The Zambian currency has continued losing value against major currencies standing at worthless levels of 1 USD = 6,410.00 ZMK today as monitored by XE Currency Converter.
Former Finance Minister Ng’andu Magande yesterday observed that the continued depreciation of the Kwacha is an indication that the revoked Statutory Instruments 33 of 2012 and 55 of 2013 had no bearing on the strength of country’s currency.
The Kwacha has continued to depreciate despite having recorded a minimal gain against cumulative currencies after the revocation of the two Statutory Instruments.
Many stakeholders have observed that the weakening of the Zambian currency is due to unstable political and inconsistency economic policies by the PF government.
Former Transport and Communications Minister in the MMD government William Harrington will on Monday March, 31, challenge the findings of the tribunal that was appointed to probe Former Tourism Minister Sylvia Masebo.
Harrington is challenging the Roydah Kaoma led tribunal report that stated that Masebo did not obtain pecuniary advantage from dissolving the Zambia Wildlife Authority (ZAWA) board, firing senior ZAWA managers and cancelling duly awarded tenders.
The report says since Masebo did not obtain pecuniary advantage, she did not then breach section 2 of the Ministerial Code of conduct thereby maintaining her parliamentary seat.
Harrington contends that Masebo did obtain pecuniary advantage giving among other reasons that the new management that Masebo personally appointed have been getting financial benefits through monthly salaries. Meanwhile, there are reports that Vice President Guy Scot during the week met Masebo and a Mr. Yousuf Zumla owner of Eastern Safaris were it was agreed that a number of employees be fired at ZAWA for alleged leaking information to Mr. Harrington.
Zambia will have to convince burned investors it remains an attractive credit as it markets its second bond in the international capital markets, according to International Financial Review Magazine.
Investors on its debut issue have suffered losses as the country’s fiscal deficit has jumped, Treasury yields have risen and copper prices have continued to retreat.
A delegation representing the sovereign, which is rated B+ by S&P and B by Fitch, is visiting accounts in the US and London over a seven-day period in a roadshow that began last Thursday.
2009: Sata congratulating HH at UPND mini convention
United Party for National Development (UPND) president Hakainde Hichilema has explained to President Michael Sata’s how he was elected UPND president in 2006 and 2009.
And Hichilema has told Sata that now that he has explained how he was elected, Sata should explain why he is keeping an over age, and retired niece who has been rejected by parliament as Chief Justice.
Hichilema had a few weeks ago written to Sata demanding answers on why he was keeping Lombe Chiebesakunda as chief justice illegality despite being rejected by ordinary people, parliament, LAZ, etc…
In his usual comic ‘response’, Sata asked Hichilema who elected him as President of UPND.
But Hichilema wrote to Sata explaining to him that he was elected on July 14, 2006 at the party’s second General Assembly which had about 777 delegates from the Ward, Constituency and National officials including Members of Parliament.
Patriotic Front chief propagandist Fred M’membe has overtly instituted contempt proceedings against opposition Movement for Multi-Party Democracy leader Dr Nevers Mumba in a bid to quell the intense criticism against Supreme Court Chief Justice Lombe Chibesakunda.
M’membe was key to imposing Acting Chief Justice Chibesakunda and her deputy Florence Mumba to superintend the judiciary after forcing Ernest Sakala and Denis Chirwa to exit in their fake call for judicial reforms.
The Post Newspaper owner started the campaign to force the Supreme Court to punish Dr Mumba and those against their stooge justice Chibesakunda through his editorial comments a few weeks ago.
In collaboration with President Michael Sata, whom M’membe commands, justice minister Wynter Kabimbda and director of public prosecutions Mutembo Nchito, the four asked justice Chibesakunda to summon Dr Mumba and send him to jail for contempt.