‘RBZ debtors should pay up’

AN audit should be done on the Reserve Bank of Zimbabwe (RBZ) debt and those who owe the bank should pay up as government has no capacity to take over the $1,35 billion debt, stakeholders said yesterday.

TARISAI MANDIZHA

They also want the list of creditors to be published to recover the money.

Contributing to public hearings on the RBZ (Debt Assumption) Bill conducted by the Parliamentary Portfolio Committee on Finance and Budget in Harare yesterday, Farai Benhure said government was already highly indebted with over $2 billion in debts and to assume the RBZ debt would simply further burden the already burdened country.

“Certain people benefited directly from this particular section, so I’m very sure the RBZ cannot only have creditors, there are also debtors. As Zimbabweans, we want an audit that will tell us who owes the RBZ. Those people are supposed to be given individual invoices so that they pay and I am very sure most of these people are alive and not dead,” he said.

“We cannot then have someone who is just a mere taxpayer paying for a debt that was incurred by certain Zimbabweans who are able to pay. You can actually tell from the list that some of the things were used for business and in my view these people actually made money from those things, so they are obligated to pay.”

Benhure said there should be an audit first “before we even began to talk of transferring the debt to government, because at the end of the day the actual debt that government needs to pay might be only $200 000, but now we have to bear a cost of paying billions of dollars”.

In June, draft legislation to take over RBZ’s $1,35 billion debt was gazetted. The Bill is under consideration by the Parliamentary Legal Committee.

The Bill seeks to provide settlement of certain liabilities incurred by the central bank. In terms of the Bill, the State would assume debts incurred by the RBZ before December 31 2008.

Speaking at the same event, Zimbabwe Coalition on Debt and Development (Zimcodd) member Israel Mabhoo said there was need for an official public debt audit so that the citizens know how much is owed and to who. He said an independent debt management office has to be put in place.

Another Zimcodd member Masimba Manyanya said if government was to assume the RBZ debt, it was the taxpayer who would bear the burden of paying back the money.

“Social and economic development will be affected as the funds are diverted towards debt repayment,” he said.

Greeyps Consultancy Company managing consultant Cade Zvavanjanja wanted to know what RBZ’s strategy to repay was when it contracted the debt.

“RBZ at the moment hasn’t been playing its core role. It has lots of assets which are non-essential for their role as the regulator. So they should liquidate those non-core assets to service some of the debts. The building which they have is a building of high value and with that capacity to be efficient I think it’s being under-utilised so I think they can actually lease it or sell the building,” Zvavanjanja.

“So in summary, the RBZ should liquidate some of its non-core assets especially the building and the sports club, reduce its number of employees, their debt service plan as a contingent plan, and those people who benefited directly should pay for themselves.”

19 Comments

  1. Inonzi ZANU PF, everything they touch turns to dust!

    1. Gono has the list of beneficiaries and deliberately does not want to release it as most of was for his farms. He wants the nation to pay for his new method of acquisitions, surely the list must be availed by the RBZ and get individuals to including the executive arms of government.

  2. How about our insurance which was eaten by 2008 financial crisis. I was paying $95,06 from 1994 with fidelity I remember then $100 was enough to do complete engine overhaul for any car . Fidelity insurance bought properties with contributions they bought furniture, cement which they are still using to this day I got nothing imagine guys.Mr Biti promised to look into the matter nothing happened.Now Mr Chinamasa also promised to look into it nothing.As if that was not enough I had deposited some trillions into my bank account which was cancelled guys is this fair is this how we should treat one another.

    1. I totally agree with you Ndashata. We are all waiting to be compensated. We paid for our various multiple insurance policies for years and years only to have some one mismanage the economy and all our entire life savings were wiped out. Do they think we will grow young again and start new insurance policies?. We have been made paupers and nobody cares. I feel so hurt and disgruntled to hear about discussions on other debts and not our insurance polices refunds. When will someone address this contentious issue???

    2. you are not alone.

      I don’t know how Doves was forced to honour old funeral policies. they have asked everyone even those who were paid up to continue to contribute.

      even zimnat they got away with it.

      The only lesson we have learnt is never invest in these policies. its better to buy bricks with the $100 every month.

      1. Its a bitter pill to swallow. I want to be compensated for the loss of my insurance policies
        and not to pay for some one’s state of the art equipment on some one’s farm.
        I wonder why the opposition is so quiet on this issue kukundiwa nana Malema nana Helen Zille!!

