Thursday 25 August 2022

"Zanu PF is mortgaging Zimbabwe for a song" mourned Biti - true but who is facilitating it all? W Mukori

When Robert Mugabe and his Zanu PF got into power in 1980, he proclaimed mass prosperity, “Gutsa ruzhinji!”, in Shona. He was convinced he would achieve that by spending, spending and spending.

He built schools and hospitals for the ordinary people, the civil service and security sector became bloated to accommodate his comrades in arms and their cronies and he initiated the political patronage system of the ruling elite whom he pampered silly from the word go.

“In conversation with Trevor Simba Makoni”, google search it, Dr Makoni revealed how Prime Minister Mugabe replaced the Peugeot 406 used by Smith’s ministers with Mercedes Benz limos within weeks of the new government taking power. The limos were not budgeted for nor approved by the new cabinet.

Dr Makoni commented how this nothing is too good for the chefs culture had quickly spread and permeated every segment of Zimbabwe. It was “normal” for ZESA, NRZ or some such parastatal to pay CEO and his/her coterie of fellow political appointees hundreds of thousands of dollars in pay, cars, mansions and other allowances even when the company was failing to deliver basic services and failing to pay the workers the meagre wages!

1990 to 1999 IMF and WB sponsored Economic Structural Adjustment Programmes (ESAP) failed to revive Zimbabwe’s flagging economy mainly because Zanu PF reduced its spending of social welfare for the ordinary people but not on the real big spenders – the ruling elite whose extravagance was only matched by their wastefulness. By the end of that decade Zimbabwe was up to her eyes in debt and IMF and WB stopped all financial assistance the country. Other western financial institutions followed the IMF and WB and cut all financial assistance to the country.

Robert Mugabe gave IMF and the WB his two-finger salute and announced his “look East” policy. Zimbabwe was going to get its financial assistance from China and other eastern nations like Russia.

China was aware that Zimbabwe was a bad debtor, and that the country could not borrow from no one else. And so, naturally, China took full advantage of this to drive a hard bargain and rip up Zimbabwe!

“The Minister of Finance disclosed in Parliament today that Zimbabwe has borrowed $2.7 b from China since independence of which only US$150m has been repaid,” commented former Finance Minister Tendai Biti in parliament.

“The biggest debt pertains to the billion dollars borrowed for the Hwange7 and 8 power station. There is no verification of these figures.

“In 2006 Zimbabwe borrowed US$200 m from China which loan was secured by 26 million ounces of platinum reserves in Selous.

“Assuming a price of US$2000 an ounce for platinum Zimbabwe mortgaged a $52 b asset for mere US$200 m. This is ridiculous.

“They have been mortgaging Zimbabwe for years #Shame.”

This is more than ridiculous and shame! This is a national tragedy and high treason!


3 comments:

Zimbabwe Light said...

Since ascending to power in 2017, Mnangagwa, 79, has regularly used Dubai-registered private jets for most of his foreign and domestic trips – including summoning an Airbus A318-112 (CJ) Elite from Dubai to fly him the 275km trip to Gweru from Harare in July 2019
Responding to a ZimLive story in 2019, Mnangagwa insisted that “we do not pay anything for that plane.”

He claimed that during a meeting with the Crown Prince of Abu Dhabi, Sheikh Mohammed, “I told him we had a problem with availability of planes and he said whenever I want to travel, all I need to do is call.”

As he publicly claims, the Zimbabwe leader’s willingness to accept gifts from foreign governments has raised fears he is involved in some opaque transactions benefitting his benefactors.

Critics claim that the Dubai-registered jets flying into Harare will deliver scarce United States dollars to the regime and then smuggle gold out.

In 2016, the UAE reported gold imports from Africa topping US$16 billion. The Financial Action Task Force (FATF) noted that the UAE, which is not a gold producer, ranked 3rd globally in terms of gold exports, with a total value of US$25.4 billion, or 7.8 per cent of total world exports.

Our only hope of dealing with corruption, mismanagement, vote rigging and all the other problem stemming from the Zanu PF dictatorship is by dismantling the dictatorship itself. And that can only be done by fully implementing the democratic reforms.

Nelson Chamisa and his MDC/CCC friends wasted the golden opportunity to implement reforms during the 2008 to 2013 GNU. They have since given up getting the reforms implemented and settled for a share of the spoils of power in the form of a few urban gravy train seats Zanu PF gives away to entice the opposition to participate to get legitimacy.

Chamisa has made it clear that CCC will let the securocrats keep their looted wealth and looting privileges if they were to help him get into power. In other words CCC will never implement the democratic reforms and dismantle the dictatorship.

Zimbabwe Light said...

FINANCE Minister Professor Mthuli Ncube revealed in Parliament Wednesday that Zimbabwe used platinum reserves worth more than US$26 billion as security for a US$200m loan from China.
Worse still, the loan was used to give high ranking Zanu PF officials, legislators, as well as judges and other politically connected individuals expensive farm equipment which they then never paid for under the infamous Agriculture Mechanisation Programme run by the central bank in 2007/8
Let’s face it, the people of Zimbabwe have known since the late 1990s that Zanu PF is a party of corrupt and murderous thugs who were robbing the nation blind. And that the party was rigging elections to stay in power. The only way the nation was ever going to stop the Zanu PF dictatorship was by implementing democratic changes designed to take away the regime’s carte blanche dictatorial powers hence the call for democratic change.
Morgan Tsvangirai launched his MDC party to answer the nation’s call for democratic change, as the party’s name implied.
After 22 years, 5 of which in the GNU, MDC has not only failed to deliver even one democratic change but worse still it is the one giving Zanu PF legitimacy by participating in flawed elections.
It is therefore rich that MDC leaders like Tendai Biti should relish reminding the nation how Zanu PF is robbing us blind when they are the ones hell bent on participating in these flawed elections to keep Zanu PF in power! Zimbabweans must wake up to the reality that MDC/CCC leaders are selling out, they will never deliver free elections and thus end the Zanu PF dictatorship!

Zimbabwe Light said...

Moreover, AU’s agenda 2063 envisions a landmass in which there is a universal culture of competent and good governance, democratic principles, gender equality, and respect for human rights, justice and the rule of law. It is the African Union’s obligation to promote safe and secure environments conducive for free, fair, credible and unfettered elections across Africa. We urge the African Union to guarantee perfect governance as well as the protection of civil liberties and preservation of the rights of African citizens deep down in Uzumba Maramba Pfungwe, a purported ZANU-PF stronghold.
We have not made any progress in creating a just, free and prosperous nation even after 42 years of independence we are still failing to hold free elections because not only did MDC waste the opportunity to implement reforms the party is the one perpetuating the Zanu PF dictatorship by participating in flawed elections against advice not to. The people of Zimbabwe must wake up to the reality that MDC will never implement reforms and deliver free elections; the party has abandoned reforms and settled for a share of the spoils of power Zanu PF is offering as a reward for giving the regime legitimacy!