No cash shortages: Chinamasa

FINANCE minister Patrick Chinamasa yesterday described the current cash shortages as a mirage, saying the government was satisfied with the prevailing liquidity position obtaining in the country.

By Tatenda Chitagu

Finance minister Patrick Chinamasa
Finance minister Patrick Chinamasa

Addressing guests during the unveiling of a low-density housing project in Masvingo, Chinamasa said cash shortages were on the fiscus, adding the government was working hard to address the movement of money through normal banking channels.

He said the sharp increase in the construction of high-rise buildings across the country was evidence that citizens had the cash that they require.

“I was surprised in Rusape, a small growth point, there is construction of double-storey buildings. There is no cash shortage. The shortage is on the fiscus and we are trying to tie-up the loopholes that see money getting into the pockets of individuals without passing through the formal channels,” he said.

Most Zimbabweans spend much of their time in bank queues struggling to access their cash amid complaints from business that this was having a negative impact on production.

Chinamasa also defended the issuing of Treasury Bills (TBs), arguing they do not fuel inflation.

“Many people rubbish TBs. If you borrow for consumption, you will have high inflation. But if you borrow for construction and infrastructure, we get development,” he said.

He said TBs were given to the Infrastucture Development Bank of Zimbabwe (IBDZ) for various projects which had benefited the nation’s development programme.

Meanwhile, Local Government minister Saviour Kasukuwere said the national housing backlog now stood at 1, 25 million units.

“The country is faced with a daunting backlog of 1, 25 million units. Based on the ZimAsset economic blueprint, my ministry is mandated to deliver 125 000 units and/or fully serviced stands by 2018. The feat cannot be achieved by government alone, but requires concerted efforts from us all.

“Let me take this opportunity to urge other financial institutions and private developers involved in human settlement development to take a leaf from IDBZ in trying to reduce the housing backlog,” he said.

Masvingo mayor Hubert Fidze said the provincial capital’s housing backlog stood at 10 000.

37 Comments

  1. mgobhozi wezintabeni

    The current crisis would never be resolved as long people in authoritative believe that the country is normal.They lie and heap blame to everyone except themselves.This is the administrative trend in the country’s economic situation.

    1. well said mgobo.

    2. What is this guy smoking????

  2. BASOPO ARTWELLS

    CHINAMASA !!!! OPEN UP YOUR EYES. STOP PRETENDING. ARE YOU SURE WE HAVE NO SHORT SHORTAGES ??? TIPEWO MA SERIOUS CHINAMASA. STOP INSULTING US.

  3. Kare Kwaivanani

    ZVAVANOENDA KUBASA VAKA DHAKWA VARUME AVA! smh

  4. whenever chinamasa opens his mouth rubbish comes out

  5. muregerereyi murume uyu kubvira paakarohwa chematsenga nzungu na Roy Bennet musoro wake hauna kuzomboita mushe

    1. kkkk haagone kurwa.

    2. hahahahahaha huyai ne coffin ndafa

  6. The so called governor was talking about injecting more bond notes, now the so called finance minister is saying there are no cash shortages. Which witch doctor is right?

  7. these guys are not leaving on planet earth. I don’t maybe in their own world of zombies

  8. Seems Chinamasa is out of his mind, he is crazy and stupid at best

  9. POLITICAL PROPHETS

    at a time when people are buying money from ecocash agents at alarming rates and are receiving their salaries in bits and pieces yet our beloved minister is saying there is no such a thing its jus that the population of zimbabwe is illusioned mmmm zwakaoma, maybe for the bigwigs obviously who have never been in a bank queue, but the povo i know is feeling the pinch period.

  10. This lawyer turned finance minister has gone mad. He cannot see people sleeping at banks and his governor admitting that there is cash shortage and are negotiating to inject more bond notes into the system. Why inject more bond notes when there is no cash shortage. Kana achigona kunyepa zviripachena izvi ko zvimwe zvaanonyepera President ndezvipi. These guys will not take us anyway.

  11. this guy is completely out of touch with realiy,anogarepiko uyu.

  12. always lying lying and lying.

