Government says the Zambian economy in 2014 remained strong with preliminary real GDP growth of six percent making the country the seventh and tenth fastest growing economy in sub-Saharan Africa and the world respectively.
Commenting on the state of the economy in 2014 in a statement released to media in Lusaka today, Finance Minister Alexander Chikwanda said the performance of the Zambian economy in 2014 has been consistent with government’s ongoing vision of transforming the country into a middle income prosperous nation.
Mr. Chikwanda noted that the positive performance of the nation’s economy was largely driven by the agriculture, manufacturing, construction, energy, transport, communication, and the financial sectors.
Below is the full Report
Ministry of Finance
THE STATE OF THE ZAMBIAN ECONOMY
Tuesday, 30th December, 2014
Country Men and Women, as we come to the close of the year, it is important that I share with you the performance of our economy in 2014 and provide my reflections on the outlook for the economy in 2015 and in the medium to long term.
MACROECONOMIC PERFORMANCE IN 2014 AND OUTLOOK OVER THE MEDIUM TERM
Growth in 2014:- The economy in 2014 has remained strong with preliminary real GDP growth of 6 percent; making Zambia the seventh and tenth fastest growing economy in sub-Saharan Africa and the world, respectively. This is consistent with our ongoing vision of becoming a middle income prosperous nation.
The positive performance was driven by agriculture, manufacturing, construction, energy, transport, communication, and the financial sector. Preliminary data shows that mining is expected to contract on account of operational challenges at some localities during the year under review. Considering that growth has been driven by non-mining sectors, this is clearly a reflection of the Government’s relentless efforts in diversifying the country’s sources of growth, income and employment.
Going forward, it is the intention of the Government to continue with policies and strategies that will further consolidate the diversification of the economy, and in the process ensure resilience to any adverse external developments, such as those associated with volatile copper prices.
Growth in the Medium-Term:- Over the medium term, 2015 – 2017, real GDP growth is expected to escalate to an average of 7 percent principally as a result of increased agriculture production, electricity generation, construction and growth in transport and communication. For the long-term, it is the desire of the Government to sustain and increase this growth trajectory to double digits in order to ensure greater impact on poverty reduction, particularly in peri-urban and rural areas.
Some economic analysts have been raising concerns over the outlook in the mining sector. There is no cause for alarm. As Government, we are confident that working in collaboration with mining companies, the concerns will not be insurmountable as they will be resolved with reciprocal amicability.
Let me say a few things on two major concerns.
(i) VAT Refunds
The Government remains committed to resolving the matter of VAT refunds to mining houses and other sectors. Movement on this issue has been delayed on account of the court actions which some mining companies have instituted. Our hope is that we can still resolve this matter in a manner that is mutually beneficial for both the country and mining companies.
For 2015, we have made provisions to cover normal VAT refunds as well as dismantling prior claims where sufficient documentation is provided.
(ii) 2015 Mining Tax Regime
Following the approval of the 2015 Budget and in particular the new mining fiscal regime, Government fully recognizes the reported concerns by some mines. Consistent with the desire to grow the economy, create jobs and alleviate poverty, Government will within the framework of the existing statutes engage the concerned mines, upon presentation of the likely adversity on their operations.
This will be with the view to coming up with a common position that will ensure profitable continuity of operations at the respective mines while taking due consideration for the Zambian people to benefit from their natural resources. The current tax structure is a final tax that has replaced the profit based tax, which was largely illusory and disadvantageous to the country.
In this vein, let me stress Government’s commitment to dialogue with mining houses as may be appropriate. I am confident that the concerned mines are exploring ways of resolving those issues that are within their ability. These are the tenets of running mature businesses anywhere in the world.
FISCAL POLICY
The Government in 2014 made progress towards fiscal consolidation. Our assessment of the deficit in 2014 indicates that it will be contained around 5.4% of GDP, a rate lower than the 6.5% of GDP registered in 2013.
