News / National
Zanu-PF hawks after Chinamasa
09 Oct 2015 at 06:42hrs | Views
Finance minister Patrick Chinamasa is on the firing line over his secretive arrears clearance strategy presented to three multilateral creditors in Lima, Peru.
Hardliners in Zanu PF are opposing the Chinamasa's debt strategy saying the proposed raft of reforms which include measures to reduce the public sector wage bill could backfire for President Robert Mugabe and the ruling party in the next elections.
Zanu PF insiders say reducing public spending to 40% from 80% would be a big blow to Mugabe's cronyism and patronage system, which political analysts say has been central to his 35-year rule.
"Chinamasa has angered many of his colleagues in cabinet, who feel that he is going overboard to please the IMF and World Bank when we all know that there is no way the two institutions will provide new funding that will help revive the economy when President Mugabe and Zanu PF are still in power," a senior Zanu PF official said.
"Instead they want to see the economy crumble and believe me that is what they are trying to do and Chinamasa is being gullible. That money is never going to come for as long as President Mugabe is power. So many of us feel that why not use the money we are using to repay arrears to fund projects that will help resuscitate the economy."
Zimbabwe has come up with a strategy to clear the combined $1,8 billion overdue obligations owed to the African Development Bank (AfDB), International Monetary Fund (IMF) and the World Bank.
Anti-reformists, who include Mugabe, War Veterans minister Chris Mutsvangwa and Mugabe's nephew Patrick Zhuwao, recently appointed Indigenisation and Empowerment minister, among others, view structural reform programmes backed by the multilateral lenders with scepticism.
Hardliners in Zanu PF are opposing the Chinamasa's debt strategy saying the proposed raft of reforms which include measures to reduce the public sector wage bill could backfire for President Robert Mugabe and the ruling party in the next elections.
Zanu PF insiders say reducing public spending to 40% from 80% would be a big blow to Mugabe's cronyism and patronage system, which political analysts say has been central to his 35-year rule.
"Chinamasa has angered many of his colleagues in cabinet, who feel that he is going overboard to please the IMF and World Bank when we all know that there is no way the two institutions will provide new funding that will help revive the economy when President Mugabe and Zanu PF are still in power," a senior Zanu PF official said.
"Instead they want to see the economy crumble and believe me that is what they are trying to do and Chinamasa is being gullible. That money is never going to come for as long as President Mugabe is power. So many of us feel that why not use the money we are using to repay arrears to fund projects that will help resuscitate the economy."
Zimbabwe has come up with a strategy to clear the combined $1,8 billion overdue obligations owed to the African Development Bank (AfDB), International Monetary Fund (IMF) and the World Bank.
Anti-reformists, who include Mugabe, War Veterans minister Chris Mutsvangwa and Mugabe's nephew Patrick Zhuwao, recently appointed Indigenisation and Empowerment minister, among others, view structural reform programmes backed by the multilateral lenders with scepticism.
Source - Zimbabwe Independent
