Business / Companies
Calls for Parliament to audit RBZ
13 Feb 2015 at 05:43hrs | Views
The Zimbabwe Coalition on Debt and Development (Zimcodd) has called for the setting-up of a Public Debt Commission to conduct an official public debt audit before any debt relief mechanism can be considered for the Reserve Bank of Zimbabwe (RBZ) $1,3 billion debts.
Zimcodd's call came as Parliament is about to pass the RBZ Debt Assumption Bill which among other things will make the State inherit the central bank's debt and let those who benefited from the loans go scot-free.
Zimcodd chairman Joy Mabenge said his organisation was calling for a three-pronged approach to resolve the country's debt problem. Parliament should set up a Public Debt Commission (PDC) to officially audit all national debts, convene an All Stakeholders Public Debt Dialogue Platform and to engage in domestic resource mobilisation as opposed to continuously borrowing from foreign countries or banks," Mabenge said.
The proposed PDC, Mabenge said, would also inquire into beneficiaries of the loans and to what extent they have benefited sector by sector.
Most of the debts were accrued from financing the Farm Mechanisation Programme that allocated tractors, harrows, planters, combine harvesters and planters among other farm implements to Zanu PF bigwigs, including Cabinet ministers and service chiefs.
Zimcodd's call came as Parliament is about to pass the RBZ Debt Assumption Bill which among other things will make the State inherit the central bank's debt and let those who benefited from the loans go scot-free.
The proposed PDC, Mabenge said, would also inquire into beneficiaries of the loans and to what extent they have benefited sector by sector.
Most of the debts were accrued from financing the Farm Mechanisation Programme that allocated tractors, harrows, planters, combine harvesters and planters among other farm implements to Zanu PF bigwigs, including Cabinet ministers and service chiefs.
Source - NewsDay