For 2015, the projection is an even lower deficit of 4.6 percent, while in the medium term; the Government will reduce the deficit to around 3 percent of GDP, in line with the policy of promoting the availability of capital for private sector growth. The reduction in the deficit will be firmly anchored on continued re-alignment of expenditures to priority areas such as infrastructure, improved public service delivery, and rationalizing the Government wage bill to forestall structural imbalances and deformities. Recurrent expenditures of up to 70% largely emolument and emolument related cannot be a recipe for country-wide sustainable development.
Further, the Government will continue with reforms to the public pension system by implementing broader reforms and undertaking revenue administration reforms to enhance tax collections with the view of attaining higher domestic revenue. It is noteworthy that the expenditure and revenue strategies over the medium-term will moderate Government domestic borrowing. Reduced domestic borrowing by the Government will contribute to lower lending rates and in turn increased access to loanable resources for the private sector, particularly SME’s. The Government recognizes the importance of increased access to affordable credit by the private sector as it leads to increased investment and growth of the economy as well as job creation.
Through the Financial Sector Development Programme, efforts are underway to not only improve financial inclusion among the unbanked citizenry but also to ensure innovative and affordable credit for productive business ventures at every level of entrepreneurship across the wide expanse of our country. Clearly, our fiscal policy is grounded on strong fundamentals.
DEBT AND DEBT SUSTAINABILITY
The Government takes the issues of debt sustainability very seriously. For this reason, we undertake a periodic Debt Sustainability Analysis (DSA) to establish the sustainability of the country’s debt and to evaluate our capacity to service both external and domestic obligations. The last DSA was conducted in June 2014 and the full report is ready.
Total public debt is in the order of 32 percent of GDP, a level that is below the internationally accepted threshold of 40 percent. Our external debt as at end-September 2014 stood at US $4.7 billion. In net present value terms, this represents 17.6 percent of GDP. The domestic debt as at end-September 2014 was at 13.6 percent of GDP.
There is no room for complacency and euphoria. To this effect, the Government will continue to restrict borrowing to ensure that our debt sustainability is not compromised. The Government will also continue to undertake periodic DSA’s to establish the sustainability of the country’s debt. We will also continue to inform the public on the debt situation to ensure that there is no circulation of market harmful information by pessimists.
MONETARY AND EXTERNAL SECTOR DEVELOPMENTS
Inflation:- We had set an inflation target of 6.5 percent for 2014. The outturn for annual inflation in 2014 has been recorded at 7.9 percent. Part of the pressure on the general level of prices emanated from the depreciation of the Kwacha, especially during the first half of the year. Going forward, the Government will endeavor to contain inflation within the low and single-digit range to ensure that business planning and forecasting is not only credible but also resilient.
Exchange Rate:- Regarding the exchange rate, the trend this year has been towards depreciation, especially during the first half of the year. Some measures undertaken by the Bank of Zambia have led to relative stability of the currency. This was complimented by the Treasury that has been monitoring the level of balances in the banking system. Going forward, the Government will continue to monitor exchange rate developments to ensure stability as continued tight liquidity conditions may overtime harm the economy.
Interest Rate Developments:- We have noted that credit conditions have generally remained supportive of economic growth. For the year to September 2014, domestic credit increased by 14.8 percent. Government however, remains committed to ease liquidity conditions in the financial sector once relative stability in the exchange rate has been attained.
Trade and Current Account Balance:- Preliminary data indicates that by the end of 2014, the country will have recorded a surplus of over US $1,459.9 million on its merchandise trade. While a current account deficit is projected for 2014, we are, however, confident of a significant improvement in the external sector. The projected deficit is largely on account of lower copper prices coupled with reduced non-traditional exports (NTEs). Subdued global demand for copper on account of lower global economic prospects explains the low copper prices and subsequently, the weaker export earnings.
