<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



LUSAKA, Aug 27 (Reuters) &#8211; Zambia&#8217;s newly-appointed finance minister on Friday pledged to conclude talks with the IMF on a lending programme by October, as he seeks to pull the southern African country out of its protracted debt crisis.



<a href="https://www.cnbcafrica.com/2021/zambian-opposition-leader-hichilema-wins-2021-presidential-election/">President Hakainde Hichilema, who was elected earlier this month by a landslide</a>, named Situmbeko Musokotwane, an experienced international economist, to a second stint as Zambia&#8217;s finance minister.



The appointment of Musokotwane, who held the same post from 2008 to 2011, was announced three days after Hichilema pledged at his swearing-in ceremony to bring public spending and the budget deficit under control.



&#8220;Unless we do something to the budget, then the budget will be mainly for paying salaries and also servicing debt,&#8221; with nothing left over to invest in developing the country, Musokotwane said in a news conference after his appointment.



Musokotwane &#8211; a former deputy central bank governor who has also held positions with the International Monetary Fund and World Bank &#8211; will face fraught negotiations with multiple creditors on the country&#8217;s $12 billion external debt.



&#8220;The answer is to talk to the people we owe money so that we can pay at a slower pace stretched over a longer period,&#8221; he said.



&#8220;He will be seen as a safe pair of hands,&#8221; Standard Chartered&#8217;s Razia Khan said in a note. &#8220;His experience in dealing with the challenges&#8230; of the global financial crisis, as well as an understanding of the conditions needed for mining investment, will be additional positives.&#8221;



<h2 class="wp-block-heading" id="h-complicated-debt-woes">COMPLICATED DEBT WOES</h2>



Zambia, Africa&#8217;s second-biggest copper producer, became Africa&#8217;s first pandemic-era sovereign default in November after failing to keep up with international debt servicing payments.



Of its foreign debt, some $3 billion is in Eurobonds, $3.5 billion is bilateral debt, $2.1 billion is owed to multilateral lending agencies such as the IMF, and $2.9 billion to commercial banks.



Complicating things further, about a quarter of the total is held by either China or Chinese entities via deals that have strict secrecy clauses. That has rendered talks for IMF debt relief particularly tough.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/zambia-starts-voting-in-presidential-election-seen-too-close-to-call/">Zambia starts voting in presidential election seen too close to call</a></h3>



Zambia&#8217;s government borrowed too much during boom times last decade, and was then hit by a fall in commodity prices, triggering a recession exacerbated by the impact of the COVID-19 pandemic.



Hichilema beat incumbent Edgar Lungu in the Aug. 12 election, his sixth run for the presidency and Zambia&#8217;s third peaceful change of power to an opposition party since independence from Britain in 1964.



The country&#8217;s dollar-denominated sovereign bonds have since rallied, reflecting market optimism in a solution to its debt woes.



The bonds did not immediately react to the new appointment, but they have added around 11 cents across the curve since Hichilema&#8217;s win, with the spread of the debt over safe-haven U.S. Treasuries narrowing to 1,961 points this week, the lowest since March 2020. 



(Additional reporting by Wendell Roelf in Cape Town and Karin Strohecker in London Writing by Tim Cocks Editing by John Stonestreet and Peter Graff)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

Zambia’s new finance minister to prioritise IMF talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ-820x518.jpg" alt="" class="wp-image-411637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/E3CTRSVOPRKWXLGQKPUWB7O6NQ.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>3D printed Facebook and WhatsApp logos and keyboard buttons are placed on a computer motherboard in this illustration taken January 21, 2021. REUTERS/Dado Ruvic/File Photo</figcaption></figure>



ADDIS ABABA, Aug 23 (Reuters) &#8211; Ethiopia has begun developing its own social media platform to rival Facebook , Twitter and WhatsApp, though it does not plan to block the global services, the state communications security agency said on Monday.



Ethiopia has been engulfed since last year in an armed conflict pitting the federal government against the Tigray People&#8217;s Liberation Front (TPLF), which controls the Tigray region in the country&#8217;s north.



Supporters of both sides have waged a parallel war of words on social media.



The government wants its local platform to &#8220;replace&#8221; Facebook, Twitter, Whatsapp and Zoom, the director general of the Information Network Security Agency (INSA), Shumete Gizaw, said.



