Chikwanda explains Kwacha appreciation

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Chikwanda

Chikwanda

Finance Minister Alexander Chikwanda has attributed the appreciation of the Kwacha in the last two weeks to interventions on the monetary side of the economy.

This is according to the statement released to the media by First Secretary for Press and Public Relations at Zambia Embassy Patricia Littiya.

Mr Chikwanda said that Government had embarked on a number of interventions from both the fiscal and monetary sides including the review of fuel subsidies and procurement processes, review of electricity tariffs to improve investment in the sector and reduce government spending as measures to respond to the shocks in the economy.

He observed that there had been a lot of speculation prior to the assurances from the mining sector of continued mining activities. The Minister was speaking when he and his delegation paid a courtesy call on outgoing Ambassador to the United States Palan Mulonda the Zambian Embassy in Washington DC on Wednesday.

Meanwhile, Mr Chikwanda and his delegation also paid a courtesy call on International Monetary Fund(IMF) Group 1 Constituency Executive Director Chileshe Kapwepwe at the IMF Headquarters in Washington DC, United States of America (USA).

The minister took time to explain the measures that Government had initiated so as to manage the shocks in the economy.

This was in response to Ms Kapwepwe who informed the Minister that the IMF was keen to learn what measures the Zambian Government was taking to respond to the shocks in the economy.

Mr Chikwanda explained that programs had been put in place to diversify the economy by making agriculture the mainstay of the economy.

The Minister added that climate change had resulted in erratic rainfall patterns affecting the development of this sector especially the irrigation system because ground water was depleted.

He added that there was however need to take stock of agriculture activities in order to come up with comprehensive programs to revitalize the sector.

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6 Responses to Chikwanda explains Kwacha appreciation

  1. BUFI BWEKA BWEKAFYE.

    Redeemed
    April 15, 2016 at 11:35 am
    Reply

  2. Zambia’s kwacha has gone from the world’s third-worst performance in 2015 to the best this year, outshining gold, silver and 150 other other currencies and precious metals tracked by Bloomberg. Further gains are in store as copper prices recover, according to ETM Analytics

    ck
    April 15, 2016 at 11:49 am
    Reply

  3. The Minister deliberately omitted to mention that the appreciation of the Kwacha has been aided largely by the weakening of the dollar.

    John Bambo
    April 15, 2016 at 3:29 pm
    Reply

  4. The worst finance minister in the history of Zambia. Yapping chabe when is he leaving the office this old mukutufu! Waiting to be booted out!

    Kata
    April 15, 2016 at 8:00 pm
    Reply

  5. Let all all pray this is sustained for several months

    Munthali
    April 15, 2016 at 8:32 pm
    Reply

  6. ABC was Finance Minister in 1974. What great things did he do? Remember Zambia’s economy started nose diving in 1975 when Chikwanda was minister. It was during his watch as Finance Minister that the currency was changed, the borrowing escalated. By the time he left office, Zambia was highly indebted. MMD under Mwanawasa reveresed all that by 2008. Despite the 2008 economic slump, which was worse than the 2015 Chinese led slump, the kkwacha was resilient, the shocks not as much.

    Forty years later Chikwanda becomes minister, he borrows, facilitates currency change. So do not be shocked that he will leave Zambia as a highly indebted country. His economics is so feduro!

    Judas Iscariot
    April 16, 2016 at 5:31 am
    Reply

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