Finance Minister Bwalya Ng’andu will today Monday, April 20, 2020 hold a briefing on developments in the economy. The event will be held at Lusaka’s Mulungushi International Conference Centre at 09:30 hours.
Ministry of Finance Spokesperson, Chileshe Kandeta confirmed to ZNBC News in a statement last evening. Mr. Kandeta said due to social distancing guidelines, access is restricted to ZANIS accredited media personnel.
He said all guests should be seated by 09:00hrs for prior public health guidelines and procedures. Mr. Kandeta said the briefing will be live on ZNBC TV1 and Radio two and other Online platforms.
Meanwhile, The Centre for Trade Policy and Development (CTPD has observed that the Country’s deteriorating economic growth is affecting a large number of people living under the poverty datum line.
According to the statement released to the media CTPD said that it also concerned that the threat of extreme poverty for some sectors of the population is still looming as the economy continues to deteriorate in its performance. The cost of living as measured by the Jesuits Centre for Theological Reflections Basic Needs and Nutrition Basket for the month of January 2020 increased to K7, 410.96 for a family of five compared to K5, 395.35 in January 2019. This creates a very difficult environment, especially for children in need of balanced and nutritious foods.
Additionally, Prices continue to go up and jobs are being cut in many sectors among which includes the extractives sector due to the challenges brought about by the COVID-19, a global pandemic that has literally put the world economy on standstill. As a result of this, we see Zambia’s economic growth target which was estimated at 2% for the year 2020 not attainable, a situation that may negatively impact the 2020 national budget.
CTPD further said that the sting in the economy is felt more by the already vulnerable (the poor), who need support in these harsh times and called on Government needs to seriously consider boosting initiatives such as the social cash transfer scheme by realigning the national budget allocation,so as to channel more resources towards social protection.
CTPD also said that there was a need for Government to take seriously recommendations the Centre has been been advancing on debt restructuring as there is urgent need to renegotiate Zambia’s debt in light of this unforeseen challenge confronting the country and urged the Zambian government to seek relief on debt interest repayment as this will free up the much-needed resources required for the country to effectively respond to the COVID- 19 pandemic.
CTPD concluded b appealing to Government to consider developing local stimulus packages that can help cushion sectors that will be affected the most with the COVID-19 pandemic as this is critical in ensuring that liquidity is sufficient for the affected sectors to weather the storm
Bwana Lungu and Kaizar Zulu will tell us Zambia’s economy is doing great.Meanwhile the Kwacha drops,forex reserves at all time lows ,growthis -3% recession,and our credit rating is negative. Very sickly economy.
We are dealing with communist PF government, they don’t understand economics. You hear another PF official telling us that just print more kwachas forgetting that it costs money to print kwachas. These are so called leaders of Zambia.
Pf and lungu can now blame everything on C19 , even load shedding.
C19 is a blessing for lungu.
Even dunderheads like lusambo are now shining , an opportunity has arisen for him to act like a bouncer.
C19 will pass , we are confident lungu still won’t have answers…
We should effect citizen arrest against Lusambo, he is not a police officer to enforce law or directives he is simply terrorizing the people. Wicked man!
No economy is doing well in the present circumstances and no one has ever claimed such an absurdity. How can you do well when there is a global downturn. Even the gods you worship in diaspora are not doing well. So it is folly to expect things to remain the same. The ministry is working hard to implement measures to cushion the effect of covid 19. However people should realise that not everyone will be cushioned. This is reality of life. Your small God was crying for a complete lockdown of country which would be economically detrimental. He only thinks about himself and not the poor zambian . Kz
@madilu to the contrary lusambo has achieved alot more politically and has served his nation more than hh will ever do in his entire life. Mention one public office held by hh? Even councillor?
How can HH hold a Public Office? Can Lungu appoint HH as President?
