State of economy: Chinamasa bares soul

FINANCE minister Patrick Chinamasa has bared his soul on the state of the economy, saying it was time for all stakeholders to find each other regardless of political affiliation and engage constructively towards jump-starting the economy.

BLESSED MHLANGA/ MOSES MATENGA

Speaking at the launch of a financial news agency, The Source, in Harare on Friday, Chinamasa appealed to political leaders and the media to shelve debate on succession politics so as not to scare away potential investors.

“It’s important for all of us, irrespective of political affiliation, irrespective of the sector you are coming from, to understand that the economy is ours and it is important to contribute constructively. If it is not resuscitated, it will mean economic doom for all of us. It does not affect ministers only,” Chinamasa said.

“What you write about your country is amplified outside and wherever I go, I am made to explain stupid reports which have no basis and facts. No one is interested in that; everyone is interested in succession issues like who is doing what to who. That does not build the country, what builds the country is writing accurate news.”

Government, which is struggling to pay civil servants on time and faces a myriad of challenges, has for over a decade failed to access international financial aid from leading financiers because of its outstanding $6,4 billion debt to the World Bank and International Fund (IMF).

“Everyone knows we are in debt and until we have complied, we can’t access benefits. Each time I go there and when I come back, I am asked whether I have brought money. This only comes out of ignorance and lack of understanding of economic issues.”

Zimbabwe has struggled to repay debts to the World Bank and the IMF and has had lines of credit withdrawn.

Chinamasa also ruled out the return of the Zimbabwe dollar, saying it needed to be supported by economic fundamentals and therefore that would not happen anytime soon.

“When I was appointed [minister], the first question I was asked by a reporter is whether the Zimbabwe dollar would return. I made it very categorical that there will be no return of the Zimbabwe dollar currency. I thought that had ended, [but] each week, the same people have been saying I was about to bring back the Zimbabwe dollar. If you analyse that, you realise it’s either out of mischief or they are completely unaware of the economy. Even if I wanted to, it doesn’t happen overnight and it can’t be a secret anyway; it requires a lot of money,” he said.

Chinamasa bemoaned the sorry state of the country’s infrastructure, saying massive financial injection was needed to upgrade it.

“Every road now is in bad shape and rehabilitation requires a lot of money. Every reporter should know we have a problem with our road network which is dilapidated and to address that is not a $1 business, we need millions, if not billions, of dollars.

“Every economic reporter should be able to know that there is a water problem. The former [Harare] mayor Muchadeyi Masunda is here; he tried, but left the problem unfinished. Let’s not apportion blame, it’s too late for that, the situation is already there, the reality is there is no water even in leafy suburbs like Borrowdale and that can’t be addressed overnight,” he said.

“Every economic reporter should know that the manufacturing industry is on its back, not even on its knees. We need complete overhauling and retooling and that’s where we need foreign direct investment. They [investors] don’t come into a country where all you hear is negative news. It needs someone so daring to come to Zimbabwe because they think there will be shootings after the airport,” Chinamasa said.

He concurred with Vice-President Joice Mujuru that the economic recovery blueprint, ZimAsset, needed more time to produce the expected results.

“I think it will be important because we will talk about this programme even for more than five years because what we have set up to do will require a timeframe longer than five years to fulfil it and reporters should have knowledge of this vision,” he said.

