Brace for hard economic times,HH tells Zambians

UPND President Hakainde Hichilema says Zambians should brace themselves for hard economic times and more job losses in view of the continued depreciation of the Kwacha against major currencies.

Mr Hichilema says as the UPND predicted and forewarned, the Kwacha is again on its journey to more worthless levels, not only against the US dollars, but against other African currencies as well where governments have put in measures to stabilise their economies.

He says this once more proves what his party has been saying; that the Kwacha’s fall is largely the local unpredictable and inconsistent economic policies coupled with the PF appetite to recklessly spend on unproductive ventures that do not add value to the economy.

Mr Hichilema says it’s not surprising that the continued Kwacha depreciation comes less than one week after President Edgar Lungu addressed parliament on what is supposed to be his economic vision, but that it is clear the markets do not have confidence in his leadership.

He notes that so far, a number of neighbouring countries have passed on the benefits of the falling crude oil prices on the world market by reducing the fuel prices and consequently lowering the cost of doing business and thereby lowering prices of commodities for the benefit of their people.

Mr Hichilema states that this measure alone has reignited their productive sectors, making their exports more competitive, and creating jobs for their people as a result.

He says with the unpredictable business and economic environment following the continued falling Kwacha, prices of essential commodities will keep rising way beyond the reach of the people.

He adds that even agricultural inputs will this year be more expensive than previously, making the produce less competitive for exports.