Finance Minister Alexander Chikwanda has announced the immediate revocation of statutory instruments number 55 and number 33.
Mr Chikwanda announced the development during a news statement held at the Ministry Headquarters in Lusaka.
“Country men and women, you will recall that Government put in place Statutory Instrument No. 55 of 2013 and Statutory Instrument No. 33 of 2012. These regulations were passed principally to support the implementation of monetary policy. However, challenges have arisen in the implementation of these instruments. To allow for further consultations, Government has decided to revoke these statutory instruments with immediate effect,” Mr Chikwanda said.
He assured citizens that Government in conjunction with other stakeholders will look at other veritable options to protect and safeguard pubic interests.
Mr Chikwanda said there is need to intensify efforts aimed at enhancing Zambia’s participation in the economy.
“I would like to assure the nation that the Government is firmly in the driving seat to steer the economy of our beloved country to greater economic prosperity which is only possible if all Zambians are active agents of development,” he said.
He added, “ Iam glad to inform the nation that just this morning Fitch Rating, one of our two external reviewers, has affirmed Zambia’s strong growth prospects and has maintained its B rating with a stable outlook. This reflects the positive strides that we are making as a country. Fitch rating also highlights some weaknesses which Government is vigorously addressing.”
Ndeloleshafye
I completely misunderstood everything Chikwanda alesabaila. And which paragraph is the cartel mentioned?
And why did PF come up if word “cartel”, is Zambia a new Colombia?
Happy friday fellow bloggers at LT. Keep it real and enjoy responsibly.
Why are we Africans so selfish, dilusional and full of nothing, even when our actions make us look incomprehensibly dull? Only last week our so called elected members voted against introducing a roadmap for a new constitution. Who in their right mind can do such a thing? Even if your boss has called you “useless” and ordered you to do so, you can do the right thing in parliament. Here is Chikwanda, apparently educated (and it doesnt take an educated person to know that SI33 was going to damage business in Zambia and with it..the economy), but was singing on top of his voice just to defend Sata’s (uneducated) ego and misplaced importance. One shouldnt be in politics if one cant think of their impact on their Children’s future (well in this case great granchildren considering their age)
@Nostradamus
yes! cartel quite shocking there,,, but thinking abit more there,,, there s a clique which is bemba by tribe, and this clique scares the heck out Kabimba and Kabimba blames this very bemba clique for all his failures…
Now my question is what tribe is this cartel which Ba chikwnda is blaming for his failures??
Mediocre reporting ba Lt what is contained in si 33.
do we get back to billing in dollars or not?
Yields on the nation’s dollar-denominated bonds due September 2022 rose to the highest since Feb. 25. Report from the Bloomberg.
This will kill the economy Mr Chikwanda, please stop the borrowing for now, it we have people with clear strategic, implementation and M&E plans to grow the economy. For now concentrate on repaying the Euro bond kaloba you have put on the nation.
@Ndobo, hnmmmnm? You mean Chikwanda belongs to the Bemba clique, that must be a powerful then, and no one can for sure subbortage it.
Agony is when one is having problems within the family (Zambia) and an outsider (Fitch) comes and assures you everything is fine. And then this statement from an outsider makes you glad to announce within the family that you are actually in the driving seat.
Stop bubbling, keep it simple please! If I were to use all the statements from our government on issues surrounding our country in an exam, I would definitely fail!
Did we not warn you that you did not know what you were doing?
Where is that baby Ukwa called Mile Sampa with a 2 day certificate from Harvard
This is at par with economic sabotage to the nation. Of course no one will pay for this gross incompetence. Thats what happens when an enterprise is being run by relatives for relatives. You all close ranks and rally when one of them is exposed. This is just another walk in the park. No repremands.
Chikwanda your action is a little too late, but it is the first step to stabilising the Kwacha.
Next you need to tell Sata to stop abusing the POA and intimidating opposition party members because confidence in the economy and the currency relies heavily on the political atmosphere prevailing in a country at any given moment. Right now the political atmosphere prevailing in Zambia as result of Sata abusing the POA does not encourage the investors to keep their money in this country.
The following are things which should be avoided at all cost to avoid destroying the confidence the people have in our currency.
