Maravi

Economic crisis was expected, says Chiluba

Economic crisis was expected, says Chiluba
Written by Lambwe Kachali
Monday, December 01, 2008 3:44:25 AM

FORMER president Frederick Chiluba yesterday said the current economic crisis Zambia is facing and the subsequent job losses in some mining companies was expected.
Speaking to journalists at Lusaka International Airport before departure for South Africa for his medical review, Chiluba said the job losses experienced in some mining companies in Zambia were expected because of the credit crunch, which had hit the world over.

“This thing started with the credit crunch in the United States of America. America has been called the biggest economy in the whole world but it was so hard hit that it began crumbling.

So you know that Western economy believe in the market forces, market economy, demand and supply. For the first time ever... those who articulate the working of the free market have been confused,” Chiluba said.

“Today for the first time, in the history of Western economy, banks, companies have been subsidised. The whole of Europe had been so hard hit, and there have been job losses everywhere.

“So if somebody tells you that there will be job losses in Zambia, it is not a prophecy, it is not even a prediction, anybody knows that it will happen. Our economy is so tiny that it does not have that kind of thread of resistance.”

Chiluba was accompanied by his wife Regina, and his administrative assistant Emmanuel Mwamba.

Among those who saw Chiluba off included PF Luapula member of parliament Peter Machungwa, Gladius Mulobeka [husband to Kawambwa PF member of parliament Elizabeth Chitika-Mulobeka] and some sympathisers.

Labels: CHILUBA, RECESSION

posted by MrK @ 3:44 AM