Finance Minister Alexander Chikwanda
Finance Minister Alexander ChikwandaFinance Minister Alexander Chikwanda

Government is putting stringent measures to strengthen the kwacha and maintain Zambia as a credible investment destination, Finance Minister Alexander Chikwanda told Parliament yesterday.

Mr Chikwanda said a continually weakening kwacha induced inflationary spirals which impinged negatively on the country’s economy.

He said this in a ministerial statement in response to a recent point of order raised by UPND Monze Member of Parliament Jack Mwiimbu on the Kwacha Exchange Rates.

“As custodian of public interests, the Government will take all conceivable measures to put matters right. It is a delicate exercise and balance but we will not renege on our duties,” Mr Chikwanda said.

Justice Minister Wynter Kabimba said Government would re-constitute the board members of the Energy Regulation Board (ERB) from the current 11 members to seven in accordance with the Energy Regulation Act No. 16 of 1995 with Amendment Act No 23 of 2003 which provides that the board shall be composed of seven members.

He told the House in a ministerial statement in response to Mr Mwiimbu who recently raised a point of order on whether or not Government was in order to breach the provisions of ERB Act No. 16 of 1995 to appoint 11 board members instead of seven.

MMD Vubwi MP Eustarkio Kazonga and his UPND Zambezi West counterpart Charles Kakoma wondered why Government could not notice errors made to appoint 11 ERB board members instead of seven and whether Government would ensure the new board was gender balanced.

Meanwhile, Speaker of the National Assembly Patrick Matibini has directed Vice President Guy Scott to issue a ministerial statement on the arrests of some UPND MPs in Livingstone yesterday.

This was in his ruling to Mr Kakoma who raised a point of order on whether it was in order for Dr Scott to remain quiet without issuing a statement on the arrests of some UPND MPs in Livingstone.

Deputy Minister of Health Patrick Chukusu said in response during questions for oral answers from PF Obius Chilubi that from January 2005 to December 2011, about 3,915 women died as a result of maternal related complications.

[Read 13 times, 1 reads today]
Loading...

13 COMMENTS

  1. Mr. Chikwanda stringent measures is just too general. Just state what exactly will be done don’t beat about the bush

    Mr. Kabimba i commend you for reducing the ERB board members to 7, you should also consider reducing the number of deputy ministers, some ministries have 2 others 3. Is one not enough ??

    0

    0
    • Am justing thinking loud, what could be the value of kwacha if chkwanda and sampa hand not introduced the SI on dolarization. Economists plz answer me, was it a positive or negative move by GRZ?

      0

      0
    • You should understand that a very strong currency impacts negatively on an economy. The problem with some of you is that you have very little understanding of the environment under which you live. we need to export even though at the moment we are doing very little. So a currency as strong as a pound will make our goods to uncompetitive to the outside world.

      0

      0
  2. I thought its basic economics that the production is goods and services has a bearing on the strength of the currency, unless of course govt is just printing money.

    0

    0
  3. People, Zambia is heavily dependent on imports were local people are concerned.When you look at our exports it is mainly done by foreign companies like the mines were the prices or transactions are done outside the country.The only time they are affected is when they want to pay local suppliers,salaries for workers and taxes for example.
    Now lets look at the local people who go out there to buy products or machinery to come and sell or set up businesses.These people require a lot of kwacha to get enough dollar due to the current exchange rate.If the kwacha was strong imports will be cheaper and this will enable people to afford machinery to set up quality businesses.
    So for now I would go for strong kwacha.

    0

    0
    • I support you view 100 percent. Our economy is not largely dependent on exports of finished products like Japan or any other exporting countries. Therefore, there is need to have a strong currency in order for machinery and other goods to be cheap in order to reduce cost of doing business.

      0

      0
  4. Ba Chikwanda tamwaufwako LIBOR? While some online publications are gloating over the deterioration of the Zambian Kwacha because they attribute it to the way the PF government is handling the economy the local banks are laughing all the way literally to the banks. But what I don’t understand is what is fueling the deterioration of the Zambian Kwacha despite healthy economic indicators. Libor is an acronym for the London Interbank offer rate at which banks lend to each other on a daily basis. Barclays Bank of the UK was fined for falsifying LIBOR rates going as far back as 2005. It would not be far fetched to assume that local banks are doing something similar. Just fix the exchange rate like KK did. Kwapwa!

    0

    0
  5. Kate use white suit using a short segment of small black leggings to go with Kate Moss for Longchamp Gloucester cylinder black leather bag. Gloucester cylinder handbag,Rock ‘n’ Informal – displays Kate dress type of quick, pure, but take note of small details. Inspired from the broad width edition of Division of Science and hefty metal ring using a retro wooden box, it passed out practical spirit of the retro genuine. It neatly utilization of the pure wax surface remedy cow leather in four versions with wealthy shade which adds a sense of shade. You can find classic black, pale gray sky deal and tan and Kate’s preferred vivid red, which was also decorated with zebra black cow style calf leather piping of constrained edition, reflecting Kate loving the bold animal shaped striae bile…

    0

    0

Comments are closed.