Mundubile Questions Zambia’s Foreign Exchange Reserves

Brian Mundubile Prioritizes Household Needs Over Reserves

NRPUP presidential candidate Brian Mundubile has said he would place less emphasis on Zambia’s foreign exchange reserves if elected, arguing that available resources should instead address the immediate needs of ordinary citizens.

Speaking at a campaign rally in Nyimba, Mundubile said paying farmers, council workers, and improving household welfare should take priority over maintaining what he described as economic indicators such as foreign exchange reserves and inflation.

He further proposed introducing a debt-swap programme for civil servants, maintaining that improving people’s livelihoods should be the government’s main focus.

Meanwhile, economist Dr. Lubinda Haabazoka defended the importance of foreign exchange reserves, explaining that they help pay for imports, stabilize the Kwacha, service external debt, build investor confidence, and protect the economy from unexpected financial shocks.

According to Haabazoka, Zambia’s current foreign exchange reserves stand at approximately US$6.5 billion, enough to cover about six months of imports, which is above the internationally recommended three-month benchmark. He also noted that Zambia has since exited default after restructuring US$13.3 billion in external debt.