Vice President George Kunda has assured the nation that government will not s
pare any efforts aimed at mitigating challenges associated with the global economic crisis.
Mr. Kunda says government has started working out modalities aimed at minimizing effects that may arise from the global economic and financial crisis.
The Vice President was speaking in Kabwe, Sunday, when he addressed MMD party officials and government heads of departments.
Mr. Kunda said although the effects of the global economic and financial crisis had started impacting on the Zambian economy, government under the leadership of President Banda was addressing the challenges with due attention.
He said government had devised a mechanism aimed at rationalizing expenditure to respond to some of the challenges that may be associated with the global economic and financial crisis and the soaring mealie-meal prices and other essential commodities in the country.
On government’s decision for Zambia to withdraw from hosting the 2011 All Africa games, Mr Kunda said the reason was to ensure that resources which were meant for the event were channeled to other development programmes such as the Fertilizer Support Programme (FSP).
He explained that it was going to cost Zambia over K1 trillion to host the continental games, a situation he said was going to frustrate government efforts of implementing other development programmes.
Meanwhile, Mr. Kunda has appealed to MMD leaders at the grassroots to strengthen the party structures in readiness for the 2011 general elections.
Addressing party leaders in Kabwe today, Mr.Kunda said MMD members should not be complacent but start preparing themselves for the next presidential and parliamentary polls in 2011.
The Vice President further called on Zambians to concentrate on growing more food rather than resorting to holding demonstrations saying that the escalating prices of mealie-meal prices and other essential commodities were a global challenge.
Mr. Kunda said growing more food was the only measure aimed at addressing the various challenges associated with the soaring mealie-meal prices and other essential commodities that the country was facing.
Speaking at the same function, Education Minister Geoffrey Lungwangwa urged MMD party members to explain to the nation the various development programmes that government has and was implementing.
Professor Lungwangwa said there is need for the MMD party officials to play a leading role of explaining to the people of the various government programmes that it has and was implementing.
He further disclosed that government through his ministry has from 2006 to 2008 spent over K600 billion on the construction exercise of modern high schools in the country.
Professor Lungwangwa also disclosed that over K200 billion has been spent on the procurement of school learning materials adding that a total sum of K31 billion has also been spent on the procurement of vehicles for the District Education Boards (DEBS).
Meanwhile, Agriculture and Co-operatives Minister Brain Chituwo said government through the Food Reserve Agency (FRA) will in the next coming two months offload 60, 000 metric tones of maize.
Dr Chituwo said the move taken by government to offload 60, 000 metric tones of maize was aimed at addressing the challenges associated with the escalating prices of mealie-meal in the country.
And MMD District Chairperson George Kangwa appealed to government to address the soaring prices of mealie-meal in the country.
ZANIS/TK/ENDS
all i see is blubber. |-)|-)|-)
The man in the picture looks like he is at gun point! :d
LT LEARN TO CUT DOWN THE ARTICLES TO WHAT IS IMPORTANT, THIS ARTICLE IS BORING AND GEORGE KUNDA SEEM TO BE THINKING IN BEMBA AND SPEAKING IN ENGLISH. WHAT A VICE PRESIDENT, HE IS BETTER OFF A POOR LAWYER IN NDOLA’S MASALA COMPOUND. :o:o:o:o:o:o:o
:d:d:d:d numebr 3
walk the talk
Tear up your empty speeches, pull up your sleeves, spit into your palms and get on with the hard work to save our country from going down! This is your job. Do it now!