<h3 class="wp-block-heading" id="h-read-more-whatsapp-delays-privacy-update-over-user-confusion-and-backlash-about-facebook-data-sharing">Read more: <a href="https://www.cnbcafrica.com/2021/whatsapp-delays-privacy-update-over-user-confusion-and-backlash-about-facebook-data-sharing/">WhatsApp delays privacy update over user ‘confusion’ and backlash about Facebook data sharing</a></h3>



Shumete accused Facebook of deleting posts and user accounts which he said were &#8220;disseminating the true reality about Ethiopia&#8221;.



International human rights groups have criticized the Ethiopian government for unexplained shutdowns to social media services including Facebook and WhatsApp in the past year. The government has not commented on those shutdowns.



Facebook&#8217;s Africa spokesperson, Kezia Anim-Addo, declined to comment on Ethiopia&#8217;s plans and did not respond immediately to a query about Shumete&#8217;s accusations.



But in June, days before national elections, Facebook said it had removed a network of fake accounts in Ethiopia targeting domestic users which it linked to individuals associated with INSA, which is responsible for monitoring telecommunications and the internet.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/south-africas-information-regulator-says-whatsapp-cannot-share-users-contact-information/">South Africa’s information regulator says WhatsApp cannot share users’ contact information</a></h3>



Twitter declined to comment. Zoom did not immediately reply to a comment request.



Shumete declined to specify a timeline, budget and other details, but told Reuters: &#8220;The rationale behind developing technology with local capacity is clear &#8230; Why do you think China is using WeChat?&#8221;



He said Ethiopia had the local expertise to develop the platforms and would not hire outsiders to help.



Social messaging app WeChat is owned by China-headquartered Tencent Holdings, is widely used in the country, and is considered to be a strong tool by Chinese authorities for monitoring its population.



Shumete also referred Reuters to comments he made on Friday to a local media outlet in which he accused Facebook of blocking users who were &#8220;preaching national unity and peace&#8221;.



He also told Al-Ain Amharic that authorities were working on the platform to replace Facebook and Twitter, while a trial has already been completed of a platform to replace WhatsApp and Zoom and that platform will soon be operational. 



(Reporting by Dawit Endeshaw Writing by Maggie Fick; Editing by Angus MacSwan)

E3CTRSVOPRKWXLGQKPUWB7O6NQ

Ethiopia to build local rival to Facebook, other platforms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="457" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U-820x457.jpg" alt="" class="wp-image-411623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U-820x457.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U-300x167.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U-768x428.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/4IHTMKFQ2JM2DK63W2EY62YS3U.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>President of Kenya&#8217;s Court of Appeal Daniel Musinga flanked by Lady Justice Roselyn Nambuye and Lady Justice Hannah Okwengu addresses delegates during the ruling of the Building Bridges Initiatives (BBI) case, a key part of jostling, ahead of a presidential election due next year, at the Court of Appeal in Nairobi, Kenya August 20, 2021. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Aug 20 (Reuters) &#8211; Kenya&#8217;s Court of Appeal upheld a decision to stop President Uhuru Kenyatta from making broad constitutional changes, limiting his ability to prevent his estranged deputy from succeeding him next year.



The proposed amendments, popularly known as the Building Bridges Initiative (BBI), would have been the biggest change to governance since a new constitution in 2010.



The court upheld a High Court decision in May that declared the proposed reforms illegal on the basis that Kenyatta acted unconstitutionally.



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&#8220;The days of (an) unaccountable presidency are long gone,&#8221; said Patrick Kiage, one of the appellate judges, rejecting the government&#8217;s appeal.



The BBI has served as a lightning rod for the rhetoric of politicians jostling ahead of a general election due in August 2022. Kenyatta and Deputy President William Ruto have fallen out and they and their supporters are at odds over the proposals.



&#8220;I don&#8217;t see the need to change the constitution,&#8221; said Mwangi Kiunjuri, a Ruto backer who was sacked from the Cabinet by Kenyatta early last year.



Kenyatta argued that the constitutional overhaul would promote power sharing among competing ethnic groups and was not intended to deny anyone the presidency.



