Dr Situmbeko Musokotwane becomes Zambia’s new Finance Minister

Dr Situmbeko Musokotwane becomes Zambia’s new Finance Minister

hi you’re watching nev media channel on youtube this channel provides you latest political news trending videos as well as entertainment videos from zambia if you are joining me for the first time remember to hit that subscription button below and ring the notification bell so that you get notified every time when i post a latest video if you like this video remember to hit the thumb up and leave a comment in the comment section below let me know what you think about this video without any further ado stay tuned for more updates in this video [Music] this afternoon we are privileged to have in our middle east the new minister of finance who is basically returning to the ministry this is the best in the communist company is accompanied by the sector mr french the feminine sector for economic management [Music] and then i’m standing behind the death sector the company mr massey and next to him is mr honourable mr this is your show in our business we have the media from a very representative example private media public media who would like to listen to you on your first day of appointment if there are any comments introductory comments to make by the st may proceed and then pop on the mixer progresses uh thank you mr moderator i think for me it’s just my pleasure to introduce the minister of venus dr um and honourable minister you may proceed to address the gathering thank you sir thank you very much sg and uh your colleagues from within the ministry of finance colleagues from zlaa colleagues from bank of zambia members of the press i shall be brief even the question to be brief because as you can see the atmosphere where we are in today is not conducive in this copy the environment we are making arrangements so that we can find a more conducive solution uh in the future briefings having said that i want to say that i’m extremely delighted to be back at the minister of finance this is the fourth time but i’m becoming a member of the team of the minister of finance first time was when i just graduated from the university in 1979 my first job ever was here at the minister of finance i came back later as an advisor to minister kateri kanumba during the prsp days you remember university then i was back a sector to the treasury i was back as minister of finance and i’m back again with the minister of finance so i’m not totally lost there are a few changes that have taken place physically and also in terms of ideas but i have a very good understanding of this place because of the history that i’ve just indicated i also want to thank the president presidential for showing confidence that he can come back to the minister of finance to lead his economic team and all i can say that i will not disappoint him and i will not disappoint the people of zambia we are here to do great things as an economic team under his administration i will come back to that point in a while in the meantime i want to say that the ministry that i’m coming to is obviously quite different from the one i left in 2011 in terms of the economic environments that we are experiencing as a country today the economic variant meaning that the cost of living is escalated beyond what we had imagined obviously uh the exchange rate where it is today or where it has reached none of us ever dreamt that a dollar one day would cost him in twenty percent because those days if it reached five or even six there would be panic but today we that is the situation the dollar has become very expensive but all this really in summary is that the people of zambia are stressing economically the people of zambia are stressing i must also advert this stress this economic stress has its roots here in the ministry of finance the stress arises from the fact that zambia over a relatively short period of time it’s just borrowed to management borrow too much money meaning that as we pay back this little liquidity for those running businesses to have customers meaning that it has become hard for the government to hire essential workers such as teachers health workers or indeed even to provide meaningful salary increments to the workers of the public service so that’s the difference that i come to it was not there before and it is this difference it is this stress that has placed the people of zambia more especially the youth more special to you to say to our colleagues the one who in charge before please don’t take a risk let’s try a different team therefore this administration we are focusing or we are going to focus a lot in economic issues we don’t care much about how your nose looks like we don’t care much about whether you’re tall or short we don’t care much about what language you speak that is not our politics is what can we do to reduce and remove the stress that the people of zambia are experiencing how can we create jobs jobs for the millions of youth who are roaming the streets starting from those who have ended grade seven grade nine 12 university graduates because unemployment is now right across the whole spectrum of society so our focus will be how to generate not how to generate but to generate jobs for the young people through [Music] number one those where government is able to hire or should hire like teachers and health workers within our means we are going to put a lot of we are going to put some stream into that we know that there are about fifty thousand friend sisters alone who are out there looking for jobs in their teaching service and indeed those jobs are necessary those of us running rule constituencies we know that teachers are desperately needed so we’ll do something about that problem so that perhaps the next five