TOO MUCH:)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):)):))NO ACTION
First of all the govt should not buy into the current economical glabal crisis as a profound contributing factor to the current state of the Zambian economy. for a long time the Zambian economy has been in the doldrums and and so the global economy should not be used as a foctor to the poor perfomance of our economy. For example we don’t need any forex to produce maize in Zambia but look at the current price of 25kg bag of maize meal. Mr Kunda… our Veep you just dont wake up and open your mouth to tell people to grow more food. It takes empowering the people to grow food to feed the nation. What need currently is to go back to the drawing table and fourmulate long term plans…
Stop telling people liars Bane we know you’re just babolala how do spend such a huge amount of money on schools without any change on schools?they are just the same with broken desks, windows,teachers are still poor and the inflastructure is still the way it was 10-15 years ago.Shame on you :o:o
2. Anonymous
For sure, he’s staring in face of a gun! Don’t you see that he has already started campaigning for 2011 instead of sorting out problems. It appears they are good when it comes to rigging elections & preparing to rig rather than put up sound developmental plans.
From the way this Govt is talking it seems like Zambia is the worst hit with the Economic Global crisis in the world,from their apeeches it seems even America where this economic crisis started as a result of the housing market is not as badly hit as Zambia. When you listen to them you will think Zambia is the worst hit, please do not use this crisis just fulfill your election promises then we can determine who are the men and who are the boys. God bless Zambia.
sorry meant speeches in line 2. God bless Zambia.
Reduce size of Cabinet to half.
Price of Petroleum too high
Zesco tarif too high
george kunda speaks in capital letters. bank of zambia released US$5m on the foreign exchange market to stabilise the kwacha. i thought that was change for some economies.
Not another lawyer pliz. This country has been at the mercy of lawyers and they have messed it up.
Exactly how is Zambia Affected by the Global financil crisis? Will Zambia’s mining revenue, that most ordinary Zambians do not enjoy be much less than it is?
Please!! Stop waving the Credit crunch in our faces as a reason why you can not deliver what you promised before the elections…You simply did not have a plane and you do not have one…
Iwe Chi Chituwo, people need food today, NOW! they are starving not next month. Why not offload maize now, why wait for next month?!!
Mr. Red Lips, SATA told you to cut on Expenditure starting by reducing the Cabinet. No need for 3 ministers in one Ministry.
Tell us what have you done to cushion the Economic Cricis.
Stop yapping :)):)):)):)):)) Mr. Big Mouth. People need ACTION. WHERE IS YOUR BOSS? NYAMA SOYA? ZAMBIANS want to hear from him
Hey,i wonder how we can mitigate such a global financial crisis in Zambia when even the veep himself & the president are always on the move throughout the country talking of nothing but nonsese.These trips are very costly interms of allowances, fuel costs, etc. Everyday you hear RB is here tomoro there Kunda is there together with their ministers who even have nothing to tell people. I mean its a total waste of tax payers money.What we need are solutions to the problems the country is facing now.Look, Luanshya is dead now and you will soon be moving there with you full stomachs to go and talk to people that are not only hungry but also no hope for the future.Zambians lets stop this MMD
Its simple economics folks, no country is immune from the effects of he Credit Crunch. If the government’s policies were already so poor as to commit the country to economic misery before the Crunch, then the ensuing consequences of the the credit squeeze will only compound the problem further. That is a fact.
ts simple economics folks, no country is immune from the effects of the Credit Crunch. If the government’s policies were already so poor as to commit the country to economic misery before the Crunch, then the ensuing consequences of the the credit squeeze will only compound the problem further. That is a fact.
The country was being mismanaged long before the credit crunch and recession. Life in Zambia became particularly tough from the late 90s until around 2003. The country was headed for complete meltdown but was saved to 2 events. These were;
a) the commodities bubble and
b) attaining the HIPC completion point
These events stabilised the Kwacha and helped reduce inflation. At some point the Kwacha even appreciated by nearly 100%. The government didn’t understand what was going on but promptly took credit for what they claimed to be a result of their prudent economic policies. Now the cookie has crumbled and, yet again, they haven’t a clue.
“….any efforts aimed at mitigating challenges associated with the global economic crisis”, please, I am now sick and tired of this collection word’s being used in Zambia to justify failures on the part of the MMD GRZ to deliver to the Zambian masses.
