economy
economy

The FDD has advised Ministry of Finance public relations officer Chileshe Kandeta to stop playing politics with the country’s rating by Moody’s but that he should concentrate on giving the public and accurate information.

Commenting on a statement issued by Mr. Kandeta on the recent negative economic rating of Zambia by Moody’s, an international credit rating agency, FDD Spokesperson Antonio Mwanza called on Mr. Kandeta to stop deceiving the country that rating companies needed permission to assess the country’s economic outlook.

He noted that Moody’s was a reputable and internationally recognized rating agency which does rating on every economy in the world including the USA and their assessments are based on facts and professional analysis hence Mr. Kandeta as a professional himself should give accurate information to the public.

“It is totally wrong and unacceptable for Mr Chileshe Kandeta to be playing politics with the country’s credit rating by Moody’s. Mr. Kandeta should be giving the public accurate data no matter how bad the truth is. To try to rubbish Moody’s down grading of Zambia’s economic outlook from positive to negative and say that we should as a country ignore Moody’s assessment just because they were not consulted and not solicited for to comment is totally misplaced.

First and foremost Moody’s as a rating agency does not need permission from anybody to do an assessment of the economy. This is a renowned and internationally recognized rating agency who do ratings on every economy in the world including the the US, China and the rest of Europe. They are a reputable agency that every world economy looks up to because their ratings are based on facts and professional analysis and we expect professionals like Chileshe Kandeta to give the public accurate and unbiased information.

To try and rubbish Moody’s and justify it by using Standard & Poors Mr. Kandeta is actually shooting himself in the foot” continued Mr. Mwanza “when Moody’s does an upgrade of our country’s economic outlook Mr. Kandeta is the first to issue statements quoting Moody’s is but because the opposite has happened his position on the same agency has changed.”

Mr. Mwanza observed that the assessment by the rating agency was in tandem with the realities on the ground.

“What we want to say as FDD is that the assessment by Moody’s is in tedium with the current economic realities on the ground. In fact we don’t need any international rating agency to tell us that our economy has collapsed. The failure by many families to secure three meals a day, send children to school, the laying off of workers, the growing debt, the failure to pay farmers, lecturers, retirees and contractors is enough evidence that our economy is in trouble. The Bank of Zambia has been telling us that we are in trouble because we are spending more than we are earning, that Zambia has projected deficit of up to 20 Billion Kwacha. Our trade deficit is at its highest. The Government’s balance sheet is negative and it is increasingly difficult for this Government to pay its dues.

The Kwacha has plummeted in the last quarter, losing 41% of its value making it the worst performing currency in the world.[/pullquote]

The Kwacha has plummeted in the last quarter, losing 41% of its value making it the worst performing currency in the world. The cost of electricity, fuel have all gone up. Companies are cutting down on production by 40 to 60% due to the critical power shortages, mines are laying of workers, copper prices are down and the cost of doing business is at its highest since independence so its common knowledge that Zambia’s economy is crumbling even paying salaries for civil servants is becoming difficult that Government has to borrow money from somewhere and announce to the whole world that they have managed to find money to pay salaries to civil servants and Mr. Kandeta has the audacity to rubbish Moody’s,” he said.

Mr. Mwanza challenged Mr. Kandeta to tell the nation what his Ministry of Finance is doing about the plummeting Kwacha which has hit K11 against the Dollar and what economic fundamentals are being put in place to arrest the kwacha’s free fall.

Our President Edith Nawakwi warned that injecting 120 million US Dollars of kaloba to stabilize the Kwacha was worse than gambling at a casino in Las Vegas but they rubbished her advice and called her names.

“Our President Edith Nawakwi warned that injecting 120 million US Dollars of kaloba to stabilize the Kwacha was worse than gambling at a casino in Las Vegas but they rubbished her advice and called her names. She told them that before thinking of injecting money in the economy there was need address the economic fundamentals that have plunged us into this economic abyss but they didn’t listen. Now just as she predicted 33 days ago the Kwacha is at its lowest and will hit K15 to a Dollar before 2016. Our challenge to Mr. Kandeta is that he tells the nation what his ministry is doing to arrest the free fall of the Kwacha instead of playing politics over Moody’s.”

Meanwhile, the FDD has condemned the chartering of a private jet by Government to take Republican President Edgar Lungu to New York at the expense of poor Zambians and economic hardships in the country.

With all these economic challenges were we are failing to pay civil servants we have a President swimming in luxury at the expense the masses who are failing to have a single meal.

“As FDD we are actually surprised that amidist all these challenges we have a President hiring a private jet at a colossal sum of 300,000 US Dollars to go to New York. With all these economic challenges were we are failing to pay civil servants we have a President swimming in luxury at the expense the masses who are failing to have a single meal. The problem with Edgar Lungu and his PF Government is that they are not patriotic. Their philosophy is that this is their turn to eat. That is quite immoral to say the list,” Mr. Mwanza noted.

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26 COMMENTS

  1. Everything i.e. GDP, Interest rates, exchange rates, unemployment, poverty, prices of essential commodities, etc are now worse! The kwacha is now at K11.56 per US$. Our economy has collapsed under the PF. PF will not ran away from this responsibility of destroying our economy.