The lower NTE’s have been largely on account of stronger domestic demand for some key export goods such as cement and fabricated metal products. This increase in domestic demand is a testimony of the growing domestic economic activities in areas such as construction and energy, which as a result, have facilitated creation of the largest number of new jobs for our people. In this respect, as the diversification drive takes root and export firms increase output to meet both domestic and external demand, we expect NTE’s to rebound and continue to significantly contribute a larger proportion to export earnings.
Foreign Direct Investment Flows:- Investor confidence continued to be strong in 2014. Evidence to this was re-affirmation of the country’s sovereign credit ratings at a ceiling of B+ coupled with the continued rise in FDI inflows. As at end-September 2014, FDI inflows were US $2,231.5 million, 6.3 percent higher than for the whole of 2013. It is worth noting that the investments were broad-based covering Government’s priority and growth sectors such as agriculture, construction, manufacturing and mining.
Foreign Reserves:- Foreign reserves currently stand at approximately US $3.04 billion from US $2.7 billion at the end of 2013. This translates to around 3.4 months of import cover. The goal is to attain 4 months of import cover in the medium-term and 6 months thereafter.
OTHER ECONOMIC MATTERS
Relations with the IMF and Cooperating Partners:- The Government continues to enjoy good relations with the International Monetary Fund (IMF). Following the expiry of the last programme in June 2011, the Government has been interacting with the Fund through standard surveillance under the provisions of Article 8 of the Fund’s governing laws. The last review we had with the Fund was in the first half of December 2014.
The Zambian Government has continued to enjoy warm and cordial relations with other cooperating partners. We are very grateful for the support they have continued to render to the Zambian people and it’s Government.
Planning and Budgeting Bill:- In order to enhance transparency of the budget and increase oversight by institutions such as Parliament, the Government has made progress in drafting of the Planning and Budgeting Bill that we aim to present to Parliament in the course of 2015.
Countrymen and women,
As I conclude, let me indicate that the Government will continue with inclusive growth and job creating strategies through ensuring macroeconomic stability to support both local and foreign direct investment. Further, the Government will continue to pay particular attention to diversification of the economy and to support for SME’s. As it has been to date, we will continue to encourage mutually beneficial and regular engagements with investors and the private sector, with the underlying objective of accelerating growth, employment creation and poverty reduction.
The Government is committed and will ensure that the programmes and activities approved by Parliament in the 2015 Budget are effectively and efficiently implemented.
Compatriots, I thank you.
ALEXANDER B. CHIKWANDA, MP
MINISTER OF FINANCE
Lusaka
PRESIDENT EDGAR CHAGWA LUNGU has been cautious in his campaign messages. All his promises are feasible and backed by clear steps of what is being done and what the next steps are. He has a well-crafted and realistic development agenda.
2015 vote PF(Edgar)
I thank you
Those who have done research in economic development will tell you that infrastructure development with sound investment policies is the backbone to the development of every nation. However this requires painful decisions because you do away with subsidising basic consumption and this requires a legitimate and loved leader whom the people can understand.
2015 vote PF(Edgar)
i thank you
DOCKING-(MARITIME) INSTRUCTIONS
VESSEL PF-EL 2015
VESSEL PF: “requestdockingcoordinates”
DOCKING STATION:”look for nearest station and guide the ship.”
VESSEL PF:” condition preventing docking is in effect”
DOCKING STATION: “hold-position”
VESSEL PF:”recalldockinginstructions”
DOCKING STATION:”all clear approach”
VESSEL PF:”after fulfilled initial real docking condition,vessel stopped near the docking seat,depth control was used to approach while stern vertical thrusts went all out”
VESSEL PF: “all clear DOCKING NOW COMPLETE”
DOCKING STATION:” good job Captain EL and welcome to State house”
2015 vote PF(Edgar)
I thank you,,,,
Dear Hon. EDGAR C. LUNGU: PF PRESIDENT;
On behalf of all Teacher Mother Bodies & Pupils in Zambia, we are asking you to consider using your influence to reschedule the 2015 Term One Reopening Time Table for Government Schools to reduce Syllabus Coverage Disturbance in schools because of the Presidential Elections.