  3. These people so called leaders of Zimbabwe are so hardhearted. Vana Gono vakati zii thinking about strategies to get a seat in the senate zvezvi kwereti zve RBZ is now water under the bridge to him. Vakadya vakaneta. One invoice should go direct to chiefs and judges who were given cars, farming implements etc. kwete kuti shusha. Why is RBZ trasnfering the bill now to the gvt yet these programmes were carried out under the purview of RBZ then? Nzou hairemerwi ne nyanga dzayo and everything you do will always catch up with you so Mr. Gideon Gono please pay.

  4. And Mugabe is quiet? How much did he get out if this. And I guess we will never know who got how much, because Zanu PF is in control of the situation.
    And this is not the first time they do this

  5. revolution coming

    those who took tractors, combine havestors, generators, disc harrows, etc, etc, etc from the rbz must pay. they can’t just have thse things for free and force the tax payer to pay on their behalf. otherwise we the people are going to start a war to make sure those who have needlessly burdened the poor and suffering are brought to book. we can’t tolerate such uncivilised behaviour in this country.

    1. Surely if someone got a combine harvestor they should pay for it..is this not how the world works?

  6. No wonder this country iri mureverse gear,uncivilized politicians

  7. A farmer gets a tractor produces a crop, supplies GMB and is paid after 8 months. His facility with the bank gets into default and attracts punitive rates. when he eventually gets paid the income cant cover the loan interest charges. Who do we blame, the farmer.

    Lost in the hysteria is the fact that of the $1.2 billion RBZ legacy loans, only a fraction is owed by farmers. Miners got some of it, local authorities got some, manufacturers got some and banks also got some. The general public, remember BACCOSSI also benefited Why the farmers all the time?

    1. down with reprobates

      you forgot to mention how greedy shefs and officials at RBZ lined up their pockets taking advantage of the shoddy way these moneys and the so called quasi fiscal activities were administered by the RBZ

  8. A farmer gets a tractor produces a crop, supplies GMB and is paid after 8 months. His facility with the bank gets into default and attracts punitive rates. when he eventually gets paid the income cant cover the loan interest charges. Who do we blame, the farmer.

    Lost in the hysteria is the fact that of the $1.2 billion RBZ legacy loans, only a fraction is owed by farmers. Miners got some of it, local authorities got some, manufacturers got some and banks also got some. The general public, remember BACCOSSI also benefited Why the farmers all the time? If details of who got what by sector was released, a little soberness would emerge.

  9. my friend’s mom makes $88 /hr on the internet . She has been without work for nine months but last month her payment was $12290 just working on the internet for a few hours.
    browse around this site,.,,,,, paygazette.cᵒm

  10. Yep, lets all pay up. Beneficiaries of Baccossi, fuel and energy imports, local authorities, miners, manufacturers, lets pay. if u cant lets all get liquidated!

    Whilst at it lets go after the beneficiaries of the Rhodesia legacy loans, the whole lot, lets pay up. sober up people, farmers only account for a sixth of these monies. The rest beneffitted the loudest mouths in this debate.

    1. you don’t abuse public assets simply because the previous Rhodesian gvt was doing the same. musiyano wacho unozova papi hurumende yevapambevhu neyevanhu?

  11. benhure you are asking for too much. mugabe and zanu borrowed the money and they cannot be investigated and will not pay. that is why gono was removed from that job to employ another strategic thief. even now zanu will borrow money for whatever they want like the congress which is about to come. that is why we will have the special coins. it another way of borrowing money which will not be paid and cannot be accounted for. these meetings we are subjected to will achieve nothing especial if all are pointing to mugabe and zanu being guilty. everything is in the open. gono, zanu and mugabe stole, misused, benefited from our money and should pay. why ask us to do so. why ask us to clean up the mess they created from their carelessness. please it was not sactions which created this mess. please

  12. Each tym one of these people divorces we hear a list of properties and when u think of hw much one needs to earn to be able to accrue such properties and cars you only wonder, our generals, army commnders, ministers where the recipients let alone the farmers, these should pay up fullstop, dont even start with us.. we are all humans and we all aspire to be rich, to be leaders,to be millionaires,to be war vets, we aspire to be those who are btter than us, we also want a good life like all of you and the very reason that one cannot be everything should awaken the ubuntu,human nature to lead by example with realisation that being better does not mean being more human than those around you its a priviledge because noone applied to be who they are but only God who created us equal, why cant we black people treat each other with respect, why cant we black people do something commendable for once, who are we runnign away from who of our species are we waiting for to come and recognise us as God created race which requires better treatment than we currently do for oursleves?Why cant those given an opportunity to lead leave a legacy of good governance so others can learn and follow?Why black people what is so difficult vehama?

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