Let us invent a new term out of this “global economic crisis” phrase to something every Zambian at any level can relate to such as “National Economic Crisis”.
The current MMD Banda Administration GRZ can then fight the “National Economic Crisis” just like the Mwanawasa Administration had a seemingly working Z e r o-t o l e r a n c e on corrupton fight. This I believe will be more appreciated by all Zambians so much that we have a local effect fight than appearing to be fight a Global challenge as a smal country.
I hate it Wen Zambia is saying global economic and financial crisis, Ubu ebufi nshilefwaya we have been suffering before this global whatever was mentioned!
So Kunda naba nobe you don’t even knw what global crisis means, you r just playing with wordz, Just drop this word, drop it and be honest, TWANAKA NAIMWE………
Mr. Kunda says “government has started working out modalities aimed at minimizing effects that may arise from the global economic and financial crisis”.
“resources which were meant for the event were channeled to other development programmes such as the Fertilizer Support Programme (FSP)” “The Vice President further called on Zambians to concentrate on growing more food rather than resorting to holding demonstrations saying that the escalating prices of mealie-meal prices and other essential commodities were a global challenge”.
The above quotations from kunda is utter crap. The chap drives a $150,000 and is the one de-franchising citizens by telling them not to demonstrate about mmd’s bullsh!t.
kunda, be reminded also that Zambia has ever since independence been in credit crunch. You do not live in USA or UK to start telling lies to the people of Zambia about the credit crunch. If you are honest to yourselves you should also be telling them that people still have their square meal per day. In fact the credit crunch you are talking about is mainly known by economist…
…Commoners, come to know it when things have been intepretated to them in the media.
Coming to the holding of games-I think your govt is just a bunch !diots. You don’t even know the long term benefits for holding the games? I will not dwell on this coz others have already explained to you on this topic or others how Zambia could have benefited from holding the games. Trouble is lawyers in Zambia are the most serious liars in the land.
Correction #27 should read, The chap drives a $150,000 car…
Why is it that VP is the only person talking about the financial crisis we have facing in the country as as I think that it is the work of the Minister of finance. I hope what he is saying is being looked at. :)>-:)>-:)>-:)>-:)>-
30. Havana, Cuba; Veep is in charge of Disaster management Unit which is tasked to help people in telling situations. To this end, Mr kunda is seemingly trying to justify the failures of his MMD GRZ by indicating to the nation that all problems are external in terms of Global Economic Crises.
However, most of this panic is stemming from the Undereducate’s call for nation-wide demonstrations over mealie meal prices and other peoblems affectin all Zambians.
Vote for =; for real and quality change which will address challenges due to the mismanagement of both UNIP and MMD since our independence in 1964 as we have educated men ready to deliver all to economic independence in the UPND.
:((:d
Ba veep frame ya ma goggle like welding glasses. Aren’t there frames around awe sure image builders need to do a makeover otherwise those :-b are not the business
#22-24 you are correct we should call it a National Economic crisis because of wrong policies implemented, incompetent people trying to run sectors they don’t understand and have no knowledge or proven record over,incompetent leaders failing to respond to the signs and warnings of the global economic crisis instead just blowing it out of proportion. “Pessimist see difficulties in every difficulty while Opportunist see opportunities in every difficuly”. Churchill
Obama has set up several key goals for the task force, including expanding education and training; improving work and family balance; a focus on labor standards, including workplace safety; and protecting working-family incomes and retirement security.So what power will the new task force have in shaping policy?According to the transition team, Biden and other members “will expedite administrative reforms, propose Executive orders, and develop legislative and public policy proposals that can be of special importance to working families.””My administration will be absolutely committed to the future of America’s middle-class and working families. They will be front and center every day in
If the government is responding to the crisis, the first logical move is to stop the “useless” Presidential and VP departure and arrival escorts to and from the airports. These motorcades are a complete waste. Zambia is a landlocked country and the price for fuel is one of the highest in the world. Manandela had a convoy of 3 cars….SA, a very rich country. Is it that these Ministers have nothing better to do rather than escort, wave at and receive RB and GK or accompany them on trips, each one with a V8 Landcruiser-a real fuel monster….politicians be serious, we are tired of jokers and clowns runnig the country.