years we can get back to normal whereby essential workers such as teachers health workers are employed and put on payroll that is the contribution of the government but there’s a limit to which government can do to absorb the use of these things how many teachers can we employ i mean listening to the employee these are just thousands but we know there are millions of young people looking for jobs and those jobs must come from the private sector so you see what we are going to do we are going to do a lot to drive up the agenda in the private sector we will push hard to make sure that our mining sector expands [Music] the mining output has been stuck for the last 10 years with about 800 000 metric tons of copper per year we are going to push aggressively so that mining output in the next 10 years comes to something like 3 million tons by the end of this current mandate we want to push the mining output to something close to 2 million tons from 800 000 why because mining as you know is the one that gives foreign exchange is the one that gives some employment is the one that provides employment in many sectors that are related to mining transport banking insurance repairs spares construction all those are related to mining so we are going to push very hard for the mining sector and the good thing is that the price of copper is projected to remain high for many many years spun with the new oil in the 1970s oil was the instinct now copper is the instinct because cars are no longer going to use petrol they are moving towards electrical systems so we are going to push the conduction of copper by creating a good environment for more investments to be done and you’ll be amazed how much foreign exchange this country is going to make with this kind of property you don’t you do not know what to do with the dollars that this country will be receiving our problem may just be the dollar becoming too cheap as we drive this process we are going to make sure that this value addition we are going to threat credible investors to put investments into these facility economic zones which have been germans in the last 10 years so that in those m phases we can draw copper wires in those emphasis we can do copper alloys you see like that lock there the one that looks like gold that’s a copper alloy copper mixed with something else which currently is imported our job is to make sure that items like those items like fridges which result of copper items like strata motors we are going to push to make sure that those populate the special or not facility economic zones so that you the young people have a wider choice of jobs to get into these juices like to import from south africa whether it is mango juice whether it is orange juice whether it’s proper jewish we want to be the ones exporting those items into south africa into europe into the americans so there’s going to be aggression to make sure that we produce these items in large quantities by the process within zambia and export so this cotton will make sure that our farmers would get good incentives to grow cotton so that it is span here out of that we make cloth out of that we are the ones to be exporting jeans t-shirts shirts bedsheets and so forth so this is just a brief flavor of the agenda that we have to drive the economy to grow 10 years ago people were saying economic growth didn’t matter now we have seen for solve what happens when there is no economic growth you think yourself when you have negative economic growth look at the poverty that is there that is damaged what we’re aiming at and we are the ones to facilitate that by making sure that money that is wasted in fewer things is now invested into things that matter when i talk about for example [Music] when i talk about uh producing three million tons of problems there is a role for government there is a role for private sector our role is going with this make sure that it is infrastructure going to where copper oats are discovered [Music] you can’t say there’s copper there but there’s no road going there there’s no power going there yes copper is there but you will not be able to mine when you’re talking about tourism it’s no good to say we have animals we have victoria falls we have this and that these items are in the bush how do you go into europe where i come from let’s say one stories where are they going to sleep under the tree yes they can three by the tree but they only value too many so the idea is to make sure that infrastructure which is the responsibility of government is cost where it can unlock investments that’s our duty to minister finance our duty is remember that we collect taxes so that we can train our people train the young people they are skilled so that all these investments that we are talking about the zambians are not bystanders the zambians are participants because they can supply they can work to provide professional services so that is the agenda mr st the money is going to utilize carefully on things that assist the social sector and things that generate more revenue for the country so that growth keeps on exploding where search is to come to the end as you see me here i say that the 10 years when i was a private member of parliament representing a rural constituent for me that was very good training very good training because when we talk about shortage of teachers i’ve seen it schools where i went promised where i went before going to secretary in your creation that primary school today is a basic school but the number of teachers who are there are less than the number of teachers who were there when it was only up to grade seven [Music] so that’s why you heard the president talking about taking money to where it belongs that is us here the minister of finance no useless