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(LUSAKATIMES) Chikwanda cautions “unprinciple” cabinet Ministers and refutes Fitch negative outlook on Zambia Economy

Chikwanda cautions “unprinciple” cabinet Ministers and refutes Fitch negative outlook on Zambia Economy
TIME PUBLISHED - Saturday, March 3, 2012, 9:34 pm

Minister of Finance and National Planning Alexander Chikwanda has launched a scathing attack on his fellow ministers who have continued to issue statements not endorsed by cabinet.

Chikwanda said that President Michael Sata’s recent cabinet reshuffle proves that Ministers speaking aimlessly will not go unpunished. Mr. Chikwanda was speaking when he officiated at the 21st annual ball celebrations for the Zambia Institute of banking and financial Services in Lusaka last night.

Meanwhile, Government has refuted media reports suggesting that Fitch Ratings has revised the Outlook on Zambia’s Long-term foreign and local currency Issuer Default Ratings (IDR) to negative.

Mr Chikwanda explained that Fitch has only expressed a ‘series of doubts’ on Zambia’s policy directions affirming that the Issuer Default ratings (IDR) are at B-plus.

On Thursday, Fitch expressed concern at government’s decision to reverse the privatization of ZAMTEL and investigate the privatization of ZANACO.

According to fitchratings.com, Director in Fitch’s Sovereign ratings group Carmen Altenkirch the reversal of the sale of Zamtel without compensating the investing parties has potential of undermining property rights, and further destabilize the country’s growth outlook and macro-economic stability.

However, Mr. Chikwanda took a swipe at Fitch, saying it is not the first time that the ratings group was downgrading a country.

MUVI TV

Labels: DEBT, NEOLIBERALISM, TAXATION

posted by MrK @ 9:26 PM