Mundubile’s remarks on reserves show he lacks basic knowledge to run a country – Musokotwane
FORMER Finance and National Planning minister Dr Situmbeko Musokotwane says opposition leader Brian Mundubile’s recent remarks on Zambia’s foreign exchange reserves and inflation show that he lacks the basic knowledge required to run a country.
Dr Musokotwane said Mundubile’s statements also prove that he is totally unsuitable for the presidency as they demonstrate that he has no understanding of fundamental economic principles.
The former finance minister was reacting to remarks made by Mundubile during a rally in Nyimba District on Wednesday, where the opposition leader questioned the need for Zambia to accumulate foreign exchange reserves amounting to US$6.5 billion while citizens were struggling.
Mundubile also dismissed the significance of inflation falling to 6.5 percent, saying such figures meant little to Zambians.
But in a statement, Dr Musokotwane said foreign exchange reserves and inflation were key indicators of the health of an economy, likening them to medical tests used to determine a patient’s condition.
“His latest statements about foreign exchange reserves and inflation are like a medical doctor telling patients that readings of blood pressure, blood sugar and body temperature are not important. Yet those are the measurements that help determine the status of a patient. In the same way, inflation, foreign exchange reserves and economic growth indicate how an economy is performing. Mundubile has no clue about this,” he said.
Dr Musokotwane explained that foreign exchange reserves, held by the Bank of Zambia, enable the country to pay for imports, service external debt obligations and cushion the economy against external shocks.
He added that adequate reserves also allow the central bank to stabilise the exchange rate whenever demand for foreign currency rises, warning that depleting the reserves could see the kwacha depreciate sharply.
“If Mundubile comes to implement his ideas of quickly spending the reserves, it will not take long before the exchange rate gets to K40 per US dollar,” he explained.
Dr Musokotwane further argued that Zambia had managed to avoid fuel shortages despite rising global prices triggered by the conflict involving Iran because the country had sufficient foreign exchange reserves to finance fuel imports.
He likened the reserves to food stored in a family’s granary, saying a wise household preserves its reserves to survive until the next harvest instead of consuming everything at once.
He added that Mundubile’s remarks suggested he lacked competent advisers to caution him against making what irresponsible statements on the economy.
“Clearly Mundubile’s view is that of a person who has no clue about leading a country. It also means he has no competent team of advisors to caution him against uttering such irresponsible statements that take advantage of young people that have little understanding,” shared Dr Musokotwane.
By Catherine Pule
Kalemba, June 26, 2026