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37 Comments

  1. Its now June Mr Chinamasa when is the Mid year Bugdet?

  2. Makati munozvigona. Itai tiwone.

  3. We have LOTS of ideas but we do not WHO & HOW to ENGAGE ????

  4. cde patrick

    what creates a country – one country – is the social contract between citizens and the government they voted into power. we did not vote zanu pf into power – you cheated your way in. so we do not have any shared purpose at all. you can cry tears of blood but nobody is interested. it is now ‘our economy’ because its on its back? why is it not ‘our economy’ when diamond money doesnt go into treasury. you somehow found money for hurried, dubious 2013 elections when you where a justice minister, money that the minister of finance wasnt aware of, but you cant find money for tokwe mukosi victims? thats very rich of you telling people to be patriotic. you spent the last ten years calling everyone anything you wanted, even saying that any opposition party victory will not be accepted. saka tongaika ndimi makaita victory yacho nhai wasu? hosiah chipanga sent a very simple message – kana uine chironda usavenge nhunzi, kana kupedza nguwa uchiuraya nhunzi, rather rapisa ronda rako ndokuti nhunzi dzisakutevere. you are going to a congress where a 90 year old is running unopposed and you think you can attract foreign investment? sometimes ndinofunga kuti makabviswa pfungwa mumusoro Shumba mukaisa tsvina yekutoireti – you are a pathetic embarassment to any thinking person

    1. Well said Samaita. Hope the MoF and his ilk will read and listen! Too late to bare whatever is left of the soul. Money will not flow to such!

    2. Stop on Samantha. Chinamasa and mob need to look the elephant in the room in the eye. Mugabe is the chief problem in Zimbabwe. Chinamasa and the other ministers and former ministers will one day have to answer for propping up Robert.

      Isn’t it remarkable that Chinamasa of all people is feigning ignorance of why the economy is refusing to be bullied by the these serial fraudsters. The reason is you guys have bullied your way in everything and anything so much that no reasonable person or gvt can deal with you.Zabu PF is huge risk. Never mind the economy! The problems we face in Zimbabwe are beyond the comprehension of their chief architects.

      The best way to save the economy in Zimbabwe is for Zanu pf to stand down and stop the siege on the people of Zimbabwe.

  5. Thumbs up minister do the very simplest:stop corruption. Stop Mugabe travelling with huge delegates to endless talk shops ,that costs money. Finally just repeal this indegeniousation act it only benefits backdoor dealing and not the country. Deploy the CIO to prevent diamond smuggling and externalisation.

    1. You are getting things right, but the minister should know better than simply jump from one country to another to try to benefit from their well run economies or should we say to beg them to destroy theirs by throwing their people’s money into the a never ending depth of incompetent local politicians, only good at sharing but not creating wealth. Where are the proceedes from the diamonds from Chiadzwa, to mention just one fiasco, self inflicted and proudly so. There are plethora of other ill conceived policies, and destroyed projects, the minister and his fellow cde did. Here is where he will say “RUBBISH”.

  6. VaChinaMassa zvekuita munozviziva asi hamudi. Just for starters reallocate some land to able farmers. Tobacco iyi irikungonzo nayo nayo haidyiwi it’s being exported without any value added. Masango apera next erosion then desertification, that’s the end of our beautiful country

  7. Study the British history during world war 2. How they got their industries going for the cause. The Japs accepted defeat and work hard as true patriots to build their country. In Zim we are good at showing off latest cars and having many wives rather than building the country. Why did Bob build his blue roofed house iyo nyika ichitambura.

  8. Madiamonds gold and the other minerals tinawo but we still bagging for investment. Tikagona kushandisa Mari from the current mining operations we will surely come out of this. Reduce no. of civil servants, parliamentarians, ministers etc would surely help reduce burden

    1. Vanhu, we must first accept that we are a very very poor country, GDP of around US$12B , debt of US$ 10B, annual imports of US$7B and exports of US$4B. Compare ourselves with SA and Nigeria which have GDPs in the range US$350B to US$550B. Poor has we are , we still want to implement communist economic principles, it will never work. Only capitalism will help us, consider its benefits, more FDIs more money in the country.

      1. The problem with Zimbabwe is the high minimum wage bill, its about $217, while in Zambia its $113, In Nigeria $97 , In Kenya $98, hence it will be foolish for investors to put up their Companies in Zimbabwe.

        1. Iwe saka unoda kuti vanhu vatambire marini

    2. Maheu, that is not going to happen. There will be no solution from politicians but from the suffering people themselves when they are ready.

