MDC condemns passing of the RBZ bill

MDC-T has condemned the passing of the RBZ (Debt Assumption) Bill by the lower house of parliament on May 12.


Party spokesperson, Obert Gutu, accused Zanu (PF) of taking advantage of its “ill-gotten parliamentary majority in the National Assembly” to pass the Bill.

He said the transformation of the Bill into a law meant poor Zimbabweans would be forced to pay for the Reserve Bank of Zimbabwe (RBZ)’s debts.

“The thoroughly discredited and immoral Reserve Bank of Zimbabwe (Debt Assumption) Bill was passed by the Lower House of Parliament after the rogue and illegitimate Zanu (PF) regime shamelessly took advantage of its stolen and ill – gotten Parliamentary majority in the National Assembly.

“The passing of this Bill effectively means that the suffering and toiling masses of Zimbabwe are going to take over the debt in the sum of US$1,3 billion that largely arose from the loans and other goodies that were dished out to senior Zanu (PF) cronies and other politically well – connected individuals,” said Gutu.

RBZ accumulated the debt mainly due to its quasi-fiscal policies before 2009 during the tenure of former governor, Gideon Gono.

The central bank dished out farming equipment and other forms of support to resettled farmers with links to Zanu (PF).

The bill sought to transfer the debt from RBZ to government and was fiercely opposed by independent economists and the opposition.

“These are private debts that personally benefitted the very few people who were lucky enough to be able to access those loans and other benefits such as farm implements.

It is on public record that some very senior members of the crumbling and collapsing debt -ridden Zanu (PF) regime accessed millions of dollars worth of personal loans from the Reserve Bank,” said Gutu.

He added: “The long and short of it is that the Zimbabwean tax payers, who are already overtaxed, are being literally forced to pay for the loot that that was taken by the Zanu (PF) ruling elite.”

He accused Zanu (PF) of railroading the bill and described the process as “illegal, unprocedural and unconstitutional.”

“What is even more disturbing is the fact that in spite of repeated demands by MDC parliamentarians, the Minister of Finance and Economic Development, Patrick Chinamasa, stubbornly, illegally and arrogantly refused to divulge the names of the various persons who benefitted from the Reserve Bank loan and farm implements schemes,” said Gutu.

He noted that no attempts were made by RBZ and government to recover the loans from individuals and institutions that benefited.

“The Zanu (PF) regime should, therefore, be held solely responsible for running down and ransacking the once vibrant Zimbabwean economy.

“The MDC does not tolerate and/or condone corruption at whatever level.We are committed to restoring the political and economic integrity of Zimbabwe and putting the country back on a sustainable development path,” he said.

Post published in: Economy

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