President Edgar Lungu says it is shameful that some politicians and commentators have dismissed the recovery of the Kwacha and drop in the inflation as a political gimmick which will not last
Speaking when he officially opened the sixth Zambia International Investment Forum in Lusaka today, President Lungu says no leader seeking prosperity for the masses must always programme their mind to expect negative trends in the economy.
President Lungu says no one must take pride in national failure as an opportunity to gain political success.
He has since assured the nation and investors that his administration has the full confidence in the leadership of the Bank of Zambia which is why they allow them the necessary autonomy to execute monetary policy as professionally as they can.
President Lungu says the central bank’s measured response during turbulent times of the Kwacha is now paying off.
He adds that the synergy between officials handling fiscal and monetary policy gives him even greater confidence that the country is on a recovery path.
President Lungu states that this is evident from the increased investor interest in government securities and renewed confidence in the mining industry.
And President Lungu has called on investors to partner with government in developing infrastructure such as roads,rails,hydro power stations,tourism infrastructure and others in public private partnership arrangements.
He says in order to achieve meaningful sustained development; the right infrastructure must be in place.
President Lungu has since urged investors to take advantage of the favourable investment climate and invest in Zambia.
Meanwhile President Edgar Lungu has urged the international community to harness Zambia’s investment potential and increase investment in the country.
The Head of State made this appeal when he received letters of credence from High Commissioners and Ambassadors accredited to Zambia from the United Kingdom, Djibouti, Guinea and Venezuela.
President Lungu says Zambia boasts of a conducive environment for doing business with numerous investment opportunities in priority areas of Agriculture, Tourism, Manufacturing, Energy, Mining and Water Development and other development sectors.
He adds Zambia attaches great importance to her relations with other countries, which are based on a firm foundation of mutual trust and respect.
President Lungu adds that government appreciates these relations which have played a role in positively impacting on the lives of the Zambian people.
Those who presented their letters of credence are UK High Commissioner to Zambia Fergus Obe, Djibouti Ambassador to Zambia Mariam Goumaneh, Guinea Ambassador to Zambia Djigui Camara and Venezuela’s Ambassador to Zambia Lourdes Martinez.
Does he live in state house all day? How come he doesnt know that the kwacha is already loosing value? Take time out Mr. President and see that the country has no leadership.
This is a president who truly doesn’t know anything and people mistake it for humility. He is a below average lawyer no wonder he was once debarred. His ministers and advisors lie to him and he believes them. What we have now a serious leadership vacuum
Just look at the faces of those in the audience. No confidence on their faces in the so called “great humble” leader. I’m sure he also blames himself everyday although he enjoys for starting the road to plot 1. Those are big shoes bane.
Can ECL talk policy, guide the economy, pump confidence, and show he’s in charge? No mention of interest rates, inflation and cost of producing in Zambia? WOW!
The trending being experienced by the Kwacha should be allowed to stabilize over a period of time say at most 3 months if it holds within a certain fluctuation range such as plus or minus 2% than the excitement exhibited the very day it posts a gain! Its also worthwhile if people followed and started understanding trends in world currency trading! Say what you like speaking for myself I am not yet excited that the Kwacha is making headway towards appreciation against the US Dollar!
You really ignorant. Currency will fluctuate. Zambia K is still the best performing currency in the world.
@nono, if you think going from the worst currency to the most performing currency is good you are in the same boat (pabwato) as the clueless clown uttering these remarks written for him by his minions!
Businesses need STABILITY and PREDICTABILITY to operate. When the Kwacha fluctuates from K5 to K13 for one US Dollar it sends a VERY CLEAR MESSAGE to investors – the people in charge – Chikwanda and co – are total *****s that do not understand the VERY BASICS of how to manage a countries economy! And there is no guarantee your investment will be safe in a few months time!
These idyots have dug Zambia into a huge hole called the DEBT TRAP and now are even refusing to take the medicine that will cure the illness.
Alipo muntu uyu?
Eh alipo mambala.
His Excellency is a calm oasis in the midst of turmoil created by opposition.
Ferguson Obe?? Now they are sending Nigerian origin diplomats???
No….maybe Fergus Auld, OBE. LT, please!
