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Alba Iulia
Tuesday, June 2, 2020

Measures have been put in place to ensure a stabilised economy-Lungu

Economy Measures have been put in place to ensure a stabilised economy-Lungu

President Lungu

President Edgar Lungu says government is taking necessary fiscal measures to ensure that the Zambian economy is stabilised.

The President however observed that the influx of financial institutions on the market is an indication that the Zambian economy is not going under.

He also reaffirmed government’s commitment to ensure that the country’s financial standing is kept afloat for the benefit of the Zambian people.

And President Lungu has commended the board and management of the National Savings and Commercial Bank (NATSAVE) for taking necessary measures and ensuring that the bank does not collapse.

He also commended them for extending their services to the rural communities in the country, adding that it is the only bank that reaches the far flanked areas in the country.

And President Lungu has re-activated his old NATSAVE account and has called on all Zambians to support the local bank.

The Head of State disclosed that he held an account with NATSAVE Chawama Branch before he became President, an account he has since re-activated.

He stated that management at the named bank have taken good steps to survive in a competitive banking sector which is flooded with many local and foreign banks.

The President was speaking when the board from NATSAVE and management called on him at State House today.

And NATSAVE Board Chairperson Evans Chibiliti said the bank is undergoing transformation in order to remain attractive to its customers and competitive on the market.

Mr Chibiliti also revealed that the new management has accepted to take a salary cut to ensure the bank keeps running instead of draining it.

He said the bank has launched the ‘Zambia saves with NATSAVE campaign’ in order to encourage Zambians to bank with their own local bank.

He commended the Head of State for supporting the bank by reactivating his account held at Chawama branch.

Meanwhile NATSAVE Chief Executive Officer Mukwandi Chibesakunda disclosed that the bank is also rolling out new products which include village banking and other saving schemes, as a way of catering for all its customer’s needs.

Ms Chibesakunda said the bank has also devised a way of catering for refugees who come into the country with no proper documentation to open bank accounts with other ordinary banks.

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    • He went on rampage borrowing money from all sorts of lenders in the name of infrastructure development but pocketed half of those funds. Now no one is willing to lend him, even his friends at AVIC have downed tools demanding payment. Eurobond payments are knocking, civil servants’ salaries are knocking. This disaster is big, not even his Chinese friends will save him. I understand why Maggie at finance is ever drunk

    • If it sounds like a parrot, and looks like a parrot, then it is indeed a parrot.

      Lungu is indeed a parrot.

    • This lazy bum will continue reading speeches he doesnt even understand even Sadam Hussein’s Minister of Information stated that the republican guard was pushing US tanks back when they were in the background rolling in the capital.

    • “And President Lungu has re-activated his old NATSAVE Chawama account and has called on all Zambians to support the local bank.”
      Why did he de-activate it? Is it because he was broke…now he is stealing a lot he has money to splash about from AVIC kickbacks…don’t worry about that account it will confiscated as proceeds from crime.

    • It is like assuring a wife that she will get pregnant, when in fact she the one who voted that you go get castrated. Zambians voted for Ba Edgar even though he told them that he was not potent enough for the economy.
      Please divorce this man…. and its getting worse without President Inonge Wina.

    • Evans Chibiliti? I was just wondering where I hears that name from Then I remembered that Zambia tops the world for recycling! Oh, not that recycling!
      We recycle people who think that the internet is a fishing tool, email is different from gmail and Facebook is a mirror you buy from NIEC stores.

      The country is in dire straits. It’s not sufficient to just say “measures have been put in place”.
      As thinking people, we want to understand what these measures are so we can assess and decide if they are effective and prudent.

    • JourneyMan – You seriously think this Chawama man would know…I bet you he was advised by Kaiser and Freedom to just say measures..he doesn’t know that people can assume that he is printing money or depleting reserves…he should never have in State House…if PFlet this man stand in 2021 that will be the end as his word accounts for nothing…I mean what is he going to promise? Is Sonya again?

  1. $1 = K13.50

    How does the Kwacha lose this much value if its not mismangment of the economy.

