of interest rates, but said they would be lower than those currently available commercially.



Inflation in Ghana rose to a new 18-year high of 27.6% in May and interest rates were hiked 200 basis points to 19% the same month, to try to stem the rise in prices.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2XV2IG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL5N2XF33D&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Is this a difficult time? Absolutely,&#8221; Duker said. &#8220;Is this a time when a development bank is needed more than ever? Absolutely.&#8221;



($1 = 0.9566 euros)



(Reporting by Rachel Savage; Editing by Marguerita Choy)

GHANA-ECONOMY-BANKING

Ghana development bank aims to lend $600 mln to small firms over 1-2 years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-820x547.jpg" alt="" class="wp-image-417776" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Armed Forces of the Democratic Republic of the Congo (FARDC) soldiers take their position following renewed fighting near the Congolese border with Rwanda, outside Goma in the North Kivu province of the Democratic Republic of Congo May 28, 2022. REUTERS/Djaffar Sabiti/File Photo</figcaption></figure>



GOMA, Democratic Republic of Congo, June 12 (Reuters)&nbsp;&#8211;&nbsp;Regional authorities in eastern Democratic Republic of Congo said Rwandan soldiers and artillery had supported attacks by the M23 rebel group on Sunday, accusing Rwanda of seeking to occupy the Congolese border town of Bunagana.



The violence pushed over 25,000 people to flee the area, with thousands escaping to neighbouring Uganda, the United Nations humanitarian agency OCHA said.



Congo&#8217;s accusations&nbsp;are part of an escalating dispute between the neighbours that has revived old animosities. Rwanda denies backing the M23 offensive.



The office of the governor of North Kivu province said Congolese forces had repelled early-morning attacks by M23, backed by Rwandan forces, near Bunagana and elsewhere.



&#8220;The goal pursued by Rwanda is to occupy Bunagana in order not only to asphyxiate the city of Goma but also to put pressure on the Congolese government,&#8221; it said in a statement.



The Rwandan government could not immediately be reached for comment. It denies playing any role in M23&#8217;s recent attacks, but has echoed M23 charges that Congo is cooperating with the Democratic Forces for the Liberation of Rwanda (FDLR), an armed group run by ethnic Hutus who fled Rwanda after taking part in the 1994 genocide.



On Thursday, Congo accused Rwanda of sending 500 commandos in disguise into eastern Congo.



On Friday, the countries accused each other of firing rockets across their shared border. Congo&#8217;s army said one strike killed two Congolese children.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2XY05K&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Fiston Mahamba and Erikas Mwisi Kambale;Additional reporting by Clement Uwiringiyimana in Kigali;Writing by Alessandra Prentice; Editing by Kevin Liffey and Diane Craft)

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Congo says Rwandan forces supported latest rebel attacks as thousands flee

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="560" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-820x560.jpg" alt="" class="wp-image-417772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-820x560.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-768x525.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-1536x1050.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CACHRUZPGJKAJOLH44U7ZXLQAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Demonstrators protest outside of an airport perimeter fence against a planned deportation of asylum seekers from Britain to Rwanda, at Gatwick Airport near Crawley, Britain, June 12, 2022. REUTERS/Toby Melville</figcaption></figure>



LONDON, June 13 (Reuters)&nbsp;&#8211;&nbsp;London&#8217;s courts will hear two last-minute legal challenges on Monday to block the British government&#8217;s controversial policy to deport asylum seekers to Rwanda before the first removal flight scheduled to leave on Tuesday.



Britain has agreed a deal with Rwanda to send some asylum seekers to Rwanda in return for an initial payment of 120 million pounds ($148 million).



The deportation strategy is aimed at undermining people-smuggling networks, and stemming the flow of migrants risking their lives by crossing the English Channel in small boats from Europe.



At least 30 individuals are scheduled to be removed on the first flight to Rwanda. The government has not provided details of those selected for deportation, but charities say they include people fleeing Afghanistan and Syria.



Prime Minister Boris Johnson is determined to press ahead with the policy despite the legal challenges and the alleged opposition from Prince Charles, the heir to the British throne.



The Court of Appeal will hear arguments from two human rights groups and a trade union on Monday after a judge refused their request for an injunction blocking the flight taking off. The judge said last week there was a &#8220;material public interest&#8221; in allowing the government to pursue the policy.



