As earlier reported , and predicted by the Zambianwatchdog, Michael Sata’s uncle who is the failed Finance Minister Alexander Chikwanda has just announced the revocation or suspension of his own useless statutory instruments 33 and 55 citing challenges their implementation.
Waffling during a press briefing at his office, Mr. Chikwanda, who was earlier warned about the effects of these policies on the economy, admitted that the SI 33 and 55 were among the reasons for the worthless Kwacha and that his failed government will find other means to mitigate the effects of the revocation of the Statutory instruments.
In eating his vomit and humble pie, Chikwanda said the Kwacha lost about 33 percent and the situation was even worse this week.
And surprisingly, Chikwanda also admitted that certain sentiments by his government have also created some perceptions that have weakened the Kwacha , though these could not be quantified.
He however said the weakening of the Kwacha was not a sign of failure on the part of the PF government and claimed that the Zambian economy was still strong.
And Mr. Chikwanda was again not being truthful when he said his government will examine all options before rushing back to the international market to issue another Euro-bond.
But the truth like we told you two weeks ago, is that no government or institution will be willing to lend Zambia huge amounts of money due to poor economy and unstable political environment.