1. Constitutional breaches.
2. Abuse of POA and political intolerance.
3. selective justice.
4.Rampant corruption.
5. Excessive un planned spending
Avoid political…
its not a game ,think wisely before you making a SI ,LOOK AT TODAY , YOU REVOKED IT . YOUR MIND IS RUSTED . FOO–LISH. USE-LESS .
He he he, this PF government doesn’t know what it’s doing, it’s taking our beautiful country backward.
ba lusakavtimes this story has been running for more than four hours on other media why are you Cinderellas? we knew from watchdog yesterday of chikwanda;s yoyo decisions
mwaaaaah. Finally I can save at home without someo people reaping where they did not sow.
We warned these fools
Well done Hon AB Chikwanda. Tackle debt and ask your colleagues to stop harassing opposition plus that man in Plot 1 has to release constitution.
Then all will be back to the glorious days of the crack team of LPM (President), Dr S Musokotwane (Economic Advisor), Magande (Finance Minister), Dr C Fundanga (BOZ Governor), F Mutati (Minister of Commerce).
That crack team you’ve mentioned does not have the qualifications and credentials. To start with none of them is related to our beloved leader, His Excellence Mr Sata. Neither are they Bemba speaking nor do they come from the Northern regions. Our President can only work with people he is comfortable with. Viva Sata. Viva PF. Viva First lady!
Chikwanda spoiled Zambia’s economy as Finance Minister during the UNIP reign. What good can he bring now?
@ 5.1 PF Cadre, what nonsense is this? Why don’t you just shut the f.ck up if you’ve got nothing of value to say? Anyway, I forgive you because you are just some silly Katoba Mayanda who doesn’t even know that Mutati is as Bemba as they come.
Wishful thinking of the highest order…you are the uninformed electorate who is responsible for putting these empty tins in power as you have no time to read or reasearch simple basic issues.
Wake up!!
@ PF Cadre
Hahahahah…….That is a good one
HH told them a long time ago about this issue,now they should know that he is a serious & better economist than this old & tired f o o l.
Eating humble vitumbuwa.
And these are the empty tins you are entrusting with IDC or creating a national airline….do you honestly think they can run and manage it prudently?
Tired old farts, most of these PF so called leaders. What do you expect?
This is the result of impulse decisions. Chikwanda should have realized that this is a liberalized economy and as such putting measures like that is not right. Don’t know how many decisions will be revisited.
ALL OF THEM I HOPE!
In any well managed small company, this fossil would have been relieved in the first week.
Awesome move ! I love it.
Why is it awesome today, why did PF create those “instruments” in the first place. Just give Ministry of Finance to Willie Nsanda.
Sata changes socks. Awesome!
Sata puts old socks back on. Awesome!
@ Saulosi
It is under-five which was telling the geriatric association what to do.
Be honest and admit where credit is due.
You PF f.o.o.ls have no shame.
i wondered why i could not charge the mines in dollars. they benefitted from me. what a waste of time.
“Rate @ which Kwacha is depreciating is not worrying” Chikwanda Said a few weeks ago. now he revokes SI 33 and 55 to help stabilize currency, when initially he was advised against implementing the same SIs. if he had listened, probably, the depreciation would not have been this worse. AC does not seem to know what he is doing; his is trial and error, and we cannot afford it as a nation.
Bembas are too arrogant to handle such jobs.
You are very correct. I guess this being Zambia, no journalist had the temerity to remind the old scarred dinosaur what he said a few weeks back!
@11.1 JJ it’s people like you who perpetuate silly stereotypes. Our education is in vain if we continue with such mind set.
Ladies and gentlemen, we need fresh blood to run this country, our grandpas have failed us because they do not understand the current and modern global economic dynamics at play.
Letting Chikwanda guide our economy is like allowing a pilot who was trained in the 1940s to fly a modern jet which can only be a disaster resulting into a crush.
HH told you and ignored and called him inexperienced politician who has never serviced at Ward level. See………………….now the PF kwacha is now nose diving.