<h3 class="wp-block-heading" id="h-read-more-rwanda-s-kagame-visits-uganda-s-museveni-as-relations-thaw">Read more: <a href="https://www.cnbcafrica.com/2022/rwandas-kagame-visits-ugandas-museveni-as-relations-thaw/">Rwanda’s Kagame visits Uganda’s Museveni as relations thaw</a></h3>



The High Court will separately hear arguments from Asylum Aid, a refugee charity, which launched a second legal challenge to stop the government flying refugees to Rwanda.



The charity said the government&#8217;s plan to give asylum seekers seven days to obtain legal advice and to present their case to avoid deportation is flawed and unfair.



This case will be heard by the same judge who on Friday rejected the first request for an injunction.



Over the weekend, Prince Charles was reported by The Times newspaper to have privately described the government&#8217;s policy as &#8220;appalling&#8221;.



A spokesperson for Charles did not deny he had expressed personal opinions about the policy, but stressed that he remains &#8220;politically neutral&#8221;.



Under Britain&#8217;s unwritten constitution, the royal family are expected to avoid making political comments.



($1 = 0.8121 pounds)



(Reporting by Andrew MacAskill; Editing by Chris Reese)

FILE PHOTO: Protest against planned deportation of asylum seekers from Britain to Rwanda, Crawley

UK courts to hear last-minute appeals to stop first Rwanda deportation flight leaving

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



BLANTYRE, June 6 (Reuters)&nbsp;&#8211;&nbsp;Malawi has requested a four-year extended credit facility to help with balance of payments difficulties, the International Monetary Fund (IMF) said on Monday.



The donor-dependent southern African country has been experiencing acute foreign currency shortages. Late last month it allowed its kwacha currency to weaken 25% against the dollar.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2XJ100&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;The authorities have requested an arrangement (on) the back of the protracted balance of payments problem,&#8221; the IMF said in a statement after talks with Malawian government officials and private sector representatives.



<h3 class="wp-block-heading" id="h-read-more-imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply">Read more: <a href="https://www.cnbcafrica.com/2022/imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply/">IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply</a></h3>



The fund said restoring debt sustainability and resolving a case involving alleged misreporting of foreign-exchange reserves were pre-requisites for IMF support.



&#8220;While the authorities are addressing these issues, the IMF team conducted a mission to agree on (a) macroeconomic framework, policies and reforms,&#8221; it added.



The IMF said it welcomed the move to normalise the forex market and that Malawi&#8217;s authorities had engaged a debt advisor to suport efforts to address unsustainable public debt.



(Writing by Alexander WinningEditing by James Macharia Chege)

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IMF says Malawi requests four-year credit facility

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-820x547.jpg" alt="" class="wp-image-417581" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1232837884-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A pedestrian wearing a protective face mask passes a Safaricom Plc store in central Nairobi, Kenya, on Tuesday, May 11, 2021. Revenue from M-Pesa, Safaricom&#8217;s mobile-money service, is expected to grow after more customers have adopted cashless transactions during the coronavirus pandemic. Photographer: Patrick Meinhardt/Bloomberg via Getty Images</figcaption></figure>



NANYUKI, Kenya, June 2 (Reuters)&nbsp;&#8211;&nbsp;M-Pesa, the mobile phone-based African money transfer service owned by Kenya&#8217;s Safaricom Plc&nbsp;SCOM.NR, and Visa Inc&nbsp;V.N&nbsp;launched a virtual payment card on Thursday in a bid to capture some of the continent&#8217;s $40 billion-a-year subscriptions market.



The M-Pesa Global Pay Visa Virtual card will allow users to securely pay 100 million foreign merchants like Amazon and Alibaba from their mobile phones, without the need for credit cards or accounts with processors such as PayPal.



The virtual card is also targeted at the fast-growing subscriptions markets in Africa for services like Netflix&nbsp;NFLX.O&nbsp;and Spotify&nbsp;SPOT.N, said M-Pesa Africa Managing Director Sitoyo Lopokoiyit.



The virtual card is initially available to more than 30 million M-Pesa users in Kenya and will be rolled out to Tanzania, where testing is going on, Mozambique, Congo, Lesotho and Ghana by April 2023, Lopokoiyit said.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-central-bank-tests-public-opinion-about-digital-currencies">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-central-bank-tests-public-opinion-about-digital-currencies/">Kenya’s central bank tests public opinion about digital currencies</a></h3>



M-Pesa launched 15 years ago as a simple money transfer service and now accounts for roughly half of Safaricom&#8217;s revenue as consumers use it for purchases, savings, borrowing and insurance. Safaricom is partly owned by South Africa&#8217;s Vodacom Group&nbsp;VODJ.J.