<h3 class="wp-block-heading"> Read more: <a href="https://www.cnbcafrica.com/2021/imf-board-approves-further-407-mln-disbursement-for-kenya/">IMF board approves further $407 mln disbursement for Kenya</a></h3>



The proposed amendments would have created 70 new constituencies and establish several powerful new posts: a prime minister, two deputies and an official leader of the parliamentary opposition.



Ruto&#8217;s Kalenjin ethnic community teamed up with Kenyatta&#8217;s Kikuyu in the last two elections to defeat former Prime Minister Raila Odinga from the Luo, another large ethnic group.



The amendments are partly designed to tame Ruto&#8217;s political ambitions to succeed Kenyatta by making it possible to weave an alliance against him, according to anti-graft campaigner John Githongo.



Ruto has been campaigning vigorously to inherit Kenyatta&#8217;s Kikuyu voting bloc in the central region, some of whom have embraced his message.



&#8220;We don&#8217;t want BBI &#8230; This is about politicians and their search for power,&#8221; said Beatrice Kagure, a college student in the central town of Nyeri.



To win support for his reform drive, Kenyatta proposes to more than double county governments&#8217; allocation to 35% of the budget, to spread more resources to the grassroots. Some critics say the government has struggled to disburse the current 15% counties budgetary allocation on time. 



(Reporting by Duncan Miriri; editing by Grant McCool)

4IHTMKFQ2JM2DK63W2EY62YS3U

Kenyan appeals court upholds order to halt president’s constitutional changes

COVID-19: How can Africa build robust public health systems?

Google launches new child protection policy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-820x547.jpg" alt="" class="wp-image-411467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234712281-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>TOPSHOT &#8211; President elect Hakainde Hichilema gives a press briefing at his residence in Lusaka, on August 16, 2021. &#8211; Zambian business tycoon and veteran opposition leader Hakainde Hichilema scored a landslide victory on August 16, 2021 in bitterly-contested presidential elections. (Photo by Patrick Meinhardt / AFP) (Photo by PATRICK MEINHARDT/AFP via Getty Images)</figcaption></figure>



LUSAKA, Aug 16 (Reuters) &#8211; Zambian President Edgar Lungu conceded defeat on Monday, after a landslide election win by opposition leader Hakainde Hichilema, who will face the challenge of reviving an economy in turmoil.



With all but one constituency counted, Hichilema had won 2,810,777 votes against Lungu&#8217;s 1,814,201, and the electoral commission declared him president. It marked the country&#8217;s third peaceful handover of power to an opposition party.



&#8220;I will comply with the constitutional provisions for a peaceful transition of power. I would therefore like to congratulate my brother, the president-elect, His Excellency Mr Hakainde Hichilema,&#8221; Lungu, 64, said in a short televised address to the nation.



When the celebrations die down, Hichilema, 59, a former CEO at an accounting firm before entering politics, will need to focus on resuscitating a flagging economy.



Zambia became Africa&#8217;s first pandemic-era sovereign default in November after failing to keep up with its international debt payments.



<h3 class="wp-block-heading" id="h-read-more-zambia-starts-voting-in-presidential-election-seen-too-close-to-call">Read more: <a href="https://www.cnbcafrica.com/2021/zambia-starts-voting-in-presidential-election-seen-too-close-to-call/">Zambia starts voting in presidential election seen too close to call</a></h3>



&#8220;It is in no doubt what the instruction is to all of us (that you) &#8230; elect us to office at a very difficult time,&#8221; he said, hinting at the task ahead as he addressed supporters in the capital, Lusaka &#8220;We will not let you down.&#8221;



The default was driven by depressed commodity prices &#8211; which had pushed Zambia into recession well before the COVID-19 pandemic &#8211; worsened by the pandemic itself.



<h2 class="wp-block-heading">URGES UNITY</h2>



He has some room for manoeuvre as the economy has been buoyed slightly by more favourable copper prices this year &#8211; now hovering around decade highs, driven partly by the boom in electric cars. Last year, Zambia, Africa&#8217;s second biggest copper miner, produced a record output of the metal.



Nonetheless Hichilema urged Zambians to put aside divisions, condemning attacks on property, after a mall named after the ex-incumbent was looted.



&#8220;For years we were victims of retribution. We are not about to &#8230;. start a new wave of violence,&#8221; he said. &#8220;If you want to show higher moral ground &#8230; do not attack them.&#8221;



The election is the culmination of an acrimonious rivalry between the two that in 2017 led Lungu to arrest and imprison Hichilema for refusing to make way for his motorcade. This is Hichilema&#8217;s sixth attempt at the presidency since 2006.