    • This id1ot is a dreamer, he and his useless dull dander heads have brought the country to its knees, this drunk debarred thieving useless worst president in the world is a real moron who needs to wake up from his dream…. even grade ones have a better IQ than this moron

  2. I have never heard this guy issue an elaborate pronouncement on how his govt will resuscitate the economy off the cuff. Most of his statements are concerned with how he will wallop the opposition in 2021 or how he will fire some ministers not loyal to him. Not Presidential material. Tinazingong’a.


    • One of the “measures” is the re-introduction of Deputy Ministers in order to, as they say, “increase efficiency”! That gives you an idea of what these “measures” are! Kuwayawaya fye.

  3. A serious President would address matters of the economy and all important national issues through a press conference NOT when people running a collapse savings union come to visit or as it sounds,come to request a bail out!Well run countries have Presidential addresses to their nations and hold regular press conferences to inform their masses and to influence the mood/perceptions about their countries! Who can believe what Lungu has said here without details of what measures they have taken in the midst of looming mine closures,forex depletions,massive corruption allegations,intra-party fights..!!

  4. But how did we get here in the first place Great Leader of this great nation? We reached HIPC completion point not too long ago. From Kasonde and Penza’s time through Nawakwi, Katele till Magande we sacrificed through SAP, Enhanced SAP, HIPC, till completion point. We had Jubilee 2000 and other NGOs help us lobby for debt forgiveness which we achieved by 2007.

    How did we get into debt this deep?

    • You are getting what you deserve Zambians! You never learn. You haven’t seen sheeet yet. Where I am the cost of buying a loaf of bread has reached K16 and someone comes up with such a lazy statement. What s f*** are those measures?

  5. Apart from rigging elections, voter intimidation, harassment of journalists, closure of learning institutions, dead students and even misuse of public funds, what measure is this chap talking about that can produce positive results?

    Here is what a great leader would do! Why not start by selling of that $63m Jet to recover public funds you have used for its purchase? Why not investigate your ministers who authorised purchase of fire tenders at $1M each plus his counterpart that spent $250, 000 on ambulances, bloated amounts but all public funds which today the country is bleeding from its scares. You are simply reckless with your spending and it would be nice of you to present those measures you are thinking of and whilst at it, check with your finance minister if she has sobered up…

    • Imwe HH has lost. There was no rigging. Ati molin found 2000 votes in a bin

      Lundazi lungu rigged 6000 votes

      Kalushi driver said 7000 votes were stolen

      Now add

      2000 molin votes

      6000 Lundazi votes

      7000 kalulushi votes

      15 000 votes let give them to hh

      Was that enough to put him hh in state house. HH lost .PERIOD.

      Just focus on the future

  6. The man could not just spare sometime to talk about the economic status. Instead he takes it as a by the way thing.

  7. Jona you are Drunk AGAIN??
    WHAT HAVE YOU & MAGGIE WHISKY (Finance) been drinking on duty??
    Cry Zambia, SHAME!!

  8. Does this Man believe or even to his voice when is talking ????? Bring back my vote Edgar please u are a letdown

  9. I can only this one time say at least lungu is

    saying buy Zambia , grow Zambia

    If only he could be saying that about the 80% imported goods in shops ……

  10. In the time it took for ECL to drink coffee with the Natsave people the kwacha depreciated further from K13.4 to K13.7.

    • “Mr Chibiliti also revealed that the new management has accepted to take a salary cut to ensure the bank keeps running instead of draining it” does this ring any bells? You increased your salary three times since taking office and now you want to reintroduce vice ministers!

    • Kalu – Lazy Lungu is detached from reality..am sure he clapped hardest when he heard that forgetting he is doing the opposite even procuring an $80million Gulfstream Jet and going ahead with a $1.2 billion motorway.

  11. “President Edgar Lungu says government is taking necessary fiscal measures to ensure that the Zambian economy is stabilised”

    How? Each time there is a ‘by the way’ statement about the economy, all we read are that ‘measures are being taken’. No real address to the nation and in-depth explanation of whats going on and exactly how it is being redressed.