What do you expect when you have Bandit Lusambo terrorizing poor Zambians who are trying hard to fend for themselves….Lusambo thinks this is the time to make a name for himself….if the government wants people to stay indoors then let the government provide for them….dont just copy the Western world when you don’t have the capability to take care of your people….i live in New York city and am experienceing this COVID tragedy first hand….its not a joke….how do you expect poor Zambians who dont have running water or electricity or refrigerators to stay indoors all day…..and on top of that no money….just explain this to me…Lusambo needs to be sued and brought to Justice and Lungu should fire him immediately
Lusambo has the money( stolen taxpayers money) and he can afford to sit at home but people should also think about the poor….here in the USA people are now protesting demanding an end to these lockdown measures….yes Celebrities are enjoying lockdowns because they dont worry about work but poor folks want to go out and hustle….please arrest Lusambo now….
The best thing that Zambians can do is to get rid of PF bandits and their Bandit President Lungu…am non partisan and am campaigning for any Politician but makaka Bandit President Lungu should be stopped at all cost or else Zambia will cease to exist with the reasoning of low life bootlicker thug Lusambo and Pompwe Kaizar Zulu
Kukopela the Western countries with Lockdown with your economies that are already dead and buried….expect unprecedented suffering if PF bandits are allowed to rule beyond 2021…Zambia now needs a more visionary President than ever before and Lungu is not one of them together with his Bandit PF government
I like the soberness exhibited by Mr Bwalya Ngandu, this man is one of the few that can lead PF out of its current political misfortunes because he appears to be trustworthy and he is very presentable as a leader. He has just been doing his work professionally from inception and I have not seen him make political pronouncements but national ones. KEEP IT UP SIR.
Minister of Finance warns of effects of Zambia’s deteriorating Economy.
The Zambian economy collapsed long before you became minister boss.
@Anonymous: Get rid of PF and put who?? Non partisan finshi naiwe?? You are a upnd cadre!! Don’t be a coward, show your true colours-KZ or Bowman are not hiding behind a keyboard or in foreign countries, they are proudly green!! Show us yours so we take you as you are!!!!
@ Zambian Citizen
The clown Lusambo and Kaizar impositor is the same Dunderhead based in the UK…he is just making noise on LT for attention seeking….
KZ
The stop talking crap about expecting the Zambian economy to be the same within C19 , the economy was already in ICU , ready to be wheeled to the mortuary…..you are not talking to foreigners, we know what the economy were the economy was before C19
C19 has given you a reprieve and an excuse
@spaka I am talking to useless diasporans who are angry and suffer from inferiority complex. They have been taught to hate their own country of birth. Infact they have no home because they are not Zambian and their adopted countries do not consider them one of theirs. Kz
Mr Finance minister you told the nation that you were releasing money to pay suppliers and contractors to mitigate the effects of the covid 19
ZNS has not paid us a contractor to date .
Other countries are paying their citizenry free money to live on due to the covid pandemic , what about us who are only asking for payments for work done.
Was your pronouncement for real?
Kaizer fyototo. Everything is HH. Are you ever going to grow you moron?
African Countries like Zambia need radical Ministers of Finance. You don’t need your regular Minister who is there to just supervise government financial assets. If a minister will be preparing the annual budget He should do more than issue regulations for the budget. He should propose radical economic and financial policy that should drive an industrial revolution, Ronald Penza was such a radical and also an engaging minister who always explained his policy changes transparently.
The bloated Zambian civil service has been a drain on the treasury for ages. The minister of Finance shouldnt be scared to propose a bill to restructure the civil service with pruning as a priority. Why do all our ministers of Finance think this will resolve itself? An efficient civil service that does not…
burden the treasury is the first step towards recovery. Government should not buy PSs and Directors cars. The cars should go to the police and the hospitals..
KZ insulting well meaning citizens will not insulate you as public enemy of Zambia. You or impostor, Zambians will not forget that you have harassed, beaten, maimed, humiliated, kidnapped, fired guns and shot Zambians and dehumanise Zambians. Zambians deserve justice and time is coming to get it. Cleansing yourself on this site will not wash up, records, living witnesses exist and testimonies will be in your face.