contd,our work in the White House,” said Obama in a statement. “And this Task Force will be one vehicle we will use to ensure that we never forget that commitment.”And in line with the Obama team’s pledge of full transparency, the task force will issue annual reports, available online to the public.”There is going to be real significant investment,” Biden said. “Whether it’s $600 billion or more, or $700 billion, the clear notion is, it’s a number no one thought about a year ago. The single most important thing we have to do as a new administration — to be able to have impact on all of the other things we want to do, from foreign policy to domestic policy is we’ve got to begin to stem thi
contd,stem this bleeding here and begin to stop the loss of jobs in the creation of jobs,” said Biden, who also said he had spoken with members of Congress from both parties about a new stimulus.The officials said Obama is increasing his goal from 2.5 million to 3 million jobs over the next two years after receiving projections early this week that suggest the recession will be deeper than expected. source CNN.This is what we call planning and forecasting, not what we are hearing day in and day out from our leaders just discouraging speeches, no plans whatever, just general statements. Plans need to be Specific Measurable Attainable Realistic and Timebound.
Luanshya Mine and Chambeshi Metals have been closed. AVMIN the first owners wanted to buy Baluba in Luanshya for their feed (Chambishi) but GRZ thought otherwise.
The Japanese government has increased by 23 trillion yen ($255bn; £171bn) its stimulus plan aimed at re-launching the country’s economy.More than half the amount will be used to bring stability to the financial markets, said prime minister Taro Aso.
The new economic plan comes after a 27 trillion yen package in October. Source BBC.
This is what competent Governments are doing, strategic planning and action, not just blaming external forces, issuing blanket statements and then diverting attention by starting to campaign for the 2011 elections. What do they take Zambians for?
#3 Shimaster. Point of correction……….George Kunda is not BEMBA. Thankyou
CHIMONENI PA MENSO KWATI CHILE NYA AMA SUSHI
ATI VP VP 8-x8-x8-x
I do not like the above picture.LT please find a good picture coz i feel ashmed to look at it.could somebody help me with how to get tubantu on the blog.sorry i majored in tamanga.
:d:”>
:”>:d/:x:d/:d/:d/:d/:d/:d/:d/:d/:d/:d/:d/:d/:d/
Good morning everybody, how were your weekends?
The economic crisis that has hit us a country needs action. Some mine owners are in a hurry to close the mines all because they want to siphon the money to their countries, Copper prices have high and started going the last 2 months. sURELY serious companies come up with strategies to cut cost, by retrenching some of those expatriates who are getting K50 MILLION per month, why retrench the poor Zambian worker who gets a paltry K1 million per month.
sOME these so-called infestors are not serious because its not like copper is no longer being bought?
To the government please reduce fuel to help the mines cut on production costs and some taxes can be reviewed in order to maintain the jobs.
I have looked at people make their comparisons as we look at the effects of the global crisis.
Some have either the courage or the lack of understanding to say that the global crisis has little or nothing to do with what Zambia is going through. To them reduction of global prices for copper from $9,000 to $3,000 means nothing.
Some are to trying compare Zambian government to the actions that western government and strong economies like Japan are making, such as injection of $700 billion into the financial sector, various financial rescue plans in Japan and Euorope, including China.
They dont know or pay neglegence to the fact that Zambia’s reverves are only at $1 billion, while….
#48 cont’d..
Zambia’s reverves are only at $1 billion, while these developed countries we are trying to compare with have so many trillions of dollars in reserves such that removing a $700 billion is very little impact on the general financial security picture. Now while you try to make these financial action comparisons by various govts consider this: Zambia’s total reserves – $1bn; USA’s reserve FRACTION spent on one sector $700bn, USA total reserves $???? trillion.