You are a lunatic
@2020Vision. What’s your problem. Looks like Abusive is your middle name. Why bother with the same, if you don’t see any difference? It’s you who is a Lunatic you can’t learn from your experiences and there is no greater definition of a loon. Get a life. Blogging is for adults to exchange ideas or to express opinion. It’s an incessant, obsessive conduct that proves how detached from reality you are. Do you really believe you are winning anything here? You are not changing my opinion by your abusive, you can’t shut my opinion down…..why bother if you won’t change anything.
COME HERE PATRIOT ABROAD AND SEE THE MISERY FOR YOURSELF.
@Kubweka
I have just returned from Zambia, was there for month. Really you should count ourselves lucky. Private Houses being built everywhere. Shopping malls with all goods. There is so much industry even in the compounds. I went everywhere including compounds like Kalingalinga where new houses are being built by Plot buyers from better areas. So much transformation. Load shedding was hard to deal with as was the public transport which needs to be addressed as people are resorting to buying second hand cars which means more cars on the roads and jams.
Kwacha on a free fall
My friend Edgar, the appreciation of the kwacha was not supported by anything. Tell me what we did as Zambia that made the kwacha appreciate? Nothing. Any reasonable person would have questioned the appreciation of the kwacha. It needed to be supported by some facts that would have made us believe the appreciation trend would remain constant.
ECL, the kwacha gain is nothing but political because the kwacha is sliding back. Prices are still high and continue rising. So what is there to celebrate for? HH 2016
Mr. President, your people in charge of fiscal and monetary policy must tell you the truth and be able to demonstrate the causal effects of the on the possible variables affecting the downward as well as upward adjustments in local currency against the Dollar. Let them not make assumptions which are not even verified in any way, whatever happens be it positive or negative before saying anything let them look at a bigger picture and ascertain the behaviour of other variables…
Ignorance is a very bad disease especially if one lacks understanding but just condemning to please those who feel good to be praised even when they do not mean well. This Lungu is a president of Zambia a country that operates in an efficient market hypothesis environment where announcement of publicly available information immediately affects the value of our securities at LUSE and in banks as intermediary institutions. If negative information is announced then securities and currency values also are negatively affected. You know now that there is very bad information in public domain where foreign nationals are being robbed by locals who do not mean well at all to this country. Brothers as you condemn think and reflect on yourself if at all you are giving solution or you are just…
Iwe donkey,your so called president is talking about the appreciation of the kwacha which is yesterday news because the kwacha freefall has started again.What really does Lungu and his supporters stand for?
Donkey? Proof that UPND sorters have serious issues in appreciating others Freedom if Speech. Can we vote these violent people into power??
Hard Headed, DO NOT ALWAYS WISH THE WORST FOR YOUR COUNTRY SO AS TO GAIN POLITICAL MILEAGE.
I hope it stabilizes. Why should you hope for bad things.
Ba UPND just accept that it is finished with you. Inany case, why should Government review everything they do to better our economy? You Kachema cant be compared with our President Lungu, the respect leader across the globe and an intelligent lawyer.
Ask those of uss who know our President instead of hallucinating. The Kwacha is poised for even greater gains as global economy starts to pick. Its red eyes again for the Under 5, come 11 August.
Red eyes? Straight Jackets at Chainama and strong narcotics.
PF supporters need to realise that citizens of this country will not be held to ransom by an insensitive leadership.We have an inalienable right as citizens of the republic to criticize rubbish decisions and this has nothing to do with political mileage.Let that sink in your skulls abena kudos.
@2020Vision
You are speaking for yourself and minority. There is no way the elections will usher in a different party because of minor economic stumbles, the same being experienced by other countries. Just try to reason. You need to win people over, but with every breath you take and very keyboard stroke you clink, you are OFF PUTTING, and you can’t convince a Donkey to change sides. You use offensive language and are a sill.y blogger with no purpose for the party you support. Change your approach and infuse yourself with purpose.
I think uyu Patriot is kamwbili or Frank coz no way in the world we could be cursed with dunderhead thinking like this from more than one person. Ati minor economic stumbles? Have you actually talked to people resident in Zambia?? You are insulted because you do not live here to experience the sh!t your dull leadership is putting Zambians through and so saying minor stumbles in a country where people are struggling to put one meal pa table is bigger than any insult I may shower on you.
