Barely six months after rebasing the Kwacha, the Zambian government is about to spend millions of United States Dollars to rebase the K5 and K2 from notes into coins.
This means more money in the pockets of Finance Minister Alexandra Chikwanda who is reported to have received close to K90, 000,000 as commission from the printers of Zambia’s new notes.
According to a source, the Ministry of Finance and the Bank of Zambia have already started preparing tender documents for the minting of the coins.
The development comes at a time when the treasury is facing a serious budget deficit due to reckless and unforeseen expenditure as a result of visionless declaration of districts, unwarranted by-elections and inflated bills from Link Zambia 8000 roads contractors a sector where ailing dictator Michael Sata’s son Mulenga is heavily involved.
It is not clear which budget line will finance the minting of coins as it is common knowledge that it takes money to print or mint money.