The ruling Patritic Front Media Director Sunday Chanda has hinted that the Bank of Zambia Governor Denny Kalyalya has been dismissed because of the poor disbursement of the stimulus package into the economy.
In a post responding the opposition United Party for National Development (UPND) Leader’s criticism of the president of the dismal, Mr. Chanda said that only K1 billion of K10 billion stimulus package was disbursed in the midst of negative economic growth, and hence creating a liquidity problem in the economy and wondered which country would allow such a situation.
Mr Chanda said that there was clearly suspected sabotage to knock out the economy completely and so as to benefit UPND
” We expect that anyone who is serious about Zambia like His Excellency President Edgar Lungu is must raise concerns about the slow disbursement of the stimulus package and the over stringent measures put up which are defeating the very reason why the Stimulus package was put up in the first place,” said Mr Chanda before adding that tere was clearly suspected sabotage to knock out the economy completely and this is what the UPND was banking on.
Below is the full statement
*HH’s Excitement over changes at BOZ*
23rd August 2020 – Mr. Hakainde Hichilema posts on his Facebook page the following: “What has happened at BOZ is like replacing an experienced heart surgeon with a mechanic, in the middle of heart surgery”.
We wish to draw Mr. Hichilema’s attention to Article 214 of The Constitution of Zambia (Amendment) Act No 2 of 2016 provides that;
“214. (1) There shall be a Governor of the Bank of Zambia who shall be appointed by the President, subject to ratification by the National Assembly, and who shall be—
(a) a citizen;
(b) a person who has specialised training and experience in economics, finance, accounting, banking, LAW or other field relevant to banking, as prescribed;… “
While subject to ratification by Parliament, the newly appointed BOZ Governor Mr. Chris Mvunga is an accomplished Professional Accountant with extensive business knowledge gained across industries, ranging from local to Multi-national companies. He is a fellow of the Zambia Institute of Chartered Accountants (ZICA) and the Association of Chartered Certified Accountants (ACCA- UK). He is qualified to be BOZ Governor with adequate experience locally and internationally.
We have also observed that its been very easy for UPND leader to attack Minister of Finance Dr. Bwalya Ng’andu, a man who has taken very aggressive fiscal measures while paying a blind eye to his cousin the former Bank of Zambia Governor over the K10 billion stimulus fund which had remained undusbursable until now. Only K1 billion of the stimulus package was disbursed in the midst of negative economic growth. How can the economy be rescued when there is no liquidity in the economy? Which country can allow that? But alas Mr. Hichilema found it convenient to remain quite possibly because the person involved was his relative.
We expect that anyone who is serious about Zambia like His Excellency President Edgar Lungu is must raise concerns about the slow disbursement of the stimulus package and the over stringent measures put up which are defeating the very reason why the Stimulus package was put up in the first place. There was clearly suspected sabotage to knock out the economy completely and this is what the UPND was banking on.
SIGNED:
Sunday Chanda
Media Director
Patriotic Front
Party Headquarters