He touted his nationwide success, even in perceived Lungu strongholds, as evidence that Zambia had dodged ethnic division. &#8220;Victory &#8230; (has) been delivered by all the 10 provinces of Zambia &#8230; isn&#8217;t that lovely?&#8221; he said, to applause.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/zambia-counts-votes-as-internet-restriction-remain-in-force/">Zambia counts votes as internet restrictions remain in force</a></h3>



Lungu had cried foul on Saturday, calling the election &#8220;not free and fair&#8221; after violence against ruling Patriotic Front party agents in three provinces, but the size of the margin made it near-impossible to challenge the result in court.



Power has switched from a ruling party to the opposition twice before since independence from Britain in 1964. The latest shift strengthens Zambia&#8217;s democratic credentials and sets an example on a continent with a patchy history of peaceful change.



Wearing the red and yellow of Hichilema&#8217;s United Party for National Development (UPND) Hichilema&#8217;s supporters celebrated, dancing and singing, while drivers honked their horns.



&#8220;This victory is so sweet,&#8221; 37-year-old Jane Phiri said, next to her market stall. &#8220;This spirit of change was bottled up for a long time.&#8221;



Zambia&#8217;s sovereign dollar bonds jumped nearly 2 cents on Monday after the news of Hichilema&#8217;s win. Zambia&#8217;s kwacha currency strengthened nearly 1% against the dollar. International Monetary Fund support is on hold until after the vote, as is debt restructuring &#8211; seen as an early test for a new global plan aimed at easing poor countries&#8217; burdens. 



(Reporting by Chris Mfula; Additional reporting by Karin Strohecker and Tom Arnold in London; Writing by Tim Cocks; Editing by Catherine Evans and Alison Williams)

TOPSHOT-ZAMBIA-ELECTIONS

Hichilema faces task of reviving Zambian economy after landslide win

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/LHBDZXLU7VP67AGWSCZORHJ5DY.jpg" alt="" class="wp-image-411420" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/LHBDZXLU7VP67AGWSCZORHJ5DY.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/LHBDZXLU7VP67AGWSCZORHJ5DY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/LHBDZXLU7VP67AGWSCZORHJ5DY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/LHBDZXLU7VP67AGWSCZORHJ5DY-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>Zambia&#8217;s President Edgar Chagwa Lungu addresses the 73rd session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 25, 2018. REUTERS/Eduardo Munoz//File Photo</figcaption></figure>



LUSAKA, Aug 13 (Reuters) &#8211; Zambia&#8217;s election commission will on Friday start announcing results of a <a href="https://www.cnbcafrica.com/2021/zambia-starts-voting-in-presidential-election-seen-too-close-to-call/">tight presidential vote between top contenders President Edgar Lungu and main rival Hakainde Hichilema</a> that was marred by restrictions on the internet and violence in three regions.



Electoral Commission of Zambia (ECZ) chief electoral officer Patrick Nshindano said the agency would start announcing results from 10 a.m. (0800 GMT). ECZ has said full results will be known within 72 hours after polls closed.



The government declined to comment on the disruptions to the internet, which users said affected several social media sites. Mobile phone networks directed questions to the government. Facebook confirmed it was among those impacted.



&#8220;We know that temporary disruptions of internet services have tremendous, negative human rights, economic and social consequences, and continue to strongly oppose these,&#8221; a Facebook spokesperson said.



Use of social media like WhatsApp is part of everyday life in Zambia and restricting internet access could fuel suspicion about the outcome of the vote, which is seen as too close to call.



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On Twitter and Facebook, Zambians said they were using virtual private networks to get around the restrictions on the internet.



Millions of Zambians turned out to vote, forcing some polling stations to remain open past their official time of closing, pointing to a large voter turnout.



But Lungu, who has been in power since 2015, has already cast doubt on the outcome of the election in three provinces after he accused the opposition of violence on Thursday that killed a ruling party official.



He directed the army to send reinforcements to the provinces, although European and African observers said the vote had so far been largely peaceful.



On the streets of the capital Lusaka businesses were open and citizens went about their daily routine as they waited for results.