VIV…HH—–HH…..2016
HH speaks out of self interest as a share holder in sun hotels who were affected by the instrument to stop quoting and charging in dollars-but for the general population the idea to ban the use of dollars was in good faith but the establishment those who have lost out have faught back and won-its not about HH being right-its vested interests that have won
@al
in the first place the fossil finance minister should have been aware of the vested interest and consulted them. are you saying after the collapse of the kwacha that is when you have realised that there were interested parties. that is an indicator of an empty tin
Koma vibantu vina ni vindele ndithu mwe! Even if HH was speaking out of self-interest, the actions of the scarred dinosaur are going to hurt the majority of the Zambian people who are extremely poor. So in whose interest was old scar-face acting? All these actions are too little too late, as the Kwacha will not be appreciating to RB levels any time soon. The damage has already been done. Meanwhile our dear Chumbu is nowhere to be seen, but still getting a hefty allowance for farting and snoring in state house!
l take it you fellas are happy that the mines that you continuously moan about for not paying rightful taxes will now no longer have to report transactions over $40000-were is your patriotism-and by the way both bloemberg and reuters are saying that the kwachas decline does not reflect the strong fundamentals of the Zambian economy-that’s why fitch have reaffirmed zambias rating -go over and read their report
@ AL
If HH speaks for his interest, tell us what is your interest?
my interests are for the nation-for it to maximise the full benefits of its resources.But as we know all over the world it is the rich who rule over the poor and the powerful rich vested interests have won the battle over SI 33 and 55 -now we will never know what and how much is being earned from our resources
@ al
If I am not wrong, there is Custom Department in ZRA. That is theirs duty to make sure that all documentation is correct before either allowing exports or imports.
Try to read either Customs and Excise Act or Customs and Excise Regulations and you will understand (hopefully) that this two instruments have been abused by various SI’s to the point that have become tool of extortion in the hand of current and past Ministers of Finance.
Now these Indians the friends of Cowbell will pump their dirty moneys back into the economy. The fall of kwacha was mere smear. We know these crooked Indians; the friends to Cowbell who dubiously owned huge pieces of land during MMD and are afraid that PF can reverse the deal.
If an Indian owns land, he sells to fellow Indian. The logic is simple, us the owners of land will remain without anything…
Then they will convert poor Zambians to Islam, and chuck us out to the bushes….
These pinkies love dirty moneys
I will have whatever you are smoking. What I know, in Zed plots are hard to find but land for agriculture is fair game.
This is what happens when you make haphazard policies that are inconsistent with matters related to the economy. If the Minister was really genuine about PF’s economic policies, he would have been the first person to say NO to these Statutory Instruments he has suspended today. But alas he was the one who was in the forefront defending them. Now where does that place him as a person? I think these PF guys needs to look themselves in the mirror and do a self assessment as to whether what there doing is contributing to the alleviation of poverty in the country or not. This is because these guys have really failed big time…
The sad thing about all this is that the Fossil Chikwanda is an appointed MP who can be replaced by an individual from the financial sector BUT alas we are stuck with this clueless STUBBORN relic who knows absolutely NOTHING about MODERN PUBLIC FINANCIAL MANAGEMENT. He is only clinging on because he happens to be the uncle to the empty tin in State House.
Pf kuwayawayafye HH warned u but u thot he was politicking,that’s. Why Pf is a sinking boat without direction….Haliesa Haliesa 2016.
Fitch Rating vs Zam Kwacha value!
Bloombeng reports today that the Zambian Kwacha like most African currencies may continue to depreciate for while due mainly to a strong US Dollar and due to the decline in Chinese manufacturing. For example, the South African rand has recorded the sharpest depreciation to R13.00 in just five years.
What should concern us is to examine the impact of the weak Zambian Kwacha against strong currencies on the economy as some of the effects could be positive.
Can someone please explain SIs 33 and 55 in simple language?
President Sata hates the dollar. He believes that a Zambian like you can go to USA, SA, UK with with the kwacha and still buy things without any problems. So Sata introduced SI 55 to give power to Bank of Zambia to control international transactions. Sata further issued SI 33 to bring to an end the use of or quoting of goods and services in dollar. The move was meant to recognize the kwacha as better than the dollar. Its this move that has now backfired. Hope I have helped.