  9. One would be forgiven for mistaking what Chinamasa said to be Tsvangirai’s words. Well said Cde Minister although we have heard it all before from Tsvangirai after which he labelled a dreamer by your colleagues in government. Instead of being a crybaby, gather like-minded people in your party like Jonathan Moyo and map a way forward by fighting for policy shifts.

  10. Chinamasasa uri benzi chairo. If you have a car and the engine is cracked, gearbox in worn out, wheels are worn out, steering mechanism is worn out, brakes are worn out, suspension is creaky, seats are all torn, the winscreen is missing, door handles are missing, lights don’t work, what do you do? You scrap the bloody thing and buy a new one. Same ne hurumende iyi. Bereft of any new ideas. And now asking us to find each other for the sake of the economy! Ko kuregera vamwe vanozvikwanisa vaite zvineyi. You want to cling on regardless.

  11. We look for complicated solutions to simple problems how could individuals be richer than the country? Why do we not punish corruption? Is a crime committed by a comrade less odious than that committed by an enemy? Why do we pay protection fees? The ZimDollar is hundred % obsolete yes, what percentage by our fault and hw much by others?

  12. God will forgive people who admit their wrong and most of the people will do the same. my problem at present is that the government in which chinamasa is part of, continues to blame others for messing up than themselves. how will people help you when you are protective of the wrongs you did. we are not worried about the wrongs you did but we want you to acknowledge them. we are not after your positions, not at all. we want the right people to be there and then we can work with them. you are now crying about the government wage bill when up to now you still have ghost workers you cant fire because they helped you win the elections and you had promised them employed. i mean the green bombers. we are ready to help, but you people are stopping us by always thinking that everything should be zanu. remember your spokesman say zanu is more important than the government. so cde how can we help here.

  13. There is absolutely nothing in the country to show for the 6.4 billion dollar debt. Somebody must explain to the nation where the borrowed amount went or how it was used to warrant everyone’s suffering because of its existence. This is part of what is called accountability and transparency.

  14. Eugene Kamanga

    Minister, your rhetoric makes me vomit. The problem is not the reporters but the government, which is inconsistent when it comes to policy making. Inga makati munozvigona. Finish the race

  15. Scrap your 51% theft of peoples’ businesses.

  16. My only wish is that ZPF as a party, and all the government ministers including the president would read these comments being posted by ordinary folks on this forum and elsewhere so that they can get a glimpse of how the man in the street feels. It’s just about a year now into the first five years of another election and ZPF has barely if not started addressing any of its election promises – turning the economy around, creating jobs, attending to the worn out and broken infrastructure, building new power stations, improvement in and delivery of water and sanitation etc etc. Then of course there is the albatross of corruption. It’s all words and talk about self preservation as a party and individuals, and no action whatsoever. Already the party is talking about the 2018 elections!

    1. itai tione,inga maiti munayo yese,,,,,,,,,poor zim,,,,,

  17. Minister, i think if you want people to understand you ,you need your team to reform first, zanu pf party you are still celebrating the works of july 2013 are still celebrated in rural areas this will scares away investors please not all people in rural areas could have access to media but those at rural areas mmmm i dont understand, even the mp must come to there people and start to re adress them about the sisuation zimbabwe is sinking right now
    we needs reconciliation and have to develped the same attitude towards of what is happening in zimbabwe and how do we do to turn around the fortunes of zimbabwe .this sign indicating a decline in economic that has been acutely caused by low level of cash inflow,deflation and other socio economic factors .this needs people of zimbabwe to stop shouting about the succession plan.

    but i also blame the president for failing to cool the boiling pot,the president, if they are about to retire why he should not have a succesor at this time moment. tinofanira tavakuziva

    i warn no investors will actualy come around at the moment unless we changed our attitude but beside that i feel no investor will be willing to invest in zimbabwe unless if they have surityship over our political instability, policy inconsistency and corruption

  18. manyanya kunyarara wo gushungo tafa kani mhuri dzoshaya chokudya

  19. 2018 kure minister. chimboitai takatarisa. some may have ideas to reform the economy but simply because of bad blood between government and the general ‘sensible’ populace will prompt them to close their mouths and endure the results of your plunder. shame! shame shame!!!