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    • Kekekekekeke but Antonio will make PF impotent, how can they even have an erection in that sad mood?
      Look the way FDD draw line on graph: WHERE WE SHOULD HAVE BEEN TODAY

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  2. Using anger, in bemba ati ichifukushi nangula ubukali, will not solve the current economic situation ba Kandeta! Nimwe batuleta kuno nomba, Dollar at K12 and still falling. Where have you brought us ba Kandeta and where the F are you taking us??! Very soon twalyamba no kulomba salt, nangula umuchele.

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  3. We are in the 21st Century, people. It will not help any politician or their supporters to play politics with anything of economic and social value to the population. Let’s address our deficiencies, and work towards mending what appears to be a leaking bucket where a broken tap is spilling into…

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  4. No wonder politicians are busy insulting each trying to uproot each other. K576.6 million was released for salaries to pay the entire civil service while K3 Billion was used to charter a plane fora few politicians. Guys I mean this is about 5 months of civil servants salaries

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  5. @MJ Banda, the kwacha has reached 13 to a dollar, in fact over 13. Stop burying your head in sand. Ine mu 2016 uukavotela fye PF kumufyonona

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  6. What happened to leaders who would galvanize their people, call a spade a spade, pick up the spade, start digging & lead their people to the next level.
    What would happen, with these denialists, if Angola were to attack us. They would probably be telling us the shells dropping on us are a curse from some god that will go away when we meet for an overnight prayer gathering.

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  7. I’m not at all worried with what is happening in the country, because we knew what we were voting for. There was confusion, no direction, chaos, ifi mfulunganya, ulubuli, pandemonium etc in PF prior to the elections which we all saw and turned a blind eye and you expect PF to change. What is happening is a lesson to all Zambians to realise that we have the power to decide our destiny through voting. Lets look at the calibre of the person we want to vote for otherwise we will be consigning our country into doldrums
    What is annoying is the fact that the minister of finance, Boz governor and ECL are not showing any leadership by atleast holding press conferences explaining to people what they are doing to alleviate the situation. If we think we have seen the worst, we are kidding…

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  8. Let’s all observe a moment of silence, for the Late Zambian Kwacha whilst the leader of the Kaponyas has the audacity to hire a plane and take cadres and some silly musicians to New York on tax payers money. Foolish president. Zambians are paying dearly for the mistake made in January this year. Chikwanda is as blind as bat take out during broad daylight, one wonders how wise Lungu is to ever. Maintain Chikwanda in this day and age.

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  9. We are paying dearly for keeping these morons in power! Lungu the traveler fool is ever in the air, making money through allowances and the country in free fall. He’s comfortable

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  10. To charter a plane for 300,000$ is very unreasonable especially with the way the economy is performing ati “kasumba kake lamba” whilst they don’t wear belts. Bushe is it a must that every head of state has to go? It’s like going for a holiday ninshi panganda Palinsala.

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  11. Then you want investors to rely on Moody’s Credit rating on hand when you want kaloba and rubbish it on the other? Malabishi..

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  12. I worked with you Nawakwi in FDD under General Tembo and i know just how unproductive you are. My friend supplied you hogs last year and it took you almost 4 months to pay…you cant manage your finances in your own house and how can you manage the whole country? Just keep on dreaming,,,,,you and your cohorts HH,Kabimba, Mumba etc..

    2016 vote PF (Edgar)

    i thank you

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    • @”Katondo boy” just inform us how you clowns intend to work out this epic economic disaster. If you have no solutions or ideas like the rest of your fellow clowns in PF, then zip it up and just enjoy your share of the loot before the Zambians wake up from their slumber.
      You clowns need to own the mess and start working on solutions.

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  13. it looks like the all the opposition parties are having the best time of their lives…..but guess what 2016 we are doing it again

    2016 vote PF (Edgar)

    i thank you

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    • @”Katondo boy” this is no time to show your juvenile delinquency. The subject Matter at hand is critical, your name calling and shaming is not what we expect to hear from you and your delinquent cohorts in government. For your immaturity all you can think of at this critical moment is more political power and greed. Grow up already!

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    • Yes 2016 you may do it again thanks to the illiterate and ignorant who make up the bulk of Zambian voters. In proper countries a party made up of mostly clowns like the PF cannot even be allowed to be close to the corridors of power. Thank God Zambians are used to being duped by politicians and are immune to suffering anyway.

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  14. @ “incognito ” relax my dear friend Hon Lungu is in control…..Lungu is working overtime for Zambia….so just calm down things will be ok

    2016 vote PF ( Edgar )

    I thank you

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  15. How can you inject US $120,000,000 of borrowed money to stabilise the kwacha without considering its consequences. This is the worst economical insanity I have ever come across since the creation of the world. Where are the so called Fred Yambas, the Danny Kalyalyas to advise the Govt or are they just too scared of the loud mouths of PF’s Mumbi Phiri, Chishimba Kambwili and Davies Chamas of this world.

    Time will tell but things are pretty badest.

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