As Senior Academicians and Educationalists, we are suggesting that schools should NOT OPEN on 12th January 2015 but should OPEN on 26th January 2015. This is will allow teachers and pupils to cover the syllabi adequately as they will be no disturbances, because the Elections would have been over by that time.
Allowing schools to open amidst heated Presidential campaigns and elections, will not only disturb the smooth running of the schools, and will cause pupils to…
Can you how fast that economy will grow under HH next month? We will probably keep Amalume Chikwanda, for atleast a year.
Thank God he is not withdrawing too much money to Chakwa Lungu, but allowed Edgar to use Sata’s funeral money for campaigning.
Katondo Boys aka Emmanuel Mwamba ex Luanshya boys, these so called statistics do not translate to any gains for those impoverished cadres you are ferrying to Kaminamisa Lungu’s rally’s for the sake of receiving free tshirts and fitenges
Only f00ls believe what PF spews every where in the media.
Why did Lungu chicken out from the debate?
Ans: Lungu is dull and has totally nothing to defend PF’s pathetic record on Zambia ‘s economy with. He is a man without vision.
Chikwanda can lie about the glossed over state of the economy, but reality is different am afraid. Come 2015, many government workers will not get their salaries on time. Farmers will still not be paid.
BUFI BUFI BUFI BUFI BUFI BUFI BUFI BUFI BUFI BUFI BUFI BUFI.
Believe PF at your peril.
As usual.. bloggers who do not understand anything Blogging and debating things from a cadre point of view. Just the other day a certain guy posted a graph of GDP adjusted for inflation, the cadre bloggers praised it as ‘living proof’ of the PF’s failure to take care of the economy. Today a statement with figures has been released and the same cadre bloggers are saying this is a hoax, when infact Chikwanda is marely summarizing the same report were the graph was extracted from.. Amazing critics. Simply amazing
The minister has not mentioned in the internal or local retail trade which has grown by an unprecedented 1000% pushed mainly by an increase in road side and street trade. A very big achievement. I don’t know why it was ignored in this report?
Ok! We’ll come and audit the books when we form govt early next year – UPND
Actually, first scavenger off the payroll is his dinasaur who has been a parasite to GRZ bleeding since 1964. Right now there is no one who has been in Government leadership as long as AB. Get rid of this octagenarian from this Ministry and you will see positive change which transends into the grassroots not the IMF ledger!
This may be your last presentation as minister of finance. We appreciate your contribution though you mortgaged our country.
Katondo, your Lungu has already chicken out from the presidential debate!!We new it!! what can a thug do on the platform?? It only takes his fellow thugs to utter nonsense online.
Now Edgar refuses to take part in a live debate with other candiates. And ZNBC cancels the show! This is beyond ridiculous! Shame on ZNBC for stooping to such low levels of conduct. What calibre of journalism is this. We understand that ZNBC is a government institution. But government is the people; not just PF. This debate was to show case Mumba, Nawakwi, Hichilema, and Lungu. How do they cancel the broadcast on account of just one candidate? People are so afraid of losing their jobs they can’t see that they are protected by the law.
Chikwanda may have been a top economist in the 20th century but he is definitely irrelevant in the 21st. We all know why the PF brought him as Finance minister. He may present a carefully worded ‘state of the Zambian economy statement’ but the damage remains distinct.
I think GBM is now having shiki Polomia
A massive thank you to the people of chililabombwe for turning up in your thousands to listen to the word of development.
You braved the rains for the love you have for our party, we won’t let you down
Ifintu ni lungu
2015 vote PF(Edgar)
I thank you
We welcome this statement without Islamic Finance guidelines under Sharia Boko Haram law.
How many countries are in the sub-Sahara region for us to find cause to be happy when we get the 11th position? You mention of depreciation of the Kwacha in the first half of the year; Why then is the DSTV more expensive now than in the first half of the year? This report is not accurate!
Just an old F00L trying to bulsh!t Zambians AGAIN!
