Kwacha not worthless – State

THE Zambian Kwacha is not the worst performing currency in the world as the effects of its turbulence over the last few weeks are understandable, says the Ministry of Finance.

This is according to a statement released by the Ministry of Finance in Lusaka yesterday.

The ministry has warned Zambians to stop painting a negative picture of their economy.

It urged Zambians to be objective and truthful when discussing the Zambian Kwacha.

“Most Zambians and other citizens are building houses and acquiring property because the environment is enabling. Sometimes, certain quarters of the local and international community will feed the public with sponsored toxic information in order to put themselves in pole position for the opportunities that exist in wealth creation and economic emancipation,” the statement reads.

The statement further says that the German government has disclosed interest from its nationals who are willing to invest U$D 300 million in the Zambian agriculture economy.

It reads that the investment was a sign of investor confidence especially that the ultimate venture would be the largest German investment anywhere in Africa.

During the GRZ/IMF media briefing, the Secretary to the Treasury Fredson Yamba indicated that the much worried about deficit closed at 5.2 percent at the end of 2013 while credit to the private sector rose by 4.9 percent.

The statement also says Zambia was an attractive destination where industrious locals, foreign investors and tourists kept finding opportunities.