seminars no useless trips because that money must be saved to go to where the rural people are suffering things that i’ve seen in my own eyes in the last 10 years many of you have never slept in the sun have slept in the farm and one of these days you should burst in and sleep in the sun so that you see what you are talking about [Music] issues of corruption no one will protect you if you are found in corruption straight away to acc no one will protect you so if you were screams like that say bye-bye to them issues of failing to deliver service come tomorrow come tomorrow license is taking seven years to produce i’ve seen situations like that we are going to agree mr who call the private sector what kind of things do we deliver here abc who agree that if an application for particular license or something like that before the paperwork is correct we have to commit ourselves but within x number of days without question this service must be delivered if we don’t deliver the one we supposed to deliver on that [Music] we have to answer questions serious questions serious questions omission i don’t know i believe we’ve already started some of those things but we are going to push very hard to make sure that we provide service to the people let me end here because i’ve actually gone beyond what has intended we will take a limited number of questions uh so that we free you from this other year so let’s be prudent with questions there’s a number of us here introduce yourself and the decision you’re coming from get straight to the questions we’ll start with the gentleman and the lady there good morning honorable congratulations on your appointment i am jimmy camasha from cvc television um there’s been call there have been calls from various sectors uh for the re-appointment of the new bank governor a central bank governor want to know what your take is on that uh are you going to consider that or what’s your plan that is beyond me the bank governor is a presidential appointment so if you get an opportunity to ask the president i can’t answer it i’m sorry thank you so much but thank you for the question thank you take the lady here and the other day the first question is about a year and three months ago government did engage an international financial advisor to help restructure this situation and your government was in the forefront your party no your government you’re a president of it and when that was announced actually the contract was for three years so i wanted to find out how we’re going to continue working with uh lazad in terms of restructuring the state then my other question is you’ve talked about the the mining center where you said the issues of but we know for in fact that the percentage that record in these minds is is very minimal that’s why we’ve not been having these resources are we going to see policies change that are going to compare on these foreign investors to bank their resources back in time because we know that the reason we are not finishing is because this resource is still going out so thank you okay on the first one on the first question let me say that we don’t come in office for the vindictive venus so members of staff should not feel that we are here to profile people say this one no this one yes so no it all depends on merit so similarly on a question like that one uh we’ll look into the situation we said it we said it we just total information we look at the situation if our fears then are confirmed then of course that’s a different route but if we feel there might be some value who knows so we’ll look at the situation uh make a recommendation to the president then we agree on the reform on the mining sector first of all yes there’s always a risk that you don’t gain as much as possible that is true and we must examine but you see we must examine case by case don’t just say the mining sector you don’t get anything break it down which mining company is doing his first here which mining company is not doing it don’t just lump everything like that then you are at risk of making uh mistakes for those that we are not getting first here there will be hard questions where is the problem how can we resolve that but indeed the issue of driving up production is fundamental uh somebody i think separate don’t like saying you cannot share poverty and unless you increase product interface instance by raising production unless you do that you’re at risk of trying to extract something out of nothing our colleagues in congo 2011 they were producing less copper than us not so today they are almost producing double [Music] the amount of copper that’s numbers because congo jrc that’s why even the economic stress the encompasses you don’t hear it as much as what you did in zambia what’s the trick raising production we’ll get the question from writers my name is christine from boycott i’m the speaker speaker sir my name is christine from reuters i just wanted to find out how you plan to address the question of zandia’s debt [Music] thank you so much good afternoon congratulations on your appointment my name is from spring tv uh my first question is uh related to my colleague here so there are concerns among stakeholders that are finding yourself um in a place where there’s a yeah you find you’ll be operating under a tight risk of space looking at the country’s basic deficit and the debt that we have so how are you going to address us what’s your plan what’s your plan regarding having more financial resources to begin your economic operation my second question is we’ve been informed that there’s a debt restructuring team that the president has appointed um i don’t know if you can disclose to us who is on that team thank you um thank you very much it is true i don’t have the numbers because i was