Where is it going wrong? Is it the failure of this government or our Country is on Auto Pilot? The continued free fall of the Kwachais is a disaster, says Raphael Nakacinda Time Posted: June 1, 2014 8:46 am 98 views | Add a Comment | Email This Post | Print This Post | Movement for Multi-party Democracy President Nevers Mumba’s special assistant Raphael Nakacinda has described the continued free fall of the Kwacha as disastrous and scandalous. And Mr. Nakacinda has attributed the slide of the Kwacha against major foreign currencies to the unpredictable nature in which the current government is running the country’s economy. Speaking in an interview Mr. Nakacinda observed that government has completely failed to arrest the fall of the Kwacha something he said is negatively affecting not only the country’s economy but the very lives of the people especially the poor in the nation as commodity prices have sky rocketed due to the depreciation of the Kwacha. He further observed that the PF government’s failure to put in long term measures to stop what is currently happening to the country’s currency is a scandal and a disaster which the people of Zambia should not allow to happen again and a good reason to kick the PF out of office as it is ruining the country’s economy. And Mr. Nakachinda accused the current administration of introducing economic policies on trial and error basis something he says is scaring away investors. “When you are running a small economy like ours you need to put into consideration the many dynamics that ensures that the economy is not affected when you introduce certain policies so that your economy remains predictable to investors but this regime came into office on the back drop of a lot of promises and uncontrolled zeal to make dramatic changes to the economy was already stable and progressing,” observed Mr. Nakacinda. He added, “the PF have gotten us on a nose diving spiral in terms of the way the economy is running so have such a disastrous scarcity of the dollar on the market is scandalous to say the least.” Mr. Nakacinda was commenting on the down fall the Kwacha which has hit record highs against major foreign currency with the US Dollar exchanging at more than K7 to a Dollar.
Posted on: Sun, 01 Jun 2014 07:01:47 +0000
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