Tired of your old lies old man, exit in a dignified manner, not repeating more of this PF uBufi!
I like what I see … Ba Chikwanda, you’re doing a heck of a job!
Vipuba vina vimati vesetsa nyansi mwe!
Mr Mumba
You are an economist and so i think bloggers should listen from you
2015, 2016,2021 VOTE PF (Edgar)
I thank you
BrainwaveR. MumbaYou used to be smarter on ZOL. What happened to you? Was it because you had more and better hair then?
Tell me, what “good job” is ABC doing at Ministry of Finance?
Zambia’s ministry of Finance remains one of the most porous GRZ institutions in the country. You go to Rockfield in Lusaka and look at the mansions going up in that area. You have to have worked at least 30 years in government to qualify for a loan to build such homes, but little officers in ABC’s ministry own those mansions, most of them. The place is now called ku Fainansi
That is just one problem. I have bigger ones that I will presenting to HH after January 20 since MMD and PF chose to be stupd about them.
Ba Sieze Banda:
Great to be reminded of the good ole glory days at ZOL. I sure did have good looking hair then but back to objectivity … what does hair have to do with intellectual honest?
Maybe that is a little off the cuff … what does building of mansions by junior officers at Finance have to do with the kind of work ABC is doing at treasury?
Why does everything have to be seen using a political prism? If the smart people of the Zambian Enterprise elect HH next month, he will be my president and I literary have no qualms about it.
If they elect EL, he will be my president and I literary have no qualms about that too. I have no dogs in this race and I fully trust the smart people of the Zambian Enterprise to make the right decision … they usually do.
… continued, and if they don’t choose your candidate, it will be your fault … look at it as your failure to disseminate the needful to the electorate.
That’s what we did as UNIP when we lost in 1991. We self-introspected and looked at all the variable that led to our loss. One of them was political fatigue …
The smart people of the Zambian Enterprise were tired of us having occupied the presidency that long. We still have problems in my party and I am not oblivious to the fact that we can’t re-organize ourselves.
But what I hate are hypocrisies that make people cadres first and patriots second. I am a patriot first and a UNIPist second and having said, ABC has done a heck of job on all major indicators of the economy except keeping inflation in check …
… continued, I don’t know if you know what it takes to manage any economy with an absentee president. MCS has not really been there the last one and half years.
ABC has a seasoned team running things at treasury to an extend that Fitch still gave Zambia a B+ rate despite the absence of a sitting president.
Despite declining copper prices on the world stage, our balance of payments, current accounts and reserves were able to be sustained using growth from NTE’s.
This means that the economy is surely but slowly being diversified. In case you did not know, it is not easy to diversify and grow an economy at the same time.
ABC’s team managed both including reducing budget deficits while at it. Hey, that’s too much free info for you for now and if your candidate wins, good…
… continued, good luck finding your mojo because an economic engine for any country is a complicated enterprise that requires an astute as well as a high level of clairvoyance to stir it in the right direction.
There’s no single magic formula but I like what I see with ABC’s formula. If he can’t manage inflation while achieving the kind of growths he is recording, not even the sky is the limit.
I know I said earlier that I am giving you too much info but do you really understand what it means to have our economy as one of the 10 fastest growing economies in the world and you want to urinate all over ABC?
Give me a break!!! Intellectual honest requires objectivity and I see that you have none to be entertained with right now … thanks a trillion.
meant to say “… If he CAN manage inflation while achieving the kind of growths he is recording, not even the sky is the limit”
Thanks a trillion
BRM
Musokotwane weathered a global meltdown and exited office the Bill Clinton style, left GRZ with a sizable surplus. GDP was 7% strong and inflation was in single digits.
Andrew Carnegie would be the first to suggest and emphasize that the best held secret in any organizational development and management is to surround yourself with competency. I am sorry to say but Sata called failure upon himself when he put into strategic positions people based on their contribution to his ascendance to to the high office, no competency.