&#8220;A lot of M-Pesa customers today don’t have bank accounts… it (the virtual card) is a catalyst for e-commerce and digital payments,” said Visa official Alex McCrea.



Transactions will be subject to the M-Pesa platform&#8217;s limits in the local Kenyan currency of 150,000 shillings ($1,285) for a single transaction and a daily limit double that. Users will be able to use the virtual card while travelling abroad.



Transactions on the virtual card will be secured with a unique security code sent to the user&#8217;s mobile phone and the user&#8217;s M-Pesa personal identification number.



($1 = 116.7500 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by David Holmes and Cynthia Osterman)

Safaricom Plc Kiosks Ahead of Full Year Earnings

Safaricom’s M-Pesa, Visa offer virtual card for global transactions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-820x547.jpg" alt="" class="wp-image-417557" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1215982515-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Signage for Vedanta Resources Ltd. is displayed at the company&#8217;s office building in Mumbai, India, on Thursday, March 6, 2020. The worlds most&nbsp;expansive lockdown&nbsp;to contain the coronavirus could slow the pace of distressed dealmaking in India, according to Vedanta Head of Mergers and Acquisitions Aarti Raghavan. Photographer: Kanishka Sonthalia/Bloomberg via Getty Images</figcaption></figure>



LUSAKA, June 1 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s decision three years ago to take control of a copper mine in the country&#8217;s north will be subject to an arbitration hearing in January in London, the country&#8217;s mines minister said on Wednesday, amid a lengthy dispute over the mine&#8217;s ownership.



Zambia in May 2019 handed control of Konkola Copper Mines (KCM) to a state-appointed provisional liquidator, triggering a legal battle with its previous owner, India-listed Vedanta&nbsp;VDAN.NS, with arguments heard in Zambia and South Africa and the dispute going to international arbitration.



Zambia&#8217;s government accused Vedanta at the time of failing to honour licence conditions, including promised investment &#8211; which Vedanta has denied.



Mines Minister Paul Kabuswe said the referral to arbitration came after legal rulings.



&#8220;Following the Court of Appeal&#8217;s decision to stay proceedings and refer the matter back to arbitration – a decision supported by the Supreme Court – a hearing is now set for 9th January 2023,&#8221; Kabuswe said in a statement.



<h3 class="wp-block-heading" id="h-read-more-zambian-president-thanks-china-for-help-in-debt-restructuring">Read more: <a href="https://www.cnbcafrica.com/2022/zambian-president-thanks-china-for-help-in-debt-restructuring/">Zambian President thanks China for help in debt restructuring</a></h3>



&#8220;In the interim, efforts are continuing to find a solution that unlocks KCM&#8217;s potential and delivers maximum benefit to the people of Zambia.&#8221;



Kabuswe again denied speculation that the government plans to give KCM back to Vedanta, saying Vedanta had &#8220;sacrificed&#8221; its licence to operate in the country. The company has offered to invest up to $1.5 billion in KCM if it resumes control of the mine.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2X009W&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We have always stated that we [want to] amicably resolve the issues surrounding KCM without delay as a way of revitalizing the country&#8217;s economy,&#8221; a Vedanta spokesperson said in a statement, adding that the investment Vedanta has promised could help Zambia reach its goal of producing 3 million tonnes of copper a year in the next decade.



Kabuswe also commented on Mopani Copper Mines, another major mining operation for which the government is seeking a new investor. He said &#8220;market-based capital raising solutions should be implemented at Mopani, rather than relying directly or indirectly on the limited public finances&#8221;.



Reuters reported on Tuesday that previous owner Glencore was helping Mopani Copper Mines make ends meet, including through letters of credit, according to sources.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2XN1NA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Chris Mfula; Additional reporting and writing by Helen Reid; Editing by David Holmes, Aurora Ellis and Sandra Maler)

Vedanta VP Aarti Raghavan Says India Stressed Deals To Slow

Arbitration hearing set for January in Vedanta-Zambia dispute

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/download-47.jpg" alt="" class="wp-image-417470" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/download-47.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/download-47-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/download-47-150x90.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/download-47-768x461.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>Kenya&#8217;s Finance Cabinet Secretary Ukur Yatani presents the Government Budget for the 2021/22 fiscal year inside the Parliament buildings in Nairobi, Kenya June 10, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, June 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s finance minister has asked parliament to let the East African economy raise its debt ceiling to 10 trillion shillings ($85.69 billion) from 9 trillion, two newspapers said on Wednesday.



