Save free falling Kwacha says Dr Musokotwane

The Patriotic Front (PF) has been challenged to save the kwacha from its free fall to prove that they are good economic managers,

Former Finance Minister in the MMD administration Dr Situmbeko Musokotwane has observed that weakening kwacha which yesterday breached the K7 mark against the dollar after trading around K6.8 on Friday last week was causing anxieties among Zambians and investors.

He said at the rate the exchange rate was moving, it was giving signals to investors that  the environment was not good and those wishing to invest in Zambia were likely to adopt a wait and see attitude.

“So with this kind of free fall in the exchange rate, you cannot have as many investors as you would ordinarily have and this is going to create problems for job creation,” said Dr Musokotwane.

Dr Musokotwane accused the PF of taking money from people’s pockets contrary to its campaign promises.

He warned Zambians to expect a further rise in the prices of goods and services as the local currency continued on a free fall spiral against the dollar.

“Obviously, we expect prices to go up including fuel prices, if they are not going to subsidize it will go up and with the price of fuel going up many other goods will go up in prices,”

“We also consume a lot of other imported items, the prices will go up and therefore, contrary to what the PF told us that they were going to put more money in our pockets, they are taking more money out of our pockets.” He said the MMD managed to stabilize the kwacha during its reign. “The solution is to vote back the MMD. There were times the exchange rate was variable, but there was stability and we never got to this level. I cannot say anything about what needs to be done because we don’t have all the facts, I don’t have all the data,” Dr Musokotwane said.

He said the PF had the challenge to quickly find solutions to stabilize the kwacha. “Obviously the data that is being published is not all the data that one would need in management,

. “For now it’s not the opposition’s job to stabilize the exchange rate. It is the job of the PF, let them do it. They told us that they are very good economic managers so they should prove it,” Dr Musokotwane said He said the oppositions’ job was to tell the PF to manage the economy properly and how they were going to do it was their job.

“As MMD, we did a much much better job than what they are doing,” Dr Musokotwane said.