Let's adopt rand, says MDC-T MP

MDC-T National Assembly Member for Hatfield Dr Tapiwa Mashakada says Government must implement a number of mechanisms to improve liquidity in the economy.

Among the interventions are repackaging the Indigenisation and Economic Empowerment Act, promoting Diaspora remittances, looking for external loans as well as switching to the Rand Monetary Union.

Dr Mashakada said this in the National Assembly yesterday while steering his motion calling for the de-dollarisation and adoption of the rand as the anchor currency and addressing the fundamental structural causes of the financial and economic crisis facing the country.

"We need to repackage our indigenisation laws so that we can get Foreign Direct Investment," he said. "We have got the natural resources. What we lack is capital. We also need to look at the question of getting Official Development Assistance. Dr Mashakada said some of the sources of foreign currency included enhancing exports and Diaspora remittances.

"If we lock Diaspora remittances, we can forget about FDI because if you look at countries such as Eriteria, Ethiopia and the Comoros Islands, they rely on Diaspora remittances. So we can also introduce infrastructure bonds.

But responding to the motion, zanu-pf MP for Buhera West Oliver Mandipaka said the economic challenges facing the country started after the imposition of illegal sanctions on the country by the West at the behest of the opposition Movement for Democratic Change.

He said Government was alive to the challenges facing the country hence the introduction of Zim-Asset. Buhera Central MP Ronald Muderedzwa added that the biggest challenge facing the country was that of lack of funding.

"We should look at how we can attract funding. On indigenisation, we need ministries to speak with one voice. In fact I suggest that we should have a think-tank that will help us have convergence."