EAZ DIFFERS WITH MUNDUBILE ON FOREIGN RESERVES
By Josphat Mbewe
The Economics Association of Zambia-EAZ- has differed with National Reconciliation Party for Unity and Prosperity-NRPUP- presidential candidate Brian Mundubile’s statement on prioritizing livelihoods over foreign reserves.
Reacting to Mr. Mundubile’s recent remarks that he would prioritize improving citizens’ livelihoods over accumulating foreign reserves, EAZ Secretary General Dr. Nicholus Mainza said every country requires adequate foreign reserves to respond to emergencies and economic shocks.
In an interview with Phoenix News, Dr. Mainza explained that foreign reserves, which include assets such as gold equated to foreign currencies, serve as a financial cushion during serious internal or external shocks beyond a country’s control, including geopolitical tensions and conflicts.
He further explained that foreign reserves enable governments to procure essential goods and services including medicines, food, and other critical supplies.
Dr. Mainza noted that strong foreign reserves provide confidence and reassurance to both citizens and national leadership, urging the public to appreciate efforts that contribute to growth in the country’s reserve holdings.
He has since urged Zambians to critically scrutinize political party manifestos, particularly their plans for managing the country, emphasizing that it is difficult for any nation to effectively manage its economy without adequate foreign reserves.
PHOENIX NEWS