Now, when I look at the picture above, I wonder whether some contributors do so after analysis, or they will do their analysis later.
Remember, Chiluba and SATA left this country in a hand to month arrangement, no reserves.
They have failed to pass the benefits of the reduction of the international oil prices (straight forward issue. What nonsense can they give zambians from the comlicated issues of the global crisis. God is seeing all this circus and i do not think that he delights in leadership that want power but are hyenas without a plan(CHIMWI NO PLAN). These MMD gus are actually HYENAS. To hell with your lies!
That man in the picture above looks so siiiiick! alelanda ne nsala pamenso and why is he crying! pliz give us the National Agenda! :-\”:-\”:-\”:-\”
#49 cont’d..
Most of the problems today, even before we look at the effects of the global financial crisis, are problems left behind by Chiluba, SATA and their collegues who killed industries during their 10 year rule period. They also brough trade imbalances between the local firms and foriegn vendours, giving more incentives to foreign companies disadvantaging our locam firms. Today, realising their mistakes, they want to look smart and try to blame all this on the current regime. Yes the current regime has its own weakness but it is immoral for SATA after ruining the country for 10 years, then he turns round and starts blaming all on Mwanawasa, let alone this current govt.
# 52,48, 49, ## its good to call a spade a spade, a spoon a spoon and so on. i dont know why you always reffering to SATA Chiluba and very much come out protecting this dull regime. Here whether sata or chiluba ruined the economy with their IMF-World bank unworkable theory it does not matter. What we are dicussing here is how the econmy of Zambia can be rescued from these vultures whether Sata chiluba or nyama soya. You also are agaist us comparing Zambia to USA Uk china, Japan etcc. Fine really you have litle knowledge of economic development. learn from this. These countries economic growth rates have been diturbed by this crisis. In other words, their growth is going down and if they
53 CONT’s
cant do change policy to corect the situation then their economies would continue sliding down. Example Investment is key to economic growth, if you give a small push to ivestment the econmy grows. This is what these countries are doing. They are putting in this investment so that the growth rates of their econmy come back to their original rates so that the economies start growing at the balance path again. This is done in any type of econmy, whether small or big. The same principle will work. if you get this you will understand why the IMF and world Bank have told you that you need investment in your zambian economy. this ivestment would be either foreign or local. But I
Somebody tell me please, I want to understand honestly.Why is government failing to reduce the pump price of fuel. I cant understand. I cant I mean I cant.
#53. Kambongolo,
I have no capacity to protect anyone. If this government is failing I will say they are failing.
If SATA and Chiluba failed I will tell you they failed. But I will not blame ‘X’ for what ‘Y’ did. Yes I can tell ‘Y’ to clean it it on behalf of ‘X’ when ‘X’ is no longer in picture.
Now, why do I refer to the past, i.e. Chiluba and SATA? Simple, if you dont understand what went wrong, how and why it went wrong, you will not know the way forward.
Comparison, I can never be against and logical comparison. What I wonder is how someone would want to compare actions being taken by USA to Zambia. I have told you Zambia has little or nothing in reserves while US has trillions.
54 Conts for fine
preffer local investment. Now fine look here, Zambia is a small economy thus it does not need the $700 billion dolars the USA is bailing out no. This 700 billion may be its just 5% of the USA GDP. Thus there in Zambia a bolst of 5% of the Zambian GDP will do the same wandors as the USA 5% GDP investment. Thats why we are saying the govenment can give a push in investment so that it will bring back the growth rate of the economy back to its balanced groth path
So what matters is policy change. We are telling the govt to have good policy which will be favourable to economic growth. Not what your silly and baseless analysis of Chiluba and Sata useless and Nyama soya
57 conts for fine
your boss better. No fine…grow and understand what is at stake ok. understand econmic growth dear, you will not be cheated by politician. We know what we are talking about. Evry econmy when it strays away from its Balanced growth path, policy is very vital to bring it back.many countries as we are in this crisis, they are taking reinvestment as the push towards original balanced growth path. Zambia’s econmy has strayed away from its balanced growth path, so govt should work hard to find a fitting policy to bring it back. Thats why we are telling nyama soya not to sleep but work.