The Business Daily and the Daily Nation said National Treasury Cabinet Secretary Ukur Yatani had asked parliament to change the public finance management law to allow more borrowing to fund the budget in the year through June 2023.



Yatani did not immediately respond to a Reuters request for comment.



The 2022/23 budget of 3.3 trillion shillings has a deficit of 6.2% of gross domestic product.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W540T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In December, Yatani had said the government aimed to replace its nominal public debt ceiling with a debt anchor as a proportion of GDP by the end of June.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2T80AP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



This year the finance ministry said it wanted to peg the debt ceiling at 55% of GDP, with the requirement of a reasonable explanation to lawmakers if debt needed to go higher.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VC23E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Late in 2019, Kenya raised its debt ceiling to 9 trillion shillings from 6 trillion earlier.



President Uhuru Kenyatta stepped up borrowing when he took office in 2013, driving up debt to the current level of more than 60% of GDP, versus just over 40% when he took over.



Political critics accuse Kenyatta&#8217;s government of saddling the country with steep repayment obligations, criticism it has rejected by saying the borrowed funds have funded infrastructure projects such as railways key to ensure economic expansion.



($1=116.7000 Kenyan shillings)



(Reporting by George Obulutsa)

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Kenyan finance minister seeks to raise debt ceiling -media

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE-820x547.jpg" alt="" class="wp-image-417431" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/LQFQKYWYQZKDROPUGCXEOE2MUE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The headquarters of the People&#8217;s Bank of China, the central bank, is pictured in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee</figcaption></figure>



LONDON/PARIS, May 31 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s lack of experience with tricky debt restructurings and slow coordination among its public lenders is holding up debt relief for Zambia, a test case for the top emerging market creditor, three sources familiar with the matter said.



Zambia became in 2020 the first country to default in the COVID-19 pandemic era, struggling under a debt burden worth 120% of GDP. Its external debt topped $17 billion at the end of 2021, of which a third was owed to China, according to Zambian government data.



China agreed last month to co-chair Zambia&#8217;s official creditor committee with France, a move welcomed by Zambia&#8217;s government, which has made tackling the country&#8217;s debts a priority since taking power last year.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2X10KH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Emerging market investors and other debtor countries are closely watching Zambia&#8217;s case for signs of how lenient Beijing will be in the future with overextended borrowers.



China became over the last decade the dominant public lender to African countries, extending $160 billion in credit since 2000, according to Boston University researchers.



&#8220;There is a learning curve for China and that is something we need to recognise,&#8221; said a French official, who declined to be named due to the sensitivities of the issue.



The official also cited &#8220;delays in the internal processes of China&#8221;, adding, &#8220;we also need to have better coordination among China itself, because there are a lot of agencies that have been lending&#8221;.



With the creditor committee still to have its first meeting, G7 finance ministers called on China to &#8220;contribute constructively&#8221; to the debt relief process after a meeting in Germany this month.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2XB1T2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China&#8217;s foreign ministry said in a statement emailed to Reuters that the country attached &#8220;great importance to Zambian concerns about debt and supports multilateral efforts to resolve its debt problem&#8221;.



<h2 class="wp-block-heading" id="h-costly-precedent">&#8216;COSTLY PRECEDENT&#8217;</h2>



Another source familiar with the situation said that while China&#8217;s central bank had been willing to move ahead, the finance ministry has been wary of &#8220;setting a costly precedent&#8221; elsewhere if it accepts big losses on loans made to Zambia.



The source added that the finance ministry was in particular looking out for China&#8217;s development banks, through which much of Chinese credit is extended.



A third source familiar with the situation told Reuters that, alongside coordinating its many lenders, China has been hesitant to take part in the Group of 20 leading economies&#8217; multilateral debt process, versus bilateral negotiations where it can also focus on the country&#8217;s broader strategic goals.



China&#8217;s foreign ministry did not respond specifically to questions about whether delays were partly due to internal coordination issues and unwillingness to accept losses on loans.



Zambia&#8217;s case is likely to be watched closely in other countries. Sri Lanka, for example, defaulted on its debt for the first time this month and owes money to a mix of creditors including China, India, Japan and Eurobond holders.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WO6GP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Zambia reached a staff-level agreement with the International Monetary Fund on a $1.4 billion extended credit facility in December, but the money cannot flow until Lusaka and its creditors agree on reducing the debt to sustainable levels.