@Boobs exposed
I get it thanks, just downloaded copies of the SIs and realised that is how phone companies stopped charging in dollars in the first place. LT and ZWD please remember to include a “reminder” or synopsis of issue at hand in your reports.
Both regulations apparently appear well intended and I suspect there is another stronger reason why the current woes are manifesting.
HH warned the mentally retarded Minister of Finance. I have just fallen in love with HH. Debatably, in this country, HH has unsurpassed corporate governance practices of modern corporations, specifically in relation to accountability. His attributes are some of the criteria that foreign institutional investors are increasingly depending on when deciding which country to invest in. Therefore, his expertise can recoup the diminishing investor’s position about corporate governance in Zambia. He can contribute a great deal towards ensuring confidence in the country and market.
Excellent analysis!
HH TOLD U FOOLS PF. U DONOT LISTEN FROM OPPOSITION. HH HAS BEEN VINDICATED NOW. VIVA HH VIVA ABASH CHUMBU MUNSHOLOLWA ABASH. 2016 FOR HH.
Eating one’s vomit can be one of the worst experiences especially when everyone is on your neck forcing you to eat your vomit so that the situation can improve.
Mr. Chikwanda should not have been given this job in the first instance. Infact, had he been a man of integrity he would have respectfully declined the post. He ruined the economy in UNIP days how on earth did he think he could add value 30+ years on where (financial) dynamics have evolved at lightning speed?
Until this government is unseated, the economy will continue on a downward spiral.
Revoking these SI’s will not save the day.
Just admit you gave it your best shot but failed, apologise then retire.
Chikwanda and integrity?
R U already drunk?
How you can even consider reconciling fire and water?
Its an admission of incompetence, and when such gross incompetence is openly displayed as in this situation, then the public lose confidence and begin to wonder just how many other Statutory Instruments need to be revoked to redeem the economy!!!
The Fossil Chikwanda is glad about the Flitch rating BUT chooses to ignore the last bit in that ratings review about his shambolic public finances management.
An economist graduate fresh from uni. can do a by far better job as an intern working on minimum wage than this useless old man.
Mr. Chikwanda sir how I wish you could reverse the damage your f.o.o.l.i.s.h decisions have caused. Take for instance SI 33 which is now almost 2 yrs old.
Revoke all the SIs up to where mmd left so that UPND can take over. Ba makaka imwe
Imagine after your kids become so dull then one reverses that other instrument on local language usage in schools.
kekekekee…ba trial and error..CNP….HH warned you..viva
It is good to see what time can do to showoffs like PF. We warned you against the SI 33 and 55, that these two will destroy the economy. Good you can now swallow your own humble pie. In same line, you need to concede too, that your style of management is not good for a modern economy and resign. On Agriculture, again take note that you cannot build this economy without sound agricultural output. It is the agriculture sector which has the capacity to assist with distribution of wealth and create the much needed jobs and not the schemes you have with your nephew at plot 101.
This is how life goes
Ati HH told them. You Africans puzzle me. Don’t you know that these cartels are much more powerful. HH is a coward such that he would succumb to whatever the cartels tell him. What exactly did HH about S 55 you hypocrites? At least Sata is tough to deer them. We don’t a leader who will be told faeces and he eats. A decision can be made and reversed. Don’t think that for Europe to reach where they are they had no bad decisions along the way. Wnzelu, matipa, 142, Timbuktu pride etc are useless and would easily be slaves to whites for bread and butter.
Eat a dcik my incoherent dull PF cadre….eat a dcik.
@ BBC
Which cartel you are talking about?
At least LT allows different views to be expressed with little censorship. Try ZWD. They, by and large, censor any view which does not conform to their agenda. For instance, today there is a story about a Tonga chap who has been allegedly forced to resign by his Bemba boss (for alleged tribal reasons). Oh my God, they are having a field day insulting Bembas. Any different sentiment is not being published. I have tried to say that evil is in every tribe but my comments are not being published.
Things like this wouldnt happen if we had an intelligent man in PLOT 1 like Elias Chipimo. Personally I dont see anyone in Zambia who can handle the changing world with the precision that Elias Chipimo will do when he becomes president. The truth is you cant make economic policy if you have the slightest idea what the term ” interest rates and inflation mean:” yet because of your position in power you articulate your policy. It is important that POLITICIANS never mistake themselves for Economists..
