Friday, April 12, 2024

Nobody in the previous regime has buried stolen money to create the current scarcity of money in circulation

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Nobody in the previous regime has buried stolen money to create the current scarcity of money in circulation as suggested by the Minister of Agriculture Mtolo Phiri, PF aspiring Presidential candidate Chishimba Kambwili has said.

The phenomenon, he said was a result of economic fundamentals that had been mishandled.

Mr Kambwili has also criticised individuals castigating former President Edgar Lungu and the former regime, stating that he had run his race and deserved respect and not derision.

He has asked Mr Phiri to study economic fundamentals to understand money supply issues.

Mr Kambwili said it was a joke and just a sign that the government was not in charge of the economy, to suggest that money had been stolen.

Such matters, he said, were best left to the Minister of Finance and National Planning Dr Situmbeko Musokotwane who understood the monetary and fiscal policy.

He said such statements were supposed to come from the likes of Dr Musokotwane who was the Finance Minister.

“Let’s not divert the topic by claiming people are hiding money because as far as I’m concerned no individual has hidden money which has resulted in the shortage of money in circulation,” Mr Kambwili said.

He said the government needed to rise to the occasion and find lasting solutions rather than making lame excuses which Zambians did not buy.

Mr Kambwili said the government had investigative wings at their disposal who could fish out the culprits rather than make such alarming statements.

He challenged the government to approach the people who allegedly hid money so that the economy could be fixed because most Zambians were languishing as prices of essential commodities were skyrocketing.

Mr Kambwili wondered why ministers were making political statements that were meant to sway people’s attention, that it was a sign that they had failed.

26 COMMENTS

  1. Lusaka Times stop giving these useless attention seeker any platform…just ignore them…the like of Tayali,Kambwili,Sean Tembo etc…ignore these makakas

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  2. Any minister in the new doom government can issue a statement. There is no protocol in this government.

    The other day it was Kalunga talking about achievements in terms of fuel hikes. New doom government will die a natural death

    This government is only good at promising and signing MOUs.

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  3. @1: Saulosi, you are feeling the heat. Why are you always against people who tell your government the truth.

    Life is VERY VERY HARD UNDER NEW DOOM GOVERNMENT. THERE IS A LOT OF SUFFERING OUT THERE. I AM GLAD UPND SUPPORTERS ARE ALSO ENJOYING THE SUFFERING. LIFE IS MISERABLE SAULOSI.

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  4. Tell them papa! These moonyellows need to hear the truth. Hh is losing next election. I put my dog on it

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  5. The days of kambwili type of politics is over in zambia…………

    I think Zambians now want sober , modern leaders………….

    Leaders who can talk and understand numbers with the world bank and other international bodies……..

    Not like this one from the metal scrap heap…………

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  6. Mbuzi Meeeeeeeeeeeeeeeeee, some moron think burying currency creates shortage scarcity of money. Its paradox is scarcity of useful currency is one of its principles. Zambians have not forgotten video circulations of huge sums of Zambian currency splashed all over by cadres and likes of Chishimba Kambwili crossing country-wide with suitcases full of money for the youths (pf cadres). Must have buried some. If schooled, wouldn’t have lasted 30 days as Foreign Affairs Minister in PF regime and equally understood better, the financial mess PF thieves left behind.

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  7. This is the same BUFFOON CK who always sung that Lazy Lungu’s regime was very corrupt…today he is defending them.

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  8. This allegation is unfounded. No one can keep that level of cash enough to affect the money supply. Please just work enough excuses. Life in Zambia has become unbearable since you took office. Focus on delivery.

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  9. I am sure both understand the velocity of money as a factor of credit Creation and Inflation measures but I think the bank of Zambia has done better in managing the M4 or broader money They should speak that point and relate to growth productivity and Central statistical measures As is it it’s a politician talks but if money is not in velocity and simply burried it’s of no economic value to the owner and overtime with Inflation both local and global the value becomes useless and eventually the owner will find it wiser to put it into circularation and Transmit it in other assets it’s at this point the enforcement agencies can find it clearly right to understand properly for then Banking and asset management must continue with monitoring in those you cannot hide forever you will…

  10. Adopt to new currency and anyone hiding anything will will come out. Musonda is a good example of some selfish Zambians

  11. Increased money supply makes for high liquidity and erodes the value of our kwacha. The UPND government is fighting inflation and money scarcity is just partly the medicine BOZ wants to achieve that goal.

    In 2012, the PF regime had a valid reason to change currency from ZMK to ZMW when they maximsed accounting by rebasing it. Unlike MMD, who did it in 1992 because Kaunda’s face was vividly a nightmare to them.

    You don’t change currency on speculation that some people have earthed the money. It requires sound reasons. Don’t change money like clothes.

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  12. As if you would tell is you knew of any PF cadre that hid this money. So no news here. Cos even if you knew someone that hid money – Would you come out and tell us? The answer is no. So as far as Zambians are concerned, PF cadres, including you, Kambwilli, store alot of Cash and burried it – this is true as evidenced by bags Faith was caught with, Which means those that thot quick before F.Musonda it means they succeeded in getting away with so much and one of them i can guarantee if Valden Findlay.

  13. Burying was for MMD. In PF they just hide their loot in plain site in trunks and suitcases e.g. faith musonda.

  14. Mr/Dr.Kambwili has commented on the issue of currency shortage ,commenting/answering what Minister of Agriculture said about the issue. He said this issue would better be handled by the Minister of Finance who understands it.I did not see any insult.iF WE HAVE TO COMMENT ON ANY ONE’S POST,CAN WE BE CIVIL AND STICK TO THE ISSUE REFERED TO?.Let’s not insult just because we perceive that the one who posted seemed to criticize the Party and It’s Government….Stiffling criticism of the President and his Government /Administration is not healthy in a Democracy. Chiluba did it to the indomitable KK…Sata did it to MMD AFTER HE LEFT THEM..Hichilema did it even more in his five attempts for the presidency and I think,he never even attended any GRZ Function when Lungu was President..He never…

  15. FELLOW ZAMBIANS, ARE WE STUPID AS PF AND KAMBWILL THINK WE ARE?
    Watch “when Chishimba Kambwili exposed Former president Edgar lungu & PF tactics” on YouTube

  16. STUP1D MAN
    CAN HE EXPLAIN WHY THERE IS NO MONEY IN THE BANKS
    THEIR CASH HOLDING HAS DROPPED SO WHERE IS THE CAH

  17. KIKIKI
    GUILTY CONSCIENCE ………
    SO YOU ADOPTING THE NAME
    TRY BEING CONSTRUCTIVE AND FORGET YOUR PAY MASTER
    SURELY YOU HAVE YOUR OWN BRAIN

  18. @16_Razor

    Changing a currency is very expensive venture, so it must have a good reasons. Not mere speculations.

    Even the stashed money in the soil, trunks or suit cases (Faithh Mulengaa or Austinn Liatoo) would still eventually be allowed to go back into the system because the old currency would still be running along side the new one for at least 3-4 years.

    Currency change is not a high priority undertaking for now. We have energy crisis, social security, corruption, cost of living, inflation and unemployment to cope with.

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