&#8220;China is ready to work with the international community and continue to provide within its capability Zambia with the necessary support to address its current practical difficulties,&#8221; the Chinese foreign ministry&#8217;s statement said.



Zambia&#8217;s finance minister has repeatedly said he hopes the negotiations will be concluded by the end of June, a timetable analysts deem ambitious.



&#8220;Our debt burden is choking our country&#8217;s growth potential and the debt restructuring exercise is becoming more urgent day by day,&#8221; Zambia&#8217;s finance ministry said in an emailed statement in response to questions about China&#8217;s role in the debt process.



(Reporting by Rachel Savage and Leigh Thomas; Additional reporting by Marc Jones in London, Yew Lun Tian in Beijing and Chris Mfula in Lusaka; Editing by Alison Williams)

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Test case Zambia exposes China’s rookie status on debt relief – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE-820x538.jpg" alt="" class="wp-image-417427" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/D3OWYTDPXBPDVMWIXKXO7YOHPE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A view shows an installed air quality monitoring device outside the Uganda National Meteorological Authority (UNMA) station at the Makerere University in Kampala, Uganda May 27, 2022. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, May 30 (Reuters)&nbsp;&#8211;&nbsp;Ugandan researchers have developed low-cost air quality monitoring sensors that work in extreme conditions and will allow Uganda to switch from expensive imported monitors in its bid to tackle rising air pollution.



Kampala, Uganda&#8217;s capital home to two million people, ranks among the world&#8217;s most polluted cities, with pollution levels up to seven times higher than the World Health Organisation&#8217;s safe standards, according to the 2021 World Air Quality Report.



Engineer Bainomugisha, who leads the research at Makerere University in Kampala, said the team had been motivated by the growing death toll caused by air pollution around the world.



Pollution remains the world’s largest environmental threat to human health, and in 2017 was responsible for 15% of all deaths globally, according to a&nbsp;<a href="https://gahp.net/wp-content/uploads/2019/12/PollutionandHealthMetrics-final-12_18_2019.pdf" target="_blank" rel="noreferrer noopener">report</a>&nbsp;by the Global Alliance on Health and Pollution (GAHP).



&#8220;That (number of deaths caused by pollution) was really an eye opener&#8230; to come in with technology solutions and how we could contribute to improving air quality,&#8221; Bainomugisha said.



Around 28,000 people per year die as a result of air pollution in Uganda, according to GAHP.



<h3 class="wp-block-heading" id="h-read-more-rwanda-s-kagame-visits-uganda-s-museveni-as-relations-thaw">Read more: <a href="https://www.cnbcafrica.com/2022/rwandas-kagame-visits-ugandas-museveni-as-relations-thaw/">Rwanda’s Kagame visits Uganda’s Museveni as relations thaw</a></h3>



The AirQo air quality monitoring project, which is partly funded by Google&nbsp;GOOGL.O, relies on a network of sensors, which cost $150 a piece, to gather air quality data around Kampala.



Using artificial intelligence technology and machine learning, this data is then processed before it is uploaded onto a cloud-based service accessible to consumers and the public via a smart phone application.



Kampala, where major sources of pollution include dust from unpaved roads, wood fuel use, vehicle and industrial emissions and open burning of solid waste, previously relied on air quality monitors mostly imported from the United States at about $30,000 a piece.



The equipment, which required expensive maintenance, broke down frequently because they were not designed specifically for the local environment, city officials say.



Bainomugisha said AirQo&#8217;s monitoring devices are installed around the city including in schools, residential areas, and on motorbike taxis.



Designed to withstand conditions including extreme heat and dust, the devices are powered both by electricity from the grid and solar power to allow them to operate when power supplies are interrupted, he said.



(Writing by Elias Biryabarema; Editing by Duncan Miriri and Raissa Kasolowsky)

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Ugandan researchers develop low cost sensors to track air pollution

KINSHASA, May 28 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo has summoned Rwanda&#8217;s ambassador and suspended RwandAir flights to Congo in response to what it says is Kigali&#8217;s support for M23 rebels carrying out a military offensive in its eastern borderlands.



Rwanda denies supporting the rebels, who advanced as close as 20 km (12 miles) this week to eastern Congo&#8217;s main city of Goma and briefly captured the army&#8217;s largest base in the area.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2XJ0HI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congo and U.N. investigators had also accused Kigali of supporting the M23 during a 2012-2013 insurrection that took Goma before being forced back and chased into Uganda and Rwanda. Kigali denied doing so.