Don’t waste you energy contradicting me. I have spiritual eyes and what I write is discerned. I speak truth. President Lungu is the right man for the job. He has all the attributes to lead us to a better place. All countries are struggling right now. Many tables have less than the normal weight. Food is expensive worldwide and will continue to be as population explosion continues, as water becomes scarce and our Lands turn to desert. FACT. What is required is stability and working together as citizens in our country and worldwide. HH and UPND are in the wrong time zone and in the wrong spiritual plain. Remember that old TV series Twilight Zone? Tulululu lulu
@Dude,I’ve, I have just returned from Zambia where I was in the last month. Believe it or not, but Zambians are better off by far. It’s an economy that ‘has’ potential to grow because of unused resources. Our past suffering has preserved our wealth. That’s the brighter side of not being industrialised. We did not use it up and create concrete jungles. Here in West people are trying to find new greener pastures because everything is used up and it’s hard to find a way out. Hence migrations to other countries notably Zambia as a Preferred destination ( until you guys started ruining our peaceful, maturing country). We have POTENTIAL for growth and that’s more than a pock in the eye Mate! Try to look at the other side of things to balance opinion. We need steady and good…
………other side of things to balance opinion. We need steady and good government/Leader not a fluke or flash in the pan.
His ministers does not give him what is extremely on the ground, that is why inmost session he talk on things when they are not in a way he is seemingly to be.
WHAT KWACHA RECOVERY? HOW COME NOTHING IS GOING DOWN? EVERYTHING IS SPIRALLING OUT OF CONTROL.
The fall of the kwacha or any currency in most countries is expected especially during years of elections. In Zambia the economy is dominated by foreign investors who either hold on or withdraw their investments because of uncertainty of the outcome of elections. This uncertainty is perpetuated normally by citizens themselves who take different forms such as NGOs, opposition parties, Ordinary Zambian Investors, workers & students who take advantage and stage unjustified strikes and boycotts. Unfortunately Zambia is having two elections within 2 years and effects huge on the economy.
The Desperate people from the UPND.MIND YOU U NEED TO REMEMBER THAT GOD SEES EVERY THING INCLUDING WHAT YOU THINK IS DONE ON PRIVATELY.
How do you worst a vote on UPND that lost last year’s elections to little known lungu? We all know that lungu is winning come August 2016. UPND is struggling with MPS and councilors in Nothern, Luapula and Muchinga and you expect your party to win.
Comment:Patriot Abroad, u need to keep quite before u lose it all. U write good English but your reason contrary to what I expect.How do u explain the removal of subsidies on fuel and maize to benefit the majority poor in our country when u get huge loans to finance imaginary roads that will benefit the minority rich.That alone made me to ditch pf.Stop misleading the poor and just enjoy what u are feed.Corruption makes people lose their integrate and direction.
Patriot Abroad, you must be a professional failure (PF) as well. All experts have stated without reform there is no hope for Zambia economically and socially. The biggest problem that has halted the economy is corruption that has lead to government overspending for premature works i.e. roads built in a year have already started cracking and need extensive maintenance, the generators bought for Kariba were not proper generators because someone got a large cut in the deal, foreigners are given contracts at the expense of Zambia and paid in USD due to someone where getting hefty bribes. In the end look at what is happening. LUNGU has never spoke or dealt with these rampant levels of corruption. Clearly he has no clue of what is going on. This among other poor leadership habits under him have…
He is in Lala land, for give him, he does not kow what is going on.
Confirmed he is clueless,visionless,useless,dullness,hopeless,brainless and a drunkard kwacha is aldready falling and is talking about the appreciation. Why cant this Chakolwa just step down.
Good news good news the copper price as for today from London Metal Exchange is $6,923
I really feel sorry for this President because of the poor quality of the people around him. He is not getting sound advise from the lousy lot that he interacts with on a daily basis. Unlike Presidents Mwanawasa and Banda who had solid economic advisors, Lungu has just spent forces, drunkards, and useless tribalists who double as advisors. What a pity for Zambia that the light at the end of the tunnel is no longer there.
We shouldn’t compare President Edgar lungu and Mwanawasa. Mwanawasa was the president when we had a boom in metals i.e. copper was $10,450. President lungu came in when copper was at it’s lowest $3,890. Zambia depends on copper and any negativity on the market will affect everything and everyone.