'Zim broke to implement economic plan'

HARARE - Zimbabwe has no funds to implement its five-year economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset), Industry minister Mike Bimha has said.

He said the private sector should help finance projects under the plan, expected to guide Zimbabwe’s economic plans and objectives until 2018.

Bimha said government was facing a policy implementation crisis and needs a financial bailout for ZimAsset.

“Government has spent time and resources planning the ZimAsset, but will not be able to implement this scheme on its own,” he said at a Zimbabwe National Chamber of Commerce (ZNCC) function last week.

“This policy will help industry the most so it is only prudent for industry to assist in every possible way, preferably financial,” Bimha added.

He said if private players did not chip in, ZimAsset would amount to nothing as government “has too much on its plate as it is.”

“The country has got policies that fall short in the implementation department.  I am appealing to the private sector to help government in the implementation of these policies to speed up economic development,” he said.

Under ZimAsset — requiring at least $10 billion to implement — Zimbabwe targets to create 2,2 million jobs, unlock $1,8 trillion in idle mineral reserves and grow the economy by an average seven percent annually.

The blue-print comes on the back of a string of others that include the Economic Structural Adjustment Programme, Zimbabwe Programme for Economic and Social Transformation and the abandoned Medium Term Plan that was supposed to run until 2015.

Bimha also said the country needed to formulate credible policy proposals that address issues like strengthening fiscal management, reducing financial sector vulnerability and improving the business climate to attract investment and enhance competitiveness.

Recently, Dutch ambassador to Zimbabwe Gera Sneller said the Netherlands would not advance Zimbabwe funds to finance its economic plans under the blueprint.

She suggested that Zimbabwe partners private investors rather than seek rescue packages from governments.

“I have to say that I feel Zimbabwe is at a stage where the most important thing is to work with private investors not ask for aid from individual countries… it really should not be about aid,” Sneller said.

“If government follows what is being stated… to improve the business climate, investment will come,” the envoy said.

She said Zimbabwe was a risky destination to invest at the moment.

Sneller said Dutch investors were ready to come into the country provided government clarifies policies that protect investor interests.

“Investors should have assurance that the same laws valid today will be valid tomorrow and that the same conditions should be applicable across sectors,” she said.

The investment-starved country is desperately trying to attract foreign direct investment (FDI) and access international lines of credit.

Investors and financiers however are wary of its policies, particularly the indigenisation law — compelling foreigners to cede majority shareholding to black locals.

Comments (23)

So the clueless ZANU PF chaps crafted a program whose funding they were not clear about? What a bunch of comedians. ZimAsset and the 2014 National Budget are not even worth the glossy paper on which they were written.

Esap Zimprest - 14 May 2014

ZimAsset was just an election campaign tool.Fools will never learn the ZANU PF dirty tricks. ZANU chiororo kumunhu wose we Zimbabwe.Hapana anosara!!! Surely who in their right mind will invest in a bottomless pit like Zimbabwe??? NONSENSE !

MAKUDO OGA - 14 May 2014

ZimAsset was just an election campaign tool.Fools will never learn the ZANU PF dirty tricks. ZANU chiororo kumunhu wose we Zimbabwe.Hapana anosara!!! Surely who in their right mind will invest in a bottomless pit like Zimbabwe??? NONSENSE !

MAKUDO OGA - 14 May 2014

The problem with Minister Bimha just as with most of his counterparts in the government is that he thinks he is a Mr Know-It-All. They do not want to listen when financial experts give them advice. It is not up to the private sector to implement policies, but the government, as the Dutch Ambassador correctly spells it out. ZIMASSET is a speculative proposal that's not worth the paper it is written on because it is more of a fantasy formulated on mineral fortunes which are worthless to us until extracted. The Chinese refused to back it up demanding bankable proposals instead. Investors are just waiting for a change and implementation of workable policies from the government.

Dr Know - 14 May 2014

The inevitable will happen hapana chinobuda

protestor - 14 May 2014

So government now wants to hold industry at ransom, 'cough up money for ZimAsset or go down with us'. What a shame. That is exactly the attitude that investors are fleeing, government cornering investors and forcing them to allocate resources for projects that they had not planned for. Were they part of the committee that crafted ZimAsset? If ZANU PF new it would need the private sector, why did not they sit with them and agree on a plan that industry wants to work on, not be forced to support indigenisation policies that, militate against some of the private sector players' interests. Why lie in the first place, nhai ZANU PF? Murombo munhu. Ko kungotaurirawo vanhu kuti hatina dhiri, maiurawiwa here? Nhafu dzenyu kunokora musuva wamusingapedze kuri kungoda kuita shaisano. Let's see you do it. Sometimes I wonder if the Bimhas, Chinamasas arent ashamed to put on expensive suits to for the purposes of parading their stupidity to the world. Sometimes staying indoors and letting those who can, do, saves you from a great deal of shame.

Mseyamwa - 14 May 2014

The gov of Zim can easily raise $10 billion to finance ZimAsset, through privatization of all non-performing parastatals, within 90 days. Thats doable guys, as an emergency step.

mujoza - 14 May 2014

The government should sell 7 more mobile phone licences renewable every 2 years and NOT 20 years. Reduce entry barriers and create thousands of jobs almost immediately please.

Mujoza - 14 May 2014

Tomorrow morning Zimbabwe could receive over $100bn in direct foreign investments in all facets of industry. We are getting Zero as it stands. The real problem is not even the 51% indigenous investment equity but sheer trust lacking. This translates to question of our credibility as a nation. Business is all about trust, honour, credibility. Tomorrow morning our government must prove credibility and all the cash will flow into our investments. Does our Zanu-PF government have what it takes when it comes to credibility? As a nation we can not even run credible elections for ourselves. How can other people from outside trust us with their cash if we are not credible to ourselves? Invest with a Zanu-PF partner in Zimbabwe, as a local or a foreigner, forget it! You will get screwed. That is the problem. Even the Chinese are scared to be screwed. Are those university qualifications held by our government leaders genuine? Mick Bimbo and your buddies , prove the point and all will be fine. Remember, investment decision is base on informed risks. So far, Mick and your partners are are high risk.

Mbareboy - 14 May 2014

so what is new here. we told you and you said we were mdc. you trying to tell what we told you. why dont you apologise, simply. tell what ever you are telling us to your boss mugabe and ask him to be humble enough to listen to people not to always think zanu, the west and the war.

see - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

TOBAIWA - 15 May 2014

Izvi zvotoda vaya vanoimba zvokuseta team inotonga muZimbabwe. ZPF only thought & still think of rewarding themselves after the liberation struggle some of whom never fought in-NOT hard work to develop&look after Zimbabwe. These pple shamelessly stole the just ended election because they cannot win freely. They never care about rebuilding the country they destroyed through their greediness. Winning an election at whatever cost is what matters to these corrupt thugs...Tichachema kusvika madonkey ave nenyanga.!!

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ORIGINAL - 19 May 2014

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