I REALLY FELL SO SORRY FOR YOU FINE.
#56 cont’d..
If America takes certain steps out of their reserves, how are we going to take the same steps out of no reserves.
That is where logic does not agree. why not compare countries in similar level of reseves who may have taken better steps than you; that is more logical to me.
Chiluba and SATA did not create reserves, am glad Mwanawasa did something and we now stand at $1bn, but this is nothing.
Blind comparison caused Chiluba, SATA, Penza and friends to ruin the nation. If UK privatised and their economy picked, why do you want to do exactly the same, when you know that UK sold to its nationals who later ploghed back the profits into the economy, yet Zambia sold to foreiners.
bloggers let me work now will chat late.
bye for now…i love you all but i will correct where you are wrong.
Good day
Sorry bloggers,
I want just you to junge me and FINE. Who is talking reality and sense. Please analyse our arguments with idependent mind.
Thanks.
:-w:-w:-w:-w:-w
57. Kambongolo
Who told you govt is not encouraging investment?
I think you have been missinformed; that is why you talk like you dont understand the topic under discussion.
If you are not able to see that since Chiluba and SATA left govt their has been tangible encouragement of invstment, then you may have not way of being helped. You need to be informed first before you can put up arguments.There is no logic in you thinking that you should only see investment if it moves at the same pace as USA.
Zambia is not only a small economy, but also one which was totally ruined by Chiluba and SATA. Careful steps need to be taked, not the hurry and excitment displayed by Chiluba and SATA.
#61. Kambongolo
Whether you appeal to them or not bloggers will always judge you.
SATA and Chiluba, with the help of Penza, wanted to be like UK in one day.
Out of excitment they did what UK did without looking at the economic environment Uk was in compared to Zambia.
They did not understand that growth does not come by privatisation but by investment and re-ivestment.
Locals in UK who bought the firms injected back all profits into the economy, while foriegners in zambia who bought the firms took away all profits, and later they themselves left.
Dont compare things without understanding. I will never join U in blind comparisons. Let Zambia learn from others but take its own steps.
That is why we needed Sata for president, him not being educated he wouldnt have known that there is a global financial crisis. So he would have just worked his @rse off thinking that its all his fault.
Is that a redlipped snake Roy Clark wrote about in one of his Thursday editions? He totally loks like a rebel.
UK sells its firms to locals, Zambia sells its firms to foreigners; guided by Penza, SATA and Chiluba thinks they are doing the same thing.
Uk’s locals plough back the profits into the economy, in Zambia foreigners take out the profits to their countries; SATA and Chiluba still felt they were doing fine.
It is not about doing what others are doing, but learning from what others are doing by critically analysis and carefully relating to you own economic strength and environment. Then filtering what is workable and what is not workable; devising your own strategies and plans based on you environment.
Lifting universal/standard models for Zambia could be deadly;
22. Kwikuta Kwa Mpombu
That is all U can say?
The calture in Zambia is very bad.
Everyone wants the goverment to develop the economy.
When an Ethiopan/Somalian gets a K20 million he will buy a block making machine and employees a number of zambians to be doing work for him.
With the same money, the first thing a zambian will think of is visit ‘autorec’ to buy a second hand car.
When the Somalian’s business grows and he diversifies the Zambian turns to the govt and says they only support the foreigners.
Yes there are cases where policies are biased, but there is much available to Zambians to do which they dont do. Priorities are misplaced in most minds of Zambians.
maybe the solution is to devalue the kwacha to its realistic level so Zambia is not one of the most expensive places to live. The zambian bubble will burst big time. With the economic base we have , you can not want to compete pricewise with established powers, how can K760 = 1 chinese yen, which is just like 1 to 1, come on, china is an economic giant, how can the Zambian kwacha be the same as the chines currency. I do not understand.
