Chikwanda disowns ministry statement on Moody’s assessment

Finance Minister Alexander Chikwanda
Finance Minister Alexander Chikwanda

Finance Minister Alexander Chikwanda has disowned a statement issued by an officer in the ministry of Finance disputing Moody’s Rating Agency’s assessment that Zambia’s credit rating had deteriorated.Chikwanda A
He says his ministry is embarrassed by the statement issued by the officer disputing Moody’s assessment.
Mr Chikwanda has told Parliament that it is a pity that an overzealous officer commented on Moody’s assessment of Zambia to the embarrassment of the ministry.


He says the ministry of Finance has no intention of getting into a quarrel with a rating agency, but would simply provide correct information about the economy.
Mr Chikwanda notes that Moody’s is a very respectable rating agency and that when provided with correct information they can adjust their rating of the economy.
He states that while the country’s economy is facing challenges, it is not on the brink of collapse.
And Mr Chikwanda, who has indicated that he will not serve beyond 2016 owing to age, says the issuing of conflicting statements by government officials on the economy is not helping.
He says policy consistency and predictability is very important for any economy.