Racing torwards K26!

Racing torwards K26!

By Amb. Emmanuel Mwamba

The Kwacha is in full flight as the world’s poorest performing currency with its devaluation racing towards K26 per US$.

But they say it’s the Patriotic Front to blame.

●They say they received investment pledges of $40billion in 2023.

● In 2022, World Bank released $750million to the country, the largest single disbursement in a year to given to a poor country.

● $561million from the IMF under the Extended Credit Facility of $1.3billion.

● World Bank has just released another grant of $125million.

● They have borrowed $6billion in two years.

● They are now running the national budget depending on the support of the EU, USA, IMF and World Bank, the first time in 20 years. In the past the national budget funding had reached 60-70% run from domestic resources.

● They have given unimaginable tax incentives to the mining sector robbing the country of precious tax revenue to boost domestic revenue.

● They have given KCM to a bankrupt investor who has failed to start and they have given MOPANI to an unknown, unlisted company, maybe a shell company for themselves.

● They missed a chance to close the $3billion debt restructure by asking for kickbacks! Now the entire debt restructure deals lie in abeyance.

They say it’s the Patriotic Front to blame.

But the country is experiencing the worst-case of cost of living, high prices of essential foodstuffs, fuel and electricity.

They say it’s the Patriotic Front to blame!

They won’t recognise their own failures, corruption, wasteful expenditure ( for example 63 presidential international flights, Ministers live in the air), the wide-spread grand acts of corruption and bungling of economic sectors such as agriculture and mining.

They say it’s the Patriotic Front to blame.