Chikwanda must resign-NAREP

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NATIONAL Restoration Party (NAREP) is saddened by the sharp depreciation of the Kwacha which has seen our currency to be the worst performing in the world, as reported by newswire Bloomberg. This trend cannot continue without comment.
We have seen a lot of businesses increasing the cost for goods and services as a result of our depreciating currency. The economy is now on its knees and we have seen no fiscal discipline amidst economic turmoil as evidenced by continued careless expenditure by government officials.
As we speak, President Edgar Lungu chartered plane to take him and his exaggerated entourage to New York for the United Nations General Assembly at a great cost to the nation that can only best be described as extravagant.
Further, the President has created more ministerial portfolios which will only increase unnecessary expenditure of our already heavily burdened economy. Today we have seen reduction in exports and the rate of the Kwacha is alarmingly at K12.450 to $1 (USD). This is a stark reminder of how the Kwacha currency is in the literal sense prior to being rebased, had the PF government not removed the three zeroes.

 

This government has [emphatically, on our behalf] borrowed a lot of millions of dollars and our obligations to honor these astronomical, misdirected monies will be at exploitatively high interest rates coupled with high exchange rates.
We are already witnessing the collapsing of our economy and we further predict a high inflation rate, increase in fuel costs, delayed salary payments to civil servants, default in settling Euro bonds, no payments to suppliers with possibly an exchange rate in excess of over K25 to the $1 by end of the year. There will be a continued increase in cost of goods and services as well as reduced revenue with several establishments and companies opting to trim down on expenditure. Further impacts will include a reduction in importation of goods which will also reduce revenue – the list is endless.
This government has [emphatically, on our behalf] borrowed a lot of millions of dollars and our obligations to honor these astronomical, misdirected monies will be at exploitatively high interest rates coupled with high exchange rates.
Inevitably, this will see our nation making huge losses in exchange rates and interest rates.This country has a lot of Technocrats who can help President Lungu to come out of this turmoil. The only problem is he does not transform his humility to listening to what others are advising him. We ask him to call for an emergency meeting with all technocrats, economists and opposition political parties to find a solution which will help arrest the depreciating Kwacha and the collapsing economy.
It won’t cost the President anything but it will make him and his government focus on resolving the problem we are now faced with. With an increasing threat of traders turning to the USD, the President’s energies and those of his entire Finance team, including Minister Alexander Chikwanda – should be directed towards resolving this urgent matter.
In sincerity, if not from a professional commitment, then perhaps we can appeal instead to the moral fibre of the Minister of Finance, Mr. Alexander Chikwanda to exercise wisdom and resign from his position. It is unthinkable that he has allowed our country to reach these levels of high cost of living. MrChikwanda should resign before the next budget is presented if he means well for this country.
To President Lungu we are asking him to appoint a new minister of finance and change the whole entire team of his economic advisers and treasury. If he doesn’t he should tell the nation what they advise him. From the look of things they advise him to see the economy collapse. The President should also address the nation and the business community to create some confidence in them. This is not about politics this is a national crisis that needs everyone to be involved the churches, the Economics Association of Zambia, ZICA, chamber of commerce, chamber of mines, unions, youths and many more stake holders. These should all be invited for an emergency meeting as soon as President Lungu comes back and after Hon Chikwanda has been relieved from his duties.
We await for the above actions to be taken immediately.
Issued by:
Frank Sichone
2016 Mkushi North Aspiring candidate
30thSeptember, 2015

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