I love Zambia, our beautiful country is full of comedians thanks to President Ukwa. Ati ‘Personally I don’t see anyone in Zambia who can handle the changing world with the precision that Elias Chipimo will do when he becomes president’…really? How did you come to such a conclusion bro/sis?
GEORGE N. MTONGA, I like the fact that you have expressed a PERSONAL viewpoint. My hope and prayer is that not many have the same as their personal viewpoint.
@dudelove, very dull. The only thing you know is insults. You can’t articulate issues. Sata did that do that these cartels which cheats in terms of profit declaration can be monitored. To you that was bad unless it came from HH. At least I know that the government had a heart to make sure the much of the little resources benefits us but the only thing you cansay it was bad. I am sure you wet your pants. Mind you am not PF and am not a politician but I like there bravery unlike you cowards who eats crumbs from a whiteman’s table. So in your little koswe brain you have, you think you are smarter than anyone else. Actually I like Chikwanda’s honesty. So go and insult your family. With your insults you think I can vote your party. We have seen the I.d.iots you are and futile criticism
@ BBC
Name the Cartels, otherwise shut-up.
Ulefwaya baka njipaye
@BBC, there is no bravery in jumping from the frying pan into the fire. I second 142. We need leaders who are brave and wise. How is PF brave by picking a fight that the couldn’t possibly win? If this whole fiasco was about benefiting Zambians, PF should have been smart enough to ensure the situation didn’t come to bite them in the ass.
It is pointless to argue with someone who has sold his soul to being a slave of HH. Nothing will ever make sense as long as it is coming from the government. So it pointless to argue with you.
@BBC
One of dude love’s finger is 10 times intelligent than the whole lot of you. So if you have nothing of substance to share just shut it please.
Looks like like all of a sudden, the Paya Feconomy vuvuzelas have become extinct.
Luapula Farmer, Kudos, Gen, Albert Chikwanda etc, come out and help your uncle lap the puke.
BBC is ranting about “powerful cartels” but is not mentioning names.
I remember Sampa and HH debating the issue of IS and sampa was supporting it big time,so whats you take now Miles sampa, so HH was correct as he said that this wont work.
But our LT journalists Ati:”He assured citizens that Government in conjunction with other stakeholders will look at other veritable options to protect and safeguard PUBIC INTERESTS.”
PUBIC or public?
We are back to the days of UNIP when the lives of average Zambians revolved around an animal called FOREX! Mr. Chikwanda was once more at the helm of power then – GIGO!
Pwahahahahaha ba Minister with his tail between his legs. Do you get that businesses aand professional people don’t swallow PF propaganda. Business doesn’t f*ck with politics.
This should be a wake up call for chaps that think PF can manage to hoodwink business.
We are more sensitive than skinned testicles.
Well done Chikwanda, it is a good sign that there is at least some common sense left in PF.
Can you now go to Plot 1 and beat some of this common sense into your IDI0T nephew so he can do the same please?
Start in chronological order. He can revert to the original names for our airports, and perhaps we will get more tourists. Nobody wants to fly into an airport named after a DICTATOR! Just imagine!
Who would go to Harare if it was called “Robert Mugabe International airport”?
Who would go to Entebbe in Uganda if it was “Idi Amin DADA International airport”??
Next he can start with combining all the districts and provinces. Just think how much money could be saved!
The list is long.
very bad journalism. What is in SI 33 and SI 55? A good journalist should have mentioned what is in those two statutory instruments. Do you leave it to us to guess? Just like the rest has lamented, who are or is the cartel? The cartel we all know is Kabimba, Mmembe, Guy Scott, Matibini and Nchito. It is important to differentiate with this, so that there’s no confusion in interpretation. Be that as it may, it is important for the PF government to call for fresh elections because it has failed lamentably to run the economy. It is very clear, this government is wasteful. It created districts and prpvinces where there was no need to. Have created by-elections for nothing and have given themselves hefty salaries. This has had an effect in weakening the Kwacha. No PF, has failed.
