President Edgar Lungu on Saturday ordered the Bank of Zambia Governor Denny Kalyalya and his officials to just print more money in move that will surely spiral inflation.
Under pressure from the bankrupt economy especially after canceling mineral royalties for mines, Lungu has now resorted to the UNIP style of printing money in the economy hoping he can pay out-standing projects.
Specifically, Lungu wants money for the forth-coming Masaiti and Senga Hill bye-elections where the PF are facing strong opposition challengers but want to win all costs.
“Yes he (Lungu) held a closed-door meeting with BOZ officials and ordered them to just print more Kwachas in the economy even if the move is not supported with any economic performance. These are the same policies that destroyed the Zambian economy under UNIP as it led to high inflation and shortage of goods on the market. But it looks like Lungu thinks that’s the only way to address the weakened Kwacha against other major currencies,” sources close to the talks attended by Finance Minister Alexander Chikwanda and Secretary to the Treasury Fredson Yamba have revealed.
Sources disclosed that in the meeting President Lungu also indicated to the BOZ officials governor that some civil servants were fighting him and were very corrupt.
So far the PF government is totally bankrupt and unable to pay salaries on time as well as student bursaries for university students.