The winner of the election faces the task of boosting Zambia&#8217;s flagging economy, which became the continent&#8217;s first country during the coronavirus pandemic to default on its sovereign debt in November. 



(Writing by MacDonald Dzirutwe; Editing by Mark Potter)

LHBDZXLU7VP67AGWSCZORHJ5DY

Zambia counts votes as internet restrictions remain in force

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-820x547.jpg" alt="" class="wp-image-411398" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Zambian presidential candidate for the opposition party United Party for National Development (UPND) Hakainde Hichilema gives a press conference at his residence, in Lusaka on August 11, 2021. &#8211; The UPND, the main rival to the ruling Patriotic Front (PF), is eager to tap into mounting disillusionment in the city&#8217;s poorest neighbourhoods, where dissent has grown since the last 2016 poll. (Photo by Patrick Meinhardt / AFP) (Photo by PATRICK MEINHARDT/AFP via Getty Images)</figcaption></figure>



LUSAKA, Aug 12 (Reuters) &#8211; Zambians started voting on Thursday in a showdown between President Edgar Lungu and main opposition rival Hakainde Hichilema that looks too tight to call and comes amid mounting debt and a flagging economy.



Polling opened at 6 a.m. (0400 GMT) with long queues seen at voting booths in the capital Lusaka, which could point to a huge turnout in Africa&#8217;s No. 2 copper producer.



At a voting station in the Kabwata suburb of Lusaka, first time voter Ben Mulenga, 19, said he had arrived two and half hours before voting started because he anticipated long queues.



&#8220;The things that are happening in our country, including the bad state of the economy and the high levels of unemployment need to be addressed,&#8221; said Mulenga, a student at the University of Zambia.



Lungu was among the earliest voters, having brought forward his voting time. Wearing a black leather jacket and a white face mask, Lungu, accompanied by his wife, waved to a cheering crowd as he left in his motorcade.



&#8220;We are winning, otherwise I wouldn&#8217;t have been in the race if we were not winning,&#8221; Lungu told reporters shortly after he voted at a polling station in the Chawama township in Lusaka.



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Some 54% of registered voters are 34 or younger, statistics from the Electoral Commission of Zambia (ECZ) show.



That could help Hichilema, who is facing Lungu for the third time and has placed the economy front and centre of his campaign, political analysts said.



In November, Zambia became the first African state to default on part of its debt during the coronavirus pandemic. It will be among the continent&#8217;s slowest growing economies this year, the International Monetary Fund (IMF) estimates.



Zambia owes in excess of $12 billion to external creditors and spends 30%-40% of its revenues on interest payments on its debt, credit rating firm S&amp;P Global estimates.



In office since 2015, 64-year-old Lungu narrowly defeated Hichilema, the CEO of an accountancy firm before entering politics, in a disputed election the following year.



The president has touted the new road, airport and energy projects he has overseen as laying the groundwork for economic development and growth.



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His push for greater state control over the mining sector &#8211; an approach that has sparked fears of resource nationalism among international investors &#8211; will create jobs, he says.



&#8220;The challenge we have is the economy and we are doing our best to ensure that the challenge is faced head on,&#8221; Lungu said during his final virtual campaign rally on Wednesday.



But so far his debt-financed infrastructure splurge has failed to pay economic dividends, and unemployment remains high.



That has left him open to attack from Hichilema.



&#8220;So much money was borrowed at a very high cost and this is frustrating development efforts,&#8221; Hichilema, popularly known as HH, told a news conference on Wednesday. 



(Writing by MacDonald Dzirutwe, Editing by Joe Bavier and Raju Gopalakrishnan)

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KIGALI, Aug 3 (Reuters) &#8211; Rwanda raised $620 million through a 10-year Eurobond, the finance ministry said late on Monday, part of which will go towards retiring an outstanding dollar bond.



Like global economies, the East African nation has experienced a surge in public debt in the wake of the coronavirus crisis, which hit revenues and forced the government to borrow more.



<h3 class="wp-block-heading" id="h-read-more-nigeria-short-lists-banks-for-eurobond-sale">Read more: <a href="https://www.cnbcafrica.com/2016/nigeria-short-lists-banks-for-eurobond-sale/">Nigeria short lists banks for Eurobond sale</a></h3>



Total debt climbed by 13% last year, driving the overall level to 71% of GDP, which is expected to jump to 79.7% at the end of this year, the finance ministry said in May.



