Former Finance Minister, Situmbeko Musokotwane has advised the PF government to quickly address the country’s dwindling investor confidence. Dr. Musokotwane has told MUVI TV News that the recent downgrading of the country’s economic outlook from stable to negative is due to the misguided economic policies of the PF government.
He said that the downgrading by FITCH is worrying because investors tend to make their decisions based on such ratings. Dr. Musokotwane, who is aspiring to lead the MMD as its President, said some investors have expressed concern with the PF’s uncertain economic direction.
The Former Finance Minister was commenting on the recent downgrading of Zambia’s economic outlook from stable to negative by FITCH international rating Agency.
However, the PF’s Party Secretary General Wynter Kabimba has said that Zambia’s latest economy rating from stable to negative by Fitch Ratings is meaningless and aimed at misleading Zambians.
[pullquote] PF’s Party Secretary General Wynter Kabimba has said that Zambia’s latest economy rating from stable to negative by Fitch Ratings is meaningless and aimed at misleading Zambians.[/pullquote]
Speaking on last night’s edition of the assignment programme dubbed” THE PF IN GOVERNMENT”,Mr Kabimba said that the rating is meant to work at the psychology of Zambians. He added that the PF government has done nothing so far as to erode investor confidence in the country.
Mr. Kabimba said that the current economic policies of the party are investor friendly but that the emphasis has been that of ploughing back into communities where they operate. He has further stressed the need for investors not to externalize profits.
MUVI TV
Can we please have a consistent message on economic policy…and perhaps Mr Kabimba can have limit his ongoing commentary on any and everything….
Someone pls cage this neanderthal called Wynter before he does more damage. How can anyone in his right mind dismiss a downgrade from one of the worlds top 3 ratings agencies as mere propaganda? If this is the kind of logic we have at the highest levels of PF/Govt, then God save our souls. These are the characters talking of issuing sovereign bonds? Surely, it’ll be more expensive for us to raise funds via bond issue if our ratings are negative. Zambians deserve this circus because thanks to their vote last Sep.
Ooops!!……”can limit his ongoing…”
BaKabimba even the illiterates have seen that we are in trouble economically. And it’s a pity that Kabimba can’t see that things are nosediving paZed. Denying facts does not help baPF just do something about the country’s reputation. Yes we deserve Our comedy of errors dating back to last October 22 or should we call it Errors 10/22. Let’s just wait and see. The boat is sailing like a headless chicken. I end here!
If investors want to practise corruptly and get away with it, screw Fitch! We are waiting for Standard and Poor’s or Moody’s to rate the economy as well!
Wynter Kabimba is so far from normal. Why is it that he always wants to politic even on matters that are so straight forward to understant? What he should be advising his colleagues now is on how to redeem the situation in the country after this rating result from FITCH!
Anyway,this is what Zambians wanted.Wynter should understand that part of this year’s will be financed by bond Chikwanda want to issue on capital markets and on these markets ratings agencies play a very crucial role.The mere downgrade of our outlook from stable to negative may classify our bonds to that of Junk bond and this will be very expensive for us and investors are not usually interested in buying junk bonds.Wynter dont kill the messenger and please tame yourself before our economy collapses.Kaunda to an antagonistic approach with the international community and the results were disastrous.
This is a strange reaction from the man of winter’s level. I watched the assignment programme and made up my mind that this guy is an empt bucket after all.He lacks basic understanding of even straight foward issues.
Hahahahah
The dogs have come home
Clueless and asymmetrical as Sata’s regime is, already on the verge of sinking deep in an abyss, with this embattled fanatical primate called Kabimba wrongly postulating as a jackle of all trades when the opposite is true, this is set to be the most useless regime this country has ever had..
Iam with you Senior Citizen
The comments from our leaders and infighting for public approval in PF is the main reason why the investors are losing confidence in Zambia.Take for example China which has invested so much in Zambia is losing confidence in the way things are managed what of a new investors.Winter kabimba who thinks is so hot yet cold upstairs is talking about not externalising profits then what is the investment for 4 external investors.To a common Zambians the comment is harmless but for a budding investor the comment is scary and warning not to invest in Zambia, otherwise u lose profits.