For instance, Kambwili, Kapata, Mumbi Phiri, Luo, Yamfwa, Yaluma, Kalaba, Nsanda, etc should not have been anywhere near the high chair. But as they say, what it takes to be elected makes it difficult to govern, Sata’s lieutenants are useless.
Ba Sieze Banda:
I am loving this … you’re all over the place when at issue here is ABC’s ability to manage our resources with efficacy, which I still emphasis he is doing, but in your quest to sound smart you bring my favorite industrialist Andy and Sata’s ministers.
Let’s start with Andy, I don’t you fully understand the veracity of his life accomplishments so a mere quote doesn’t do any justice to the cause at hand, his may be beyond our current scope.
Back to Sata’s appointments, I care squat about all of them but ABC and the other guy at Mines; they seem to have their heads screwed up right. So, spare me the gibberish … no interested in straw man fallacies.
Now, back to Musokotwane who you think did a heck of job than ABC. Here’s why he was worse than ABC…
Continued …
You cited GDP growth of 7% growth and I could feel a sense of pride while you were scripting it, but did you know that numbers are relatively correlational? You can have a 20% GDP growth but if everyone else is at 100%, your performance is horribly under par relatively speaking.
Musokotwane’s performance was horrible even at 7% because Zambia came in 40th on the world stage that year if my memory serves me right. ABC’s 6%, places him at 10th in the world and by the way 2015-17’s projections are at 7% anyway right in Musokotwane’s ally.
Now being placed 40th on world stage is not the main reason Musokotwane was a bad performer; to borrow your own word “incompetent” in book. Surpluses was! I am sure you are shaking your head now using all sorts of unprintables…
Continued …
An effective economic manager doesn’t care so much about surpluses in an expansionist mode! Let alone pride him/her in surpluses when all economic variables and indicators show you are below full employment.
When unemployment numbers were above 30%, that’s not adjusted but using full labor participation rates, Musokotwane was priding himself in surpluses.
When hospitals had no medicines and doctors were asking for equipment so people can be treated locally instead of being evacuated, Musokotwane was tapping himself on his chest boasting about surpluses.
When universities were crying for more resources for research and/or build more campuses, Musokotwane was singing surpluses on top of his voice. More like starving your own kids with millions in the bank, got…
MUBWATO EMOTULI, TAMULI MAKA.
PF HAS LEFT A LOT OF DEBTS.
“Total public debt is in the order of 32 percent of GDP, a level that is below the internationally accepted threshold of 40 percent. Our external debt as at end-September 2014 stood at US $4.7 billion. In net present value terms, this represents 17.6 percent of GDP. The domestic debt as at end-September 2014 was at 13.6 percent of GDP”.
IN THREE YEARS AND WHERE HAS THE MONEY FOR WAGE FREEZE, SUBSIDY AND FUEL INCREAMENT GONE TO?
@Senama
Do you need to ask?
PF is the only party ever to STEAL in broad daylight and not even be ashamed about it!
Can this Finance Minister Alexander Chikwanda tell the Zambian people how much taxpayers money was spent on Sata and his “Medical Tourism” please????????????????????????????
No, he is silent on this!!!!!!!!!!!!!!!!
Bushe GDP chinshi?
Life pa street naikosa but baletweba at GDP ilifye bwino.
WTF is that?
Irony is demand-deficit unemployment and poverty are increasing with expanding economic activity; no economic theory can explain this observed phenomena. Thus something wrong in the figures or the interpretation of the maceconomic indicators. Current account deficit projected for 2014 can not mean stable exchange rate; probably the reason the kwacha performed badly in the first half of this year and will continue to depreciate.
Macroeconomic goals generally accepted as desirable are: (a)low inflation rate; (b)low unemployment rate; (c)balanced government budget; (d)a positive balance of trade (-ve recorded by AC) ; (e)stable currency in international exchangemarkets.
What can Chikwanda, tell us, these are just figures on paper, Zambia is broke, Eurobond, needs to be paid, with interest, where is money, the Government is broke.