With a weak kwacha, tourists will flood in, zambias exports though bring in less, will attract more coustomers.
maybe economists can comment on what effects devaluing the Kwacha will have.
IT IS NOT DIFFICULT TO WORK OUT THAT ZAMBIA NEEDS TO GROW MASSIVE AMOUNTS OF FOOD…THAT IS THE WAY OUT..FORGET ABOUT MINING…THE WHOLE WORLD NEEDS FOOD!!!..AS POPULATIONS RISE THE WORLD WILL NEED EVEN MORE FOOD!!!..ITS NOT ROCKET SCIENCE!!!!..
#66 Fine!
What you have said about Zambia’s privatisation reminds me of ZANACO. Whereas most of the companies that were privatised by before were so big that Zambians dared not bid for them the opposite was true for ZANACO. Some very credible Zambian bankers with local and international experience made serious bids for ZANACO but government instead gave it to Rabobank at $8M for 49% only to later sale a 25% to the Zambian public for $40M. This is not the kind of leadership that would see us through a global recession without ghastly consequencies for most Zambians. I think the MMD government from 1991 to present has proved very costly to Zambia. Too many mistakes have been made.
Ba Kunda. What are these measure Govt has put in place. It’s not enough to just say you have put measures in place. Tell us what they are.
#68 Shushushu
Zambia is a net importer which means that we would suffer by devaluing the Kwacha. The Kwacha has recently depreciated as a result of the fall in exports by value caused by lower copper prices. This has had a negative impact on the economy as nearly everything we consume is imported. To keep up with a devalued currency, businesses will increase prices and consumers will demand higher salaries creating a vicious cycle of hyperinflation (of which Zimbabwe is an extreme example).
You economists will just make us mad. You have no solutions but theories. Go and test those theories on your house holds and come and give us feedback.
#68 Shushushu
I am not an economist but I think devaluing ZMK will devastate local Zambians. They will need salaries or income to increase correspondingly. The fact is we import a lot of things, even food. Look at Shoprite. ZMK devaluation will cause Shoprite to raise prices on all imports.
Devaluation is good for exports but we are not really an export oriented economy.
Zambia is a poor country, meaning on average, local people are poor. therefore they do not have enough money to meet their domestic needs later on save. Zambians do not have money. period.
How then can they buy companies, or invest big time. They ahve no capital and most cannot aford to pay back loans even if banks have them. Bank loans and other credit facilities play a big role in developed countries. Without it (credit crunch) economies suffer. In Zambia we do not have a credible credit system supports local business entrepreneurs. You are dead without money.
#’s 72. Rogue Trader, 74. UK-Zed Observer
tnx for the education. It is true the only salvation is agriculture and tourisim.
#53. Kambongolo, “if we can not look at past, then we have no present and certainly, we can not hope for a future.”
This is why each and every normal thinking Zambian must ask the Undereducate Micheal Chilufya Sata to tell the Nation what exactly he did in the Chiluba Administration where he served as Minister Without Portifolio to help late Mwanawasa and now RB Banda’s Administration carry on without blaming Sata’s failures.
Let Sata come to terms with reality and apologise to the Nation on his failure to implement good policies when he was part of the Chiluba MMD GRZ. Let him Sata retire gracely from politics and allow a new generation of politicians to offer educated solutions to Zed.
Zambia suffered from credit crunch for as long as I can remmember, VP has got it wrong.
Exactly how is Zambia Affected by the Global financil crisis? Will Zambia’s mining revenue, that most ordinary Zambians do not enjoy be much less than it is?
Please!! Stop waving the Credit crunch in our faces as a reason why you can not deliver what you promised before the elections…You simply did not have a plane and you do not have one…