Opposition Alliance for Development and Democracy (ADD) president Charles Milupi has observed that strengthening the Kwacha will require more than just revoking Statutory Instruments 33 of 2012 and 55 of 2013.
Mr. Milupi’s observation follows the Kwacha’s continued weakening against global currencies, trading at K6.42 Ngwee against the Dollar as at Monday, 31st March.
Mr. Milupi says the Kwacha’s depreciation is because of lack of confidence in the economy caused by alleged poor policies coupled by the alleged bad governance record of the Patriotic Front (PF) government.
Mr. Milupi has told Qfm news that apart from the revoked Statutory Instruments, the PF government has been spending more than it is able to generate in terms of revenue.
The ADD leaders adds that the PF’s adamancy not to heed to advice from stakeholders has also led to a situation where almost all export earnings are now being kept outside the country despite Zambia being one of the major exporters of minerals.
He says this is why he holds the position that confidence in the economy cannot simply be restored by revoking Statutory Instruments 33 and 55.
M r Milupi has since advised that what needs to be done is for the country to begin to generate foreign exchange itself through measures such as the reintroduction of windfall tax as well as policies that will bring about further export earnings that should be kept in Zambia.