Still, investors piled into the latest issue, offering $1.6 billion in total. The eventual interest rate for the bond was 5.5%, the ministry said.



&#8220;The lower yield of this issue will result in a reduction in our annual interest payments over the next 10 years, strongly contributing to our debt sustainability strategy,&#8221; said the central bank governor, John Rwangombwa.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2018/ghana-eurobond-sale/">Ghana looks to Asia for next Eurobond sale</a></h3>



Bond proceeds will be used to pay off creditors of the existing Eurobond when it matures in May 2023, while the rest will fund economic recovery programs.



The government predicts that the economy will grow by 5.1% this year, after contracting by 3.4% last year, as the COVID-19 pandemic starts to ease. 



(Reporting by Clement Uwiringiyimana Editing by Duncan Miriri and Clarence Fernandez)

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Rwanda raises $620 million through a 10-year Eurobond

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-820x547.jpg" alt="" class="wp-image-408839" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15214251535_bff80b9c91_k.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>All photos should be credited to Fairphone.  Under Creative Commons license &#8220;Attribution-NonCommercial-ShareAlike CC BY-NC-SA.&#8221;  This license lets others remix, tweak, and build upon our work non-commercially, as long as you credit us and license our new creations under the identical terms. creativecommons.org/licenses</figcaption></figure>



LONDON, July 7 (Reuters) &#8211; Tin production from Rwanda has slowed due to restrictions forcing businesses to operate at 50% of their workforce in an effort to slow the spread of coronavirus infections, the International Tin Association (ITA) said.



Tin concentrates production in Rwanda, which has averaged 200 tonnes a month this year, could be halved in the short term as it did in the first lockdown last year, the association said.



Rwanda mandated a curfew from 6 p.m. to 4 a.m. and ordered all offices, including government offices, to close from July 1 for two weeks in eight districts and the capital Kigali.



Rwanda&#8217;s tin output fell 25% to 1,700 tonnes of tin concentrates in 2020 due to the impact of coronavirus, the ITA said. The country accounts for about 0.6% of global concentrates output and 0.1% of global refined production.



&#8220;However, following the lockdown, production recovered rapidly and we suspect that the impact of this two-week lockdown on annual production will be relatively immaterial.&#8221;



The government was not immediately available for comment but told Reuters on June 29 that the lockdown would not affect mineral exports.



(Reporting by Zandi Shabalala)

All photos should be credited to Fairphone.     Under Creative Commons license “Attribution-NonCommercial-ShareAlike CC BY-NC-SA.”     This license lets others remix, tweak, and build upon our work non-commercially, as long as you credit us and license our new creations under the identical terms.  creativecommons.org/licenses

Rwanda tin output could be hit by lockdown rules – ITA

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NAIROBI, June 30 (Reuters) &#8211; Kenya&#8217;s economy will grow by 4.5% this year as vaccinations and lockdown easing help it recover from a coronavirus-induced slump last year, although it still remained highly vulnerable to the pandemic, the World Bank said on Wednesday.



Growth for the East African nation which relies on farming and services like tourism, is expected to climb to above 5% in the subsequent two years, the bank said in a biannual report.



The projection for this year&#8217;s growth is based on firms boosting production and investments as lockdown measures are lifted, a slight recovery in the services sector due to vaccinations, and adequate crop harvests, the bank said.



The main risks include a slow vaccination programme caused by supply shortfalls and logistical challenges, as well as any weakening in the global economy which could curb demand for Kenya&#8217;s exports.



&#8220;The near-term economic outlook for Kenya, as elsewhere, remains unusually uncertain and contingent on the course of the pandemic,&#8221; the World Bank said.



It urged the government to enhance bank supervision after the quality of assets was hit by the impact of the coronavirus crisis, and to stick to its debt reduction path through raising more revenue and cutting wastage.



(Reporting by Duncan Miriri; Editing by Raissa Kasolowsky)

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East Africa

Zambia’s new finance minister to prioritise IMF talks

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COVID-19: How can Africa build robust public health systems?

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Rwanda tin output could be hit by lockdown rules – ITA

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Kenya’s economy to bounce back this year but still vulnerable -World Bank

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