outside but generally speaking everybody knows that the advantage is under stress it is under stress because unless we do something to the debt unless we do something to that then the budgets spend the budget mainly for paying salaries and also servicing debt the numbers that we’re seeing last year showed that out of uh the quarter of revenue before you introduce borrowing and things like that out of every point of revenue 19 where or 90 percent was going to pay salaries and sells the debt living on it anyway so unless we do something about the debt this is going to be valid for paying salaries and saving the debt obviously that is meaningless so the answer is to talk to the people all money creditors so that we pay at a slower pace stretched over longer period of time so that we unlock or release cash for us to be able to do something more meaningful in the body the process towards that is that the ones you owe money they will ask you a question you want me to stretch the payments yes but what guarantee do you give me that if i give you that kind of relief [Music] you still be able to tell me what’s in guarantee the guarantee is that you must have somebody who is the referee who is the authenticator and saying these jobs were office now they are correcting the economic situation they are building up to the growth of the economy there will be more money coming in the country therefore it makes sense to give them a relief to pay over a longer period of time because they will be able to pay because the economy changes that authenticator is the imf that’s why you’ve been hearing us talking so much about an imf program it is important that we get an imf program so that we do the necessary form convince the creditors that we are serious and be able to pay back and of course not just the creators for the good of the zambian people who benefit from the religious relations so i still have to get a full brief from the sd and the team at the bank of zambia to tell me where we are with the program for the ins [Music] we are determined that maybe october november we should possibly even september we should conclude the discussions because there have been discussions we don’t know where the hitches are we’re late now september october we should conclude the issue of the program go to the creditors hear our books this is what we are doing to clean up so let’s agree to stretch the payments so that the budget for next year is meaningful numbers beyond that i think there are some things that are positive for us the commissioner general was agreeing to me that the revenue influence has improved obviously because of higher copper prices but also it tells me collection methods are better we have also been told that the imf due to this covey the problem they are basically giving everybody every member country one point one 153 dollars 1.3 billion dollars 1.3 billion u.s dollars and it has already come it is already coming okay so we have to examine the rules of the imf and see how that money can be useful to us so there are these positive elements of uh coming through i think the world bank we had the discussion the other day also they said there is some money that we can access quickly to put in the budget for next year so combination of dietary arrangements the money from the imf the money from the world bank improved the revenue from the italian i can almost guarantee that the stress on you the citizens of zambia will definitely be less next year and the exchange rates should move the exchanges should move given all these factors should also move because there were some people who did not fast the management of the previous government’s economy they thought that as long as left their money here there was risk that one day things could grow up one day they would be returned to extreme controls conservative reserves that were there so quickly they took out their dollars packed them in also two places [Music] but now when the confidences are coming and them also knowing that the exchange rate is definitely going to appreciate that’s why i practically see a flurry of people bringing back dollars before they lose out because some are very lost out and they brought their dollars when the exchange rate was 22 for every dollar they all i can tell to them is that you have nothing to fear this is a government that is going to be friendly to enterprise a business if you delay bring your dollars in the country that is up to you you may end up receiving only 940 to a dollar or something like that who knows i can never predict so this is where we are and i think the people of zambia require relief they’ve been under stress for far too long if you go in this market look at where the prices are because we import my second question oh no i have no information on that thank you very much honourable minister i think let’s welcome the minister to the ministry in the round over course the staff and yourself i’m sure there will be more engagements let’s allow the minister to proceed to his next assignment let’s digest what he has shared with us and the process of budget preparation we may have an engagement or two with the public or interest groups therefore you can come there and ask your questions unless you have some concluding remarks with your briefing honorable mentions well i thank you a lot for this we shall definitely be engaging you so that you know where we are at every stage but remember our focus is to make all of you [Music] to enjoy the citizenship of this country to a better living standard that’s our focus thank you so much have a good day thank you
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Dr Situmbeko Musokotwane becomes Zambia\'s new Finance Minister

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