  20. Comrade Chinamasa the reason why people all the time talk about succession it’s because we are tired of the old man and the investors are very aware of the acts the current gvt is capable of doing, eg grabbing something that doesn’t belong to them, even your Chinese friends they don’t love you and your govt that’s why the vice president of China stopped in Zim for only any hour and left for Zambia to spend 4days there, this explains something from my point of view. The other thing is when someone died at 90 it’s natural causes so RGM is too old for the position he is holding that’s why people call him a dictator.

  21. the psychoanalyst

    nothing can become better looking than a united republic of natural climatic allure as we have here believe me boys.
    have faith and respect the correct national anthem lyrics and fly high our majestic flag properly in unity unity.
    unity is the only answer here no question !!

  22. Chinamasa dzora vhoti yamakaba uone kuti nhasi uno Zimbabwe inenge yava papi. Kuti ndikutukei ndashaya kuti ndoti chii asi kungoti mukawana nguva mukwane

  23. A lot of tranxactions could be handled more efficiently to build local and foreign investor confidence. The passport office is chaotic and overcrowded. Even if one wants to pay for the 300 dollars passport, it is a daunting task, just to get through the packed corridors. That place could generate sizable income if it was more efficient. The same goes for our border posts, particularly Beitbridge. The many hours spent waiting for clearance of goods is a huge headache. Investigate businesses and salarygate individuals for tax evasion. Investigate illegal hunting and mining. Most of all be brutally honest with everyone in a position of responsibility in government. Cronyism has killed us. Parastatal bosses must repay illgotten gains and anyone else for that matter.

  24. Muchachema kusvika madhongi amera nyanga. Strive akataura akati usangope munhu wese maideas ako, dzimwe imbavha. Makambotanga muchirwa nesu, mukatanga kutaura, izvezvi maakuchema, muchazonyarara, mozotarisana, mozotanga kupfurana maakufungirana.

  25. Hapanawo here musecurity waRGM angatiitirewo favour akatiurairawo jongwe redu here? Tingasve tabatanidza ma$1, $1 Zimbabwe yese tichimuchengetera mhuri yake inenge yasara, nokuti anenge arwa hondo huru kupfuura Chimurenga chapfuura. RGM haafaniri kufa of natural causes, musoja wake uya waanofamba naye ndiye anofanira kumuuraya.

  26. why do i smell a rat somewhere in this house cde?… i mean the odour of a renewal team officially re-joining Zano. maybe the plan might not go well. imagine Renewal dissidents running away nechiBag chese kuna Minister ‘China Massacre’ then they will sponsor that spent force from …. u knw where, they will then combine with those usual clueless political wanders who threw themselves in the wilderness some long time ago. then they will call that GRAND ‘COLLISION’, or is it coalition? Well this team will never be short of expectations as they will seek to get govt positions, later, and towards that time in 2018, they will break away with a huge chunk of grumblers from within the doomed party. Hanzi Renewal .. kkkkkKKKkkkk. manyowa haana Renewal bla TB. That was my script… pliiiiz dont copy and paste @ Renewal.

  27. Chinam ASA lies and his good for nothing ZANU the largest and quality diamonds now are coming from Zimbabwe .they are keeping the money for 2018 election rigging machinery. Please bring back our currency zim dollar pliz.

  28. Chinamasa and zanu, what yu nid to do is simple. Yu no yu stole the votes so just tell yo old fool to sit down and tok to all the opposition..Morgen and the others, churches and all the pipo of Zimbabwe and AGREE on all electoral reforms, go and vot and DONT INVITE nikuvu. Make sho EVERYONE ACCEPTS THE VOTING, THE PROCESS AND THE RESULTS THEN YU WILL C EVERYTHING JUST FLOWING AND YU WILL ENJOY YO JOB. Amen

  29. ngongini matanusca

    Thats your OVERBURN BABA.

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