  13. Chinamasa is empty headed… his budget didn’t present anything about cash crisis and i’m sure he has no clue whatsoever concerning finances…. iye akati vanhu ve Law vaite zve accounts akazviona kupi…I believe people with the right qualities should be given those ministries and m sure Chinamasa would serve well if he was ku Judiciary…. and that makes sense hey… Imagine Simba Makoni proposed dollarisation back in 2002 vakamuti wakuda kuita zveku WEST tingadai tirikupi now … he is a finance guy and my point is people should be given ministries zvichienderana nemapaper avo…. No Wonder why Muzembi asinganetseke ne Tourism industry, its in his veins…
    Chinamasa Accounts Hamuna Statement of Comprehensive Income i’m not sure if he even know kuti chii

  14. Chinamasa imbudzi, goat chaiyo.

  15. Ini zvinoputa vanhu ava ndozvidawo, you will never stress yourself, you will see everything as normal. But somehow to me its an insult to say there is no cash shortages ini ndichirara paPOSB MAIN POST OFFICE. Please have a heart with people who voted you in power. will meet next year.

  16. I have no confidence in someone who says Rusape is a growthpoint.Rusape is a town

  17. There is no cash shortage because there are a couple of double story buildings being erected in Rusape to prove it…
    What????? From the Minister of Finance!!!! You can only laugh!!!!!

  18. dude are u normal i cant even access 5 mari yekombi .you are a fool Chinamasa

  19. soko pamahererero

    the problem Mr Minister is you dnt know who is building a double storey in Rusape.Most of us work outside Zim and we bring Cash to build our houses for future.Not money from your dead ecconomy

  20. CHINAmasa – you are a total idiotic delusional liar. In fact you are a complete t…d. Your day in C-Max is very close. You are clearly very stupid.

  21. Such a level of delusion is shocking for a person who is tasked with handling the nation’s finances. I’m sad for you sir. You have no shame.

  22. You will never queue with a big shef at a bank. So its true in their world there is no shortage of cash. Speaking on their own behalf…… disgusting!!

  23. Open your eyes guys. Hard cash was given to a sister of Dr Amai amounting to 60 000 dollars as a birthday gift recently. Thats what this guy means.

  24. If there is no cash shortage in the country how come the banks are giving people loose change as withdrawals. The minister need to get down the ivory tower and come down into the streets and get first hand experience.

  25. LUV MY COUNTRY ZIM

    ZANU PF KEEPS QUITE OVER SUCH AN UTTERANCE FROM ONE OF THEM, AND PEOPLE ‘LL CONCLUDE ITS THE ZANU SYSTEM, TSIURANAI AND LEARN TO SAY THE TRUTH, HAMUDI KUUDZWA NEVAMWE NDODAMBUDZIKO RENYU BIBLE RINODARO PROVERBS 29:1

  26. these guy dont deserve to be the minister, how can you say Rusape is a growth point, better kuita sabhuku kumusha rather than handling national issues

  27. Its shocking this guy comes from manicaland province bt he is still not aware that Rusape gained town status some years ago, to hell with this bastard.

  28. Patrick ukawana nguva ukwane

  29. Janana wa Bikaz

    The HIV virus has now taken toll on him.Anga ambodhonzawo kubva kare but its now very clear to everyone else that it is now affecting his faculties.It just boggles the mind to have a mentally challenged person for a minister and a nonagenarian for a president.Ndo anonzi madirativhange aya.

  30. ANOPENGA UYO, BECAUSE HE DOES NOT GO QUEING AT THE BANK, THATS WHY.
    DAY DREAMING FINANCE MINISTER AND YOU THINK THINGS WILL IMPROVE WITH SUCH A KIND OF FINANCE MINISTER FOR THAT MATTER.

  31. Chinamasa u are full of shit indeed muroi wemunhu muderus idiot fool hre we are about the country not zanu pf

  32. Chinamsa, like most ZANU PF officials are delusional. In their eyes, there is no economic crisis in the country. Bottom line is, they DON’T CARE. They can bankroll their own bank accounts, travel overseas on expensive shopping trips and have their children educated at the best universities in first world countries.

    No surprise they are rigging the next election…..who would want to lose these types of luxuries!

  33. Being as stupid as Chinamasa, has the same impact as when you die. It affects those around you, but you are totally unaware of it yourself. He truly has to be the most stupid clown to hold that portfolio in a few years!

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