Lungu’s economic measures spot on-Kalaba


“I DO not know where President Edgar Lungu got the notion to seek God’s intervention in our economic problems, but I am so glad he did because Zambia’s economy has started gaining confidence, leading to the strengthening of the Kwacha,” Foreign Affairs Minister Harry Kalaba has said.

Mr Kalaba said there was no doubt that there was God’s intervention in the super performance of the Kwacha which has become the world’s best performing currency in the previous few weeks.

He said in the previous two weeks, the Kwacha had appreciated by 12 percent and that its rebound was as a result of austerity measures the Patriotic Front (PF) government had put in place.

Mr Kalaba, who is Bahati PF Member of Parliament, said the strengthening of the Kwacha was anchored on many economic fundamentals that included the review of fuel subsidies, procurement processes, austerity measures adopted by Government and the recent review of the electricity tariffs.

He explained that the Kwacha recovery could also be attributed to the demand for the currency in the first quarter of the tax season which saw corporations converting their dollars to pay their first quarter taxes.

Mr Kalaba said the commissioning of the phase 1 of the Maamba coal mine thermal power station with an installed capacity of 300 megawatts which he said was already feeding about 150 megawatts into the national grid, was another contributing factor to the improved performance of the economy.

The Kwacha has gone from being the world’s third-worst performing currency in 2015 to the best this year, outshining gold, silver and 150 other currencies and precious metals tracked by Bloomberg.

Mr Kalaba said when President Lungu called the country to prayer in the face of excruciating economic challenges, some opposition political parties mocked the Head of State and Government, but that God had started answering the prayers. Confidence had been restored in the economy.

“I do not know where President Edgar Lungu got the notion to seek God’s intervention in our economic problems, but I am so glad he did. When God shows up for duty, not even a messy Kwacha can stand in His way. Praise the Lord Zambia. And let’s keep praying.

‘‘When God answers prayer, He does not usually leave a trace of the formula. You just see the results. Remember, we prayed and some mocked our audacity to seek God’s hand during our difficult times,” Mr Kalaba said.

He stated that confidence in the Zambian economy had been surging with Glenco pledging to invest US$1 billion while Huawei was planning to inject another US$1 million in the economy.

Mr Kalaba stated that God often worked in mysterious ways and while economic experts and other stakeholders were struggling to explain how the country’s economy was suddenly showing strong signs of recovery, he (Kalaba) could only thank God for the economic recovery the country was witnessing.

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