ZAMBIAN GOVT PAYS CONTRACTORS 4.2 BILLION KWACHA

JOHANNESBURG, Zambian Finance Minister Felix Mutati says the government has paid more than 4.2 billion Kwacha (about 466.2 million US dollars) which it owed its contractors and suppliers of goods and services in order to stabilise the economy.

Mutati said here Wednesday that the money had been paid over a period of six months to unlock the liquidity problem the country was facing.

The resultant availability of liquidity in the economy had helped to strength and stabilize the Kwacha, making it one of the best performing currencies in Africa so far this year, the Minister added.

Mutati expressed happiness that Zambia had since registered a trade surplus of more than 180 million USD in the first half of this year.

Mutati was speaking at Johannesburg’s OR Tambo International Airport in South Africa, where he met Zambia’s High Commissioner (Ambassador)to that country, Emmanuel Mwamba.

He added that the stability of the Kwacha had resulted in increased investments in government security bonds.

Source: NAM NEWS NETWORK

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