  12. What specific measure is the government is taking ?
    The influx of financial institutions on the market is the result of your very high interests rate. The banks are laughing all the way to the bank.

  13. The Spokesperson for the ailing economy has not itemized what exact measures he has put in place to save the economy. Immediately he finished giving his usual pep talk, the Kwacha was not convinced and immediately went further down!
    The Measures he is talking about is the $11.1 Million Kaloba they have borrowed from AfDB! You don’t solve money problems by throwing more money at the problem!
    I won’t be surprised if some of the measures include withdrawing from our reserves!
    Brace for ERB Fuel hike! A look around Lusaka shows most shops have adjusted their prices upwards already!

  14. Finance minister vis drunk on duty you cant fire her

    Chitotela is under investigation you can fire him. $ was suspended by rb while being investigated over LAPGREEN

    Sir you are not serious. I personally voted for you and never preferred HH.

    BUT I can now tell you 2021 you are going down with PF

    Hh will get big figures in his territory

    PF votes will be vandalised by political vultures

    Civil servants and not happy with PF

    Intellectuals are not happy with Pf.

    Am a PF sympathiser BUT get from from me.

    PF is dead and buried in 2021

    • He thinks reactivation of Chawama account is a big achievement….people dont have surplus money to put in savings only PF politicians have the money.

  15. Ba ECL ala the well has run dry.You and your PF can no longer hop ,jump and swim like frogs in a deep well. Only confused people like GBM can join you now. Inyatsi have run away, AVIC has downed tools and very soon they will also run away because the well is now dry.Finally your loyalists will also begin leaving you one by one because the well is dry.Finally you will remain alone like what happened to Mobutu Sese Seko of the then Zaire when his well also ran dry.What happens to a frog when his well runs dry? A frog whose well has run dry can not be the one to fill the well again with water because he is not the one who filled it in the first place.

  16. President Lungu a leader with solutions. Proactive in solving ad-hoc problems arising.

    Changes in economic factors are always challenging. It’s thinking on your feet that manages those problems. Even in his day, HH selling the mines was an error for which we are managing by trying to work with investors. No world govt can have an economic programme that cannot be adjusted to meet the demands of fluctuating factors on the world market.

    • After spending $17 billion any other leader would not need to talk about that , with 17 billion debt we should have largest employment and exports not this firefighting by 2 drunks Maggie and lungu

    • @ Patriot Abroad, are you really abroad? HH sold the mines? Really? Was he the owner? How did he do it? This is really an old, tires story.

  17. This is where you don’t get to hear a thing from the PF cadres here.
    Any important conversation is avoided by any means.
    Economic mismanagement is not their favorite topic because they are part of the mess.

  18. You dont inspire my cobfidence Sir. You have talking about a better economic performance but nothing is happening except the economy is getting worse by the day.
    The only thing that keeps you in office Sir, is that
    Trib.al Hacks and his trib.als are
    NO OPTION for Zambia at the moment.

  19. PF and Lungu have lied their way into state house. More money in your pockets, dununa reverse, blaa, blaa, blaa, blaa…..This is what happens when someone has lied so many times. They even begin to believe their own lies. Lungu is just hallucinating here as he has no capacity to solve this mercy they have created. Talk like that to your naive PF carders, not normal people because you insult their intellegence. Bugger

  20. What good has our president done for this nation since he took over office please someone tell me because I’m struggling with this question? Maybe we have less load shedding but other than that I am struggling to find positives in this administration, I’m looking at it objectively

  21. .PF! the biggest scandal that ever happened to our beloved country! It’s a mess……., and I do not like it. .PF have messed up the great economy we had. It will now take a mammoth task to repair. Zambians, how did we allow these people to mess us up like this? Please learn your lessons! Tribalism doesn’t pay. We are all now suffering because of tribalism. Please 2021 vote for people who can solve our problems, not tribe. Otherwise, the crying will get worse.

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