I had to go look somewhere what these so called SI 33 and SI 55 were. For those who also lack the background knowledge of what these SIs are, here we go (According to World Bank of Oct 2013 on Zambia’s Job Challenges):
Statutory Instrument (SI) 33 is banning the use of foreign currency for domestic transactions, and setting interest rate caps on loans. SI 55 was issued to monitor balance of payments transactions.
The kwacha has strengthened to 6.12 by just revoking the SI and some bastard thinks their are no cartels
Tell a blogger called camp my friend. He thinks there are no cartels
I meant to tell a blogger called cnp.
Do not be cheated there are no cartels its just simple economics and sociology. You should start using your heads you PF retarts.
What chikwanda has done is not enough in itself. He should go further by telling to stop political intolerance. Once this is seen to be done you be amazed how the Kwacha will pick to better levels.
Drinking Katubi to celebrate this wonderful day in our country?SIs almost ruined my children’s future….
The witch-hunt begins all over again, as it was before the flood, during the UNIP era. In the days of UNIP, the government never owned-up to anything or take responsibility for anything. The government’s finger always pointed elsewhere and blamed the Imperialists and the neo-colonialists for all our ills.
Ironically, Mr. Chikwanda was part of that system back then. Is what we are seeing a replay of that game or are we just getting into injury time?
APOLOGISE for implementing those instruments 33 and 55 without consultation, kaili
Country men and women, you will recall that Government put in place Statutory Instrument No. 55 of 2013 and Statutory Instrument No. 33 of 2012,,,,,,,,,,,, what does these instruments state on the depreciation of our the currency….
The kwacha has gained after Chikwanda announced the revoking of SI 33 and 55. Who said cartels don’t exists? These can ruin a country’s economy once they see that the rules are tighter for them to steal or give force information. The SI themselves are not bad.
Chikwanda is the integral part of the cartel which has created misery for SME and halved purchasing power of Kwacha. Great achievement in such short time.
@ ME
It looks like you are little thick up there or unfamiliar with customs procedures.
The same information obtained by SI 55 is available in ASICUDIA forms.
Why creating extra work and adding extra costs to trade? To create extra jobs for cadres? Or to impose control on foreign exchange?
There was no other benefit from SI 55.
These clueless empty tins in this gov’t will blame everyone but themselves if they are any “cartels” then they are the mines, the selfsame people they are giving forever concessions and other secret agreements at our expense. It is utterly shameful for this old man who oversees a $21 billion economy to be complaining about fictitious individuals. ..two and half years in gov’t….they have lamentably failed to divetsify the economy yet the complain about “cartels”.
And this bunch of retards called PF thought running an economy was as easy as doing the kaponya thing at bus stations.
Your constant on bembas calling them kaponyas will make me campaign for PF so that you candidate becomes a very distant third. I would rather be ruled by a kaponya than a self proclaimed so called educated fool.
Check the value of the kwacha during the week when UPND were allowed to hold a rally in Mandevu. “Very Strong”.
@ LAST ,HE LISTENED ADVICE FROM THE PEOPLE OF ZAMBIA ! AT LEAST ,NOT TOO LATE!
Solution for Zambians is not the revocation of SI 33 or SI55, but lies in Removal of PF and never voting for Wheeler-dealers and ‘Heaven on earth Promisers’.
Since the PF government does not have experience of modern day economics, even good SI 55 (drafted and linked to SI 33) has to be discarded. PF is a Piecemeal Factor Party.
Agreed and very correct
Fellow Zambians, where does fresh fish start rotting from? I believe it is from the head! If so, what can we tell about what is happening in the country right now? There is no direction which way to go. Leadership crisis is all around us. I am afraid that we are quickly descending into the doldrums and very soon no one will be able to find us on the radar. The future lies in the hands of those who can still think and reason, and I believe that there are plenty of us. We have a responsibility to protect the liberty and integrity our forefathers fought for and paid for with their precious lives. Freedom was not cheap and let us remember that as we allow our country to be destroyed!
Business can not be politically controlled. It has it’s own paradigms. Cartels or not. Real businesses will employ strategies that protect their investments when threatened.