MDC slams financial failure

HARARE - The MDC secretary for economic affairs has lashed out at the government over its inability to respect "basic economic principles", and accused the ruling party of indulging in a "game of fantasy economics".
Mfandaidza Hove said the latest monetary policy statement was not a cause for ce

lebration. “Since its launch, prices of goods and services have resumed their upward spiral in response to the 150% devaluation in the Zimbabwe dollar against the United States dollar,” he said. He added that the currency conversion was “punitive” and would hurt the ordinary “person on the street”. He expressed his concern that people who did not have bank accounts would have serious difficulties in trying to convert their money to the new currency.
“Slashing zeros does not make anyone a hero,” said Hove, adding that large amounts of private money were being confiscated “allegedly without any receipts given in some cases.”
“An economy that forces its people to such extremely difficult choices has no right to boast of heroes in its midst. Zimbabwe is a pariah state and will continue to be until there is restoration of political legitimacy and the introduction of sound macro-economic policies,” said Hove.
He said it was commonly accepted that that the major causes of the economic decline included the lack of investment, the country’s inability to generate foreign exchange, international isolation and a very unfriendly investor climate.
“Until these issues are tackled, none of the measures announced by both the Minister of Finance and the Governor of the Reserve Bank will arrest the crisis in the economy. Zanu (PF) has lost the political will to resolve the economic problems of this country. Sadly, they do not have the decency to admit failure,” he said. – KJW

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