Rescue troubled banks before grabbing foreign ones, Kasukuwere told

The MDC –T Youth Assembly has castigated the Minister of Youth Development and Indigenisation, Saviour Kasukuwere for calling for the localisation of all foreign owned banks in the country.


Speaking at a press conference in Bulawayo on Saturday to mark the commemorations of the Day of the African Child , the party’s Bulawayo Provincial Youth Assembly Chairperson, Bekhithemba Nyathi, said the minister should focus on helping rescue struggling indigenous banks before grabbing foreign owned ones.

The Reserve Bank of Zimbabwe this week closed Genesis Bank and placed another indigenous bank, Interfin, under curatorship.

“MDC rejects any policy that scares away investors while benefitting the few politically connected at the expense of poor Zimbabweans. We wish to bring to Kasukuwere’s attention that some banks have closed while others are facing closure .If the minister is genuine (regarding) his drive to indigenise banks, he should invest in these banks first,” said Nyathi.

Nyathi said the indigenisation programme is a Zanu (PF) election gimmick which is bound to fail.

Nyathi also scoffed at threats by the youths loyal to the Welshman Ncube-led MDC-N movement to demonstrate against Finance Minister, Tendai Biti, for reportedly failing to disburse the Distressed and Marginalised Areas Fund (Dimaf).

On Thursday MDC-N Youth Secretary for Information and Publicity, Khumbulani Malinga, accused Biti of frustrating efforts by Ncube to revive beleaguered industries in Bulawayo, once the industrial capital of Zimbabwe.

“It appears these youths do not know the operations of the Inclusive Government .In fact it must be noted that Dimaf is not Welshman’s project, but a government programme pushed by ministers from Matabeleland, including those in Zanu (PF),” said Nyathi.

The MDC-T youths vowed not to support a constitution that did not provide for devolution of political to the provinces and dual citizenship to which Zanu (PF) is opposed.

The Day of the African Child is commemorated annually on 16 June.

It was set aside by the then Organisation of African Unity (now the African Union) in 1991 to recognise thousands of South African black school children who massacred by the apartheid government on 16 June

1976 in Soweto, when they protested against the inferior quality of Bantu education, also demanding to be taught in their own language.

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