He still practices old economics, infintu fyalichinja ba Chikwanda besu, ifwe ni HH fye.
On second thought from my previous comment on a similar Article……. Why not after all the Western World wouldn’t hesitate for all we know they did business with the likes of the Islamic World 100% Muslim all for the sake of OIL! Though one has to be conscious when the PIPER demands a Blood and Head!
Too late ubwato, bwabunda,
Nowounder Vodker, had to run away, he cannot explain anything sensible . We are looking forward to the debate of real people, not chakolwas, people will post on the enter net
This is a cover farewell speech by ABC because he knows very well that he is going!
This will not do. There are lots of unexplained GAPS especially the utlisation of the collosal sums of money borrowed (more than USA$3bn in 3 years) which have been stolen.
We need a forensic audit of our funds to be done by KPMG or any other credible International Firm but NOT PwC who have problems of their own at TESCO.
RDA also needs Forensic Audit!
We want to know who broke into the offices stealing sensitive information and why everyone is quiet about this! Who is funding EL?
Good Forward looking Statements given the yr. 2014 We hope savings will start translating into the good indicators as mentioned above
Its a good forward looking statement that sets the course and removes anxiety from many individual and institutional investors giving confidence to invest in Zambia
For mining, impairment review and testing of sensitivity of royalties and change in taxing should be minimal given the quality of ores and favourable prices thereof as seen on the futures markets
Test the impairment and see the magnitude of those sensitivities and see what impact on the cash flows though this should have been factored in the cost of capital calculations in the risk by those mines and…
Don’t just criticize, show us the proof of corruption and the numbers. Statistics don’t lie they give you the picture which you can dispute if have the figures. Lets agree or disagree in a mature way.
“Where ignorance is bliss it is folly to be wise.”
Dialogue is important but let it be objective
Ba Chikwanda if the Zambian economy is so good then how come Kenya is more developed?
Kenya’s got less arable land,few minerals,less waters and a bad neighborhood but yet they beat us in development – explain that Chikwanda.
Is this meant to be a campaign message on behalf of EL after failing to appear for the debate? Jokers as usual! How Zambians will access or even understand this information??
Meant how many Zambians
ABC the debt man
HH is the 6th Republican President.
Edgar Lungu is in for a serius rode shoke.
God Bless Zambia – God Bless HH.
A response to brainless bloggers. One father in one township started getting kaloba for beer, prostitutes and repayment of kaloba. His salary remained intact for a while. The wife did not worry about rumours of kaloba. As time went on kaloba accumulated into large amounts such that he failed to pay back. The people he owed the money grabbed the house and other household property in the rainy season. Then the wife and the whole family realised the dangers of kaloba. They condemned the man but it was too late.
Meanwhile his salary was still intact just like the Chikwandanomics above.
What do you say about the Chikwandanomics above in relation to the kaloba man who maintained a constant salary at home? What do physical economic indicators show? Are we okay?
Colleagues,
Our government has performed very well,and with His Excellence President Edgar Lungu in charge, these developments will be sustained!! Viva PF Viva Edgar
As usual this is economic data that is detached from reality! The reality is that people remain without jobs, they have no disposable income, businesses are struggling to achieve reasonable sales, including small businesses, GRZ has difficulties paying farmers, etc. The other reality is that this Government missed its inflation target, interests rates are higher than expected, the kwacha is much weaker. This Government owes mining companies in excess of US$600 million in VAT refunds thereby crippling the working capital of mining companies!
YOU SHUD BE ASHAMED OF YOURSELVES. IS THIS WHAT YOU MEAN AS DEVELOPMENT IN PF? THIS IS TOTAL MADNESS BA CHIKWANDA. YOU HAVE MESSED UP THE ECONOMY AND YOU ARE BUSY GIVING US USELESS FIGURES THAT DO NO TRANSLATE INTO ANYTHING.
The same dry statistics with no implications for ordinary people.At 7% GDP growth, how many jobs are u adding to the payroll per month? Fake finance minister!