How is it that Winter is now an expert on everything including Economic matters? What is Winter’s position in Government for him to be speaking on behalf if Government? Does Winter realise that the more opens his mouth, the more we realise how empty and full he is?
I saw the interview Costa did with Kabimba. I could not help it but laugh when Kabimba asked Costa the name of rating agency.
Kabimba: “Whats the name of that organization?”
Costa: “Fitch”.
Kabimba: “What? Fist?”
This motor mouth called Kabimba is just parroting these diatribes from the ZANU-PF playbook where they derive their PF name. His myopic group-thought is that he could be a Dr. Jonathan Moyo then spokesperson of Zanu-PF who only turned his back on his party after ruining Zimbabwe.
For heavens’ sake what does Kabimba know about finance and econometric more especially capital markets and investments? Does he understand what junk bonds are? Here is a regime trying to raise US$700 million from the market and this primate starts barking thoughtlessly believing he is biting.
stuuupiit *****ttttt
Please PF cage this thing called winter. BRAVO,SItumbeko keep on advising and warningthose PF mad*****s not to mess up with investors,we need them for our survival. A dull lawyer like Winter will not realise that.Let your voice be .heard not muffled by threats from PF cadre like Winter.We are behind you.Bu pyeha bumaswe,mwana ndume ki ndume.
Twafwa ifwe. June kabimba is an empty 210 litre drum.
What a shame for Kabimba to say they have done nothing to erode investor confidence!Do you want us to list for you dummy?1.Pronoucements (is it doing nothing?)2.Un-transparent grabbing of privatised companies(very important).3.Flip-flopping(e.g windfall tax).4.Lack of consistence in policy.5.Lost compass of the boat(if it ever had one).6.Your appointment as board of grabbed zamtel…
a) The ratings agencies are corrupt. They collude with third parties, like Goldman Sachs, like the IMF/World Bank, in order to manipulate prices or cojole governments into doing what they want.
b) Musokotwane is corrupt as hell. Bicycle Man should be worrying about his own misdeeds, and should be ‘helping police with their inquiries’, as they saying goes.
JUST, Who is the GRZ’s Spokesperson?
MMD lost or is still sinking coz of lack of respect for divergent views. they chose to listen to what they wanted to hear. Politicians are so damn, they dont learn, PF is refusing to appreciate what caused MMD to sink and hence they shall follow suit as well sooner than later. and who is kabimba really in this government and does he respect the government spokesperson…? oe may be he is a pseudo one….?
SPECIAL ADVISE TO MMD—-SITUMBEKO MUSOKOTWANE SHOULD BE PRESIDENT..reason he is sober,cool headed,analytical of issues,pragmatic etc!!!Similar qualities to late LEVY.
FELIX MUTATI SHOULD BE VICE PRESIDENT…reason he is eloquent,analytical hence suitable to handle Parliamentary issues
@FENWICK. Such a combination is definitely a killer punch.Unfortunately PF will do anything in their power to frustrate such a winning team.
Has called on Investors not to externalsie profits….Ok what do they invest for then, only capital growth without the ability to repatriate to their shareholders? Remember that some of the so called investors are Pension funds that need to repatriate profits (dividends) in order to make payments to their pensioners! I maybe dim but kabimba..he is surely a no clue chap!
How can a leader surely imply that the Credit rating agency’s actions are incosequential and yet that impacts on the country’s ability, and cost of borrowing (to fund development). I am so sad.
@Kamuntu. The future of this country has never been so uncertain. We are about to issue a sovereign bond on the international markets. Just who does the PF think potential subscribers to that bond will consult for advise? Musokotwane’s advise is mature, professional and timely. But just wait for the response from PF and their supporters. You’ll be even more sad.
