Thumbs up for recovering $600 million, Mr President

As the country moves on from political turmoil, so is the economy, and the recovery of externalized funds (USD $591, 1) million is a good starting point.

President Emmerson Mnangagwa yesterday named and shamed corporates and individuals that failed to return nearly a billion dollars which was externalized in past years, a situation which is likely to stir formal sector resuscitation and industries recapitalization seeing that foreign currency largely hampered their development.

The country's formal sector had become paralyzed necessitating elicit trading and parallel market of foreign currency due to externalization, a scenario which is likely to become a thing of the past, given the President's initiative.

Whilst critiques may argue that the list falls short of their expectations, and is nothing more than ‘a housewife's grocery checklist', I beg to differ. If naming of over 1 800 companies and repatriation of more than a quarter of the national budget is deemed unworthy, then what is it.

As much as expectations on people to constitute the looters list rocked the public sphere, no one had access to names of those who took heed to the President's moratorium, so why the negative fuss from the opposition when they have no access to those who returned half a billion.

And to prove that the list is authentic and un-discriminatory, even Government entities such as Print Flow, Allied Timbers, Zimpapers and even churches were also cited on that list.

The ignorance over the released company names which the opposition is arguing to be a mere charade of the real offenders is astonishing given that anyone is welcome to access names of company directors, and owners at the Registrar of companies , if they are eager to unveil their specific names.

For now, all what the Government needs to do is to hasten the enactment of new legislative framework to prosecute these people. If not these current offenders, then certainly this will a warning to future externalizers.

Whilst a brigade of opposition critiques have been unleashed to rubbish the President's efforts to restore the country's economy, with the former finance minister Tendai Biti arguing that under the Exchange Control Regulations, externalization of US dollars, rands, pulas, or any other currency under the basket of currencies does not constitute a crime since 2009 when the Government announced adoption of foreign currencies as legal tender, how then does he justify companies which were exporting and not remitting the proceeds of their exports back to the country. The Currency Declaration (CD) 1 forms, are certainly clear on repatriation of all proceeds.

In order to avoid such misunderstanding, the Government should then hasten to enact the Money Laundering and Proceeds of Crime Amendment Bill so that it becomes law and facilitate for prosecution of such persons and or companies.

Externalization will continue to weigh on the fiscus for as long as looters have an escape route and no proper legislation to pin them down.

Most companies and persons are just but trying to hide behind a finger instead of applauding this move which benefits most Zimbabweans.

Also this move of naming and shaming proves that the new dispensation means business and any loopholes in the way will be plugged out. At the same time it will act as a deterrent measure to those who were contemplating on looting in future, renewing investor confidence and the public who had lost hope to 37 years of talk and no action.