'Dark forces' sabotaging Zimdollar

INFORMATION and Publicity minister Monica Mutsvangwa yesterday alleged that currency woes afflicting Zimbabweans were the work of "dark forces".

Addressing Harare Polytechnic journalism students, Mutsvangwa said government had made strides in turning around the economy only to be sabotaged by the country's enemies.

"As it is, the economic fundamentals are all right. Why then are there currency woes that batter the living standards of the poorest to survival in abject poverty? Clearly, there are dark forces at play," she said.

"Zimbabwe Democracy and Economic Recovery Act (ZDERA) sanctions are flailing and failing, syndicates of currency manipulators are angling to interfere."

ZDERA, passed in 2001, restricts United States multilateral financing to Zimbabwe until the investment-hungry southern African nation makes specified political and economic reforms.

Analysts, however, said Mutsvangwa's utterances reflected government's unwillingness to address the fundamental economic challenges facing Zimbabweans.

"Who are the dark forces? Who shall bring in light to end the darkness? Authorities cannot claim ignorance when resource leakage channels are so apparent. Where is the intelligence machinery? Put in other words, it's a confession of failure," Zimbabwe Coalition of Debt and Development programmes manager John Maketo said.

Political analyst Kudakwashe Munemo said: "Such utterances simply reflect that the government is not willing and clueless on providing pragmatic solutions to the economic realities bedevilling the country."

Economist Victor Boroma told NewsDay that economic fundamentals have to be followed to ensure economic stability.

"To build confidence, the government has to reform the central bank, live within taxable revenues and give the apex bank autonomy on monetary policy. Political interference has destroyed confidence in the banks and other local institutions, which are key to good economic governance," Boroma said.