# MrK you are so predictable. i expected nothing less from you. it seems to me you have pick a position and will no change even in the face of overwhelming evidence. it seems for you for as long as anything is PF its good. it does hurt to point out a wrong even on someone you love. chaps like you are no different from Musokotwane who supported the removal of corruption clause yeterday but say today he wants it re-instated.
Bla, bla, bla.
…..the youth and taxi drivers see nothing wrong. Those are my guides.
Wynter thinks everything is politics. A prominent leader of the PF as he is , he should be aware of the modus operandi of the financial matters , economic matters etc. Ratings mean a lot. This makes sad reading for Government that is planning a Soverign Bond on the international financial markets. I hope the ranting is just Wynter’s personal talk and not official PF position otherwise we should expect doom
At 21 & 22 just my thought too. But we leave it to the convention. However, the current mood in the country, of course created by the PF President by his one region appointments does not favour a northerner or Luapulan or muchingan to win as a presidential candidate. Am not being regional but factual. Mr. Sata has created so much tension in the country with his manner of running the affairs of the country that other regions are margibalised hence pitting his perceived preffered regions against the rest of the country. God help Zambia. I cry for my country
MMD please when you are done with the convention and have finaly elected your President (plse do not be like RB, elect a Vice President too) get on the campaign trail immediately. Mr. Sata won the election because he never slumbered after losing but went straight into campaign and remember you guys in the MMD laughed that he will run out of steam before 3 years. He gave you a big suprise and I personally blame you MMD for the crossroads at which the country is at. Everything going wrong in the country you are to blame, you gave a chance to PF to come and destroy the country. Repair the damage you have done. You have a chance to reddem yourselves come 2016
Is Mr Kabimba an expert on everything? When did he become an authority on economic issues? Pliz can someone get rid of this rabid motormouth. He is very irritating.
“He has further stressed the need for investors not to externalise profits”. Is Kabimba referring to Zambian investors or those from foreign countries? Definitely foreign investors will externalise their profts whether Kabimba and his PF like it or not. Otherwise they close shop and the consequences will be dire. Kaponyas are really in charge!
Fitch is not the only rating agency in the world, Kabimba is right. How come other rating agencies like Standard and Poor are not making any downgrade threats? We need genuine investors not corrupt individuals who are interested in profits only.
kabimba the dunderhead wants to portray a know it all kind of attitude..silly chap!!Doc SM..well done1!!
That is the problem that is in the PF! The majority of the party is composed of whistle blowing cadres like Wynter who do not want to give a thought to their speeches. These are such kind that will bring down this nation. The best he could have done was verify with other raters and compare notes and probably let the technocrats tell the nation what it entells and advise what can be done other than brushing aside such an issue like it is not a thing. Look at the kwacha value now! What can stop us from not believing FLITCH? Mr.Sata, you need to be careful with those that you allow to comment on national issues, let alone kabimba. Mr. president, we need serious people. Already we are seeing worse things than committed in MMD. Kabimba, Bob, Kambwili and many more, WATCH YOUR TRAPS!
Who voted these chaps into govt?
Mediocre calibre, this Kabimba thing.
hey guys!!! you remember kabimba trying to start a war in zed during the elections? that already gave me an idea of what type of character kabimba is…Absolute foolish, savage, and he is a father, but he is way too foolish to be a lawyer…
Would Kabimba have stuck with this opinion had been in the opposition? Awe ba Kabimba is the dullest lawyer around. The Prez was wrong to name GK.
This Wynter Kabimba is such a stupid fellow. He is downgrading FITCH. Wynter! Do you think the investors will listen to you and not FITCH? Whats your credibility Wynter? You are an unknown entity in the world. Just another Zambian for the INvestor. Your words have no value. Ploughing back is fine. But what about profit for the investors? If they cannot make a profit for themselves, why they should come to Zambia and not go to Ghana? or simply keep their money in their own countries.
Such a dumb headed you are Wynter. Stop drinking so that you feel clear headed in the morning!