{"id":41284,"date":"2023-02-27T22:44:04","date_gmt":"2023-02-27T22:44:04","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-socialist-party-president-dr-fred-mmembe-raises-concerns-over-free-fall-of-kwacha"},"modified":"2023-02-27T22:44:04","modified_gmt":"2023-02-27T22:44:04","slug":"zambias-socialist-party-president-dr-fred-mmembe-raises-concerns-over-free-fall-of-kwacha","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-socialist-party-president-dr-fred-mmembe-raises-concerns-over-free-fall-of-kwacha","title":{"rendered":"Zambia\u2019s Socialist Party President Dr. Fred M\u2019membe Raises Concerns over Free Fall of Kwacha"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia\u2019s Socialist Party President, Dr. Fred M\u2019membe, has released a post on his Facebook page addressing the free fall of the country\u2019s currency, the Kwacha. In the post, Dr. M\u2019membe expressed his concerns over the current situation, stating that it is time for the government to address serious matters rather than engaging in endless politicking.<\/p>\n

\u201cIt will be interesting to watch the monetary policy briefing on Wednesday and hope journalists will ask relevant questions such as, \u2018what is the book value of unfulfilled forex demand?’\u201d Dr. M\u2019membe said. He went on to point out that the Bank of Zambia has a daily \u201cpipeline\u201d of remittances that customers have placed but cannot be executed due to supply constraints. This, he believes, is a cause for concern.<\/p>\n

Dr. M\u2019membe also urged journalists to inquire about the country\u2019s external debt arrears, asking, \u201cHow much have external debt arrears accumulated to both interest and principal on debt stand still\/unserviced? What is the external due date? What\u2019s the reserve position? How much forex has been pumped in as market support by the Bank of Zambia?\u201d<\/p>\n

He further stated that it is important to understand what multi\/bilateral debts the country is servicing and how much they are per annum. In addition, he questioned how much of the total government securities debt constitutes foreign portfolio investors in value and percentage terms, and how much forex reserves the country is currently holding. Dr. M\u2019membe also expressed concerns about the risk of foreign investors pulling out upon maturity.<\/p>\n

\u201cContrast this with how much forex reserves we are holding at the moment. And, should foreign investors pull out upon maturity, how much maturity risk are we carrying?\u201d Dr. M\u2019membe asked.<\/p>\n

Dr. M\u2019membe believes that it is the government\u2019s responsibility to address these serious matters and communicate them to the nation. \u201cThese are serious matters that the government should be addressing and communicating to the nation rather than just carrying on with endless politicking,\u201d he stated.<\/p>\n

He also called on the Bank of Zambia to provide an indicative GDP number for 2023 given the measures they have undertaken, and also taking into account the stalled debt restructuring exercise. \u201cThe Ministry of Finance announced a 4.1 per cent growth. Does this still hold? Our view is that the revised number should be around 2.5 to 3 per cent,\u201d he said.<\/p>\n

Dr. M\u2019membe\u2019s statement highlighted the need for transparency and accountability from the government and the central bank in what he sees as these challenging times. He has urged journalists to ask the right questions and demand answers from those in power. It remains to be seen how the government will respond to these concerns, but Dr. M\u2019membe\u2019s statement is an important reminder that the issues facing Zambia are too important to be ignored.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia\u2019s Socialist Party President, Dr. Fred M\u2019membe, has released a post on his Facebook page addressing the free fall of the country\u2019s currency, the Kwacha. In the post, Dr. M\u2019membe expressed his concerns over the current situation, stating that it is time for the government to address serious matters rather than engaging […]<\/p>\n","protected":false},"author":84,"featured_media":41283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,235,233],"class_list":["post-41284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia\u2019s Socialist Party President Dr. Fred M\u2019membe Raises Concerns over Free Fall of Kwacha - Zambia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-socialist-party-president-dr-fred-mmembe-raises-concerns-over-free-fall-of-kwacha\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia\u2019s Socialist Party President Dr. Fred M\u2019membe Raises Concerns over Free Fall of Kwacha\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zambia. 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