Congo&#8217;s government spokesman Patrick Muyaya announced the suspension of flights from Rwanda&#8217;s national carrier and the summoning of the ambassador late Friday night following a meeting of the national defence council.



He said the government had designated the M23 a terrorist group and would exclude it from negotiations being held in Kenya with militia groups active in eastern Congo.



&#8220;A warning was made to the Rwandans, whose attitude is likely to disrupt the peace process &#8230; where all the armed groups, except for the M23, are committed to the path to peace,&#8221; Muyaya said.



Rwanda&#8217;s government was not immediately available for comment on Saturday.



On its website, Rwanda&#8217;s army requested the release of two Rwandan soldiers it said were &#8220;kidnapped&#8221; along its border with Congo.



An image circulating on social media of two men in Rwandan military uniforms surrounded by Congolese soldiers has been cited by Congolese users as evidence of the Rwandan army&#8217;s presence inside Congo.



Congo&#8217;s government has not commented on the photo, but Muyaya presented video footage during his remarks showing munitions and a military uniform that he said belonged to Rwandan forces and were recovered by the Congolese army.



The M23 and Rwanda&#8217;s government have, in turn, accused Congo&#8217;s army of collaborating with the Democratic Forces for the Liberation of Rwanda (FDLR), a militia founded by ethnic Hutus who fled Rwanda after participating in the 1994 genocide. Congo denies this.



Rwanda invaded Congo in 1996 to pursue the militiamen. Eastern Congo has experienced near constant conflict since then due to foreign invasions and insurgencies by rebel groups.



(Reporting by Stanis Bujakera and Fiston Mahamba; Additional reporting by Clement Uwiringiyimana in Kigali; Writing by Aaron Ross, Editing by Ros Russell)

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Congo suspends flights from Rwanda over Kigali’s alleged support for rebels

ADDIS ABABA, May 27 (Reuters)



Ethiopia&#8217;s state-appointed human rights body called on Friday for the release of 16 journalists and media personnel after new arrests in recent days in the capital Addis Ababa and the restive region of Amhara.



Press watchdogs and rights groups say Prime Minister Abiy Ahmed&#8217;s government is increasingly intimidating the media and harassing opponents as it seeks to quell unrest in regions.



Ethiopian authorities have been particularly cracking down in Amhara and Oromiya regions recently. They justify arrests of media personnel by accusing them of siding with rebels. 



In the latest round-up, Temesgen Desalegn of Feteh Magazine and Yayesew Shimelis of Ethio Forum Media were held on Thursday in Addis Ababa, the Ethiopian Human Rights Commission said.



Last week, Amhara authorities arrested five journalists of media outlet Ashara in a move thought linked to their coverage of a volunteer militia known as Fano. 



On the same day, Amhara authorities also arrested another four employees of U.S.-based online outlet Nisir International Broadcasting. 



Rights commission head Daniel Bekele said the total number of detained journalists was now 16 and urged their immediate release.



&#8220;No claim about the alleged offense committed through media justifies violation of the newly adopted media law which clearly prohibits pre-trial detention of persons charged with committing an offense through the media,&#8221; he said in a statement.



Government spokesperson Legesse Tulu did not immediately respond to requests for comment on Bekele&#8217;s statement.



But the government put out a warning to the media in a statement last week: &#8220;The government will continue to take irreversible measures on individuals involved in illegal activities who are planning and working to create havoc and chaos, also on those wearing a cloak of media outlets and journalists.&#8221;



Reporting by Nairobi Newsroom; Writing by George Obulutsa; Editing by Andrew Cawthorne

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East Africa

FACTBOX-Commonwealth nations meet in Rwanda – what you need to know

Zambians must benefit more from mining, minister says

Odinga’s running mate in Kenyan election promises corruption crackdown if elected

Zambia asks creditors to give debt assurances to unlock IMF programme

UK pushes on with plan to deport migrants to Rwanda

Zambia says first creditor meeting set for Thursday

Ghana development bank aims to lend $600 mln to small firms over 1-2 years

Congo says Rwandan forces supported latest rebel attacks as thousands flee

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IMF says Malawi requests four-year credit facility

Safaricom’s M-Pesa, Visa offer virtual card for global transactions

Arbitration hearing set for January in Vedanta-Zambia dispute

Kenyan finance minister seeks to raise debt ceiling -media

Test case Zambia exposes China’s rookie status on debt relief – sources

Ugandan researchers develop low cost sensors to track air pollution

Congo suspends flights from Rwanda over Kigali’s alleged support for rebels

Ethiopian rights body seeks release of 16 detained journalists

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