'Corruption will cripple ZimAsset'

BULAWAYO - The Zanu PF economic blueprint, ZimAsset, will not work if corruption continues, a lawmaker has said.

Bulawayo South Member of Parliament Eddie Cross said this at a Bulawayo Agenda public seminar held at the Small City Hall.

“There is lack of transparency in the government and such policies end up being party things meant to benefit certain individuals. If corruption continues in Zimbabwe, the ZimAsset will not work,” he said.

Cross said most of the problems affecting the nation are not a result of sanctions but corruption.

“An estimated $82 million was lost through NSSA and can you imagine one man earning $6,2 million in a year. Where does Obert Mpofu get his money from if he claims he is not a thief?” he asked.

Cross said as a nation people have to take responsibility about their lives today and not forget about the past.

“America contributed $1 billion to Zimbabwe and China has never contributed a cent,” he said.

Butler Tambo, an academic, said the government needs to set their priorities right in order for ZimAsset to work.

“When the new government took over, they used $20 million in purchasing vehicles for ministers, that money could have been used for more important things,” he said.

Tambo said an audit to find the real value of mineral and other natural resources that Zimbabwe should be done so that the country sells its minerals at a fair value.

“On what basis are we going to bank ZimAsset when the value of the minerals we are banking on is tumbling? To me, the blueprint just becomes a wish list,” he said.

He said the country cannot rely on the West for funding and should look for alternatives to make ZimAsset work.

“The Brics countries that we hope will give us money are also facing problems of their own,” he said.

Tambo said government should privatise State enterprises and make them competitive so that they can create employment.

He said the policy has a very short time frame to cover all the ambitious goals and five years is not enough.

According to the ZimAsset blueprint, government will mobilise funding from domestic resources, which are in abundance and readily available for full exploitation and utilisation.

The creation of a Sovereign Wealth Fund will be given priority under this plan to backstop and provide predictability and sustainability to government innovative funding.

Additionally, government will continue to collaborate with all the development partners that have been rendering technical and financial assistance to different sectors of the economy, as well as pursuing investment vehicles such as Public Private Partnerships (PPPs), particularly in the proposed Special Economic Zones.

In order to ensure that the plan is fully funded, the following, inter alia, have been identified as financing mechanisms: tax and non-tax revenue, leveraging resources, Sovereign Wealth Fund, issuance of bonds, accelerated implementation of Public Private Partnerships, securitisation of remittances, re-engagement with the international and multilateral finance institutions and other financing options, focusing on Brazil, Russia, India, China and South Africa (Brics.

Comments (1)

Bophani u Obert lowo Well said Mr cross akula sunction lapha $20 million for vihicles what for am fed up abt this country amasela wodwa awe Halale futhi asontayo, they are starting churches wobho ngapha betshontsha

Nqwa - 12 February 2014

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