UK exposes Mnangagwa’s $100m spin

PRESIDENT Emmerson Mnangagwa has been left exposed after claiming that the British government had advanced a $100 million loan to Zimbabwe to ease the current cash crisis.

By STAFF REPORTER

Addressing Zanu PF supporters in Mutare on Saturday, Mnangagwa said following the thawing of relations between the two nations, the United Kingdom had given Zimbabwe a $100 million soft loan to resolve the cash crisis, which has seen Zimbabweans sleeping in bank queues to withdraw as little as $20 per day.

“The British Prime Minister (Theresa May) has so far sent three envoys into the country and we had talks with the British this week (last week) and just last Tuesday, they gave us $100 million to ease the cash crisis in our country,” he told a cheering crowd at Sakubva Stadium in Mutare on Saturday.

“We are going to receive more money, which is on its way. We want to ensure that everyone can access their money from the bank and be able to use it.”

On Friday, Mnangagwa made similar claims during a meeting with various women’s groups in Harare.

“For the first time after nearly 20 years, we have received a soft loan from the British and the (Reserve Bank of Zimbabwe) governor, John Mangudya has been telling me how he has disbursed the money. As from yesterday, almost every bank in the country has received part of the $100 million,” he said.

However, the money was advanced to the country by CDC through the Standard Chartered Bank, as a line of credit to the private sector only.

CDC is the UK’s development finance institution, which supports the building of businesses throughout Africa and South Asia to create jobs and sustainability.

On their official Twitter account, CDC said the loan was only for recapitalisation to revive local industry and not to resolve the cash crisis.

“We’ve partnered with Standard Chartered to provide up to $100 million of new lending to businesses in Zimbabwe.

“It’s the largest investment in the country’s private sector for several years,” CDC said.

The British embassy, through its official and verified Twitter account, reiterated that the money was targeted at the private sector.

“Good to see support for hard-pressed Zimbabwean private sector,” the embassy, which has increasingly come under pressure for aidin Zanu PF and meddling in the country’s internal politics, said.

British deputy ambassador to Zimbabwe, Simon Thomas, also dismissed the notion that the money was meant to ease cash shortages.

“Utter nonsense. Read the CDC group Press statement,” he said on Twitter.

“It could not be clearer that this is about much-needed credit lines to struggling Zimbabwe private sector on commercial terms.

“Not a cent is going anywhere near government, let alone political parties,” he said.

Mangudya also contradicted Mnangagwa’s claims, saying: “This is a significant move in that it is a medium-term facility to be used for the revival of companies in Zimbabwe.

“There has been a deficit of medium-term funding, which was not forthcoming to Zimbabwe.

“This is going to improve the competitiveness of the industry in Zimbabwe in terms of retooling and improvement of productivity.”

Efforts to get a comment from the government on the matter were fruitless last night.

44 Comments

  1. It is illegal not to lie when you are a top politician in Zim, opposition or government, liars are what Zimbabweans vote for and defend.

    1. Tiri pama 1 nemanyepo asi pana ED hatiko

  2. chamisa was promised 15bidza after meeting trump and later denied it and now ed has been advanced $100k and we now await to see if he will withdraw the statement that it was meant to soften cash shortages

    1. I HOPE SO

  3. The worst thing about being lied to
    is simply knowing you weren’t
    worth the truth.

  4. If the money is targeted to revive Zimbabwean companies then the injection will filter through the economy and end up in various banks and subsequently ordinary depositors as it circulates.I do not think it is an out right lie.Maybe it is the way he said it.

    1. I agree with you in total …It might be the way he has expressed which vexed in a number of persons .Even this newsday reporter doesnt see it the way we are looking at it …Lets be schooled

    2. There is a danger in playing with people’s minds, through semantics. The ordinary person would expect to withdraw this money from the bank, as per his utterances. However, like you also said, this money is going to businesses, hence how do you expect to utilise these funds if you’re not a supplier to the company that would be given this loan?

  5. Farai Johnson Nhire.

    Ed never said the loan was meant to solve cash shortages by those advancing it. All that he is saying is the new leadership has managed to give confidence to the loaners that zimbabwe is truly open for business and they brought these loans in response, a thing that was last seen severald decades ago and in the process cash shortage will inevitably be reduced. Those companies that receive the loans employ zimbabweans no mater which political party they suport. They will manage to give their employees their pay regularly and therefore cash will circulate. Those Companies keep their capital money in the banks and it will naturaly circulate. Please check the whole context kana vakuru vachitaura.

    1. The British Prime Minister (Theresa May) has so far sent three envoys into the country and we had talks with the British this week (last week) and just last Tuesday, they gave us $100 million to ease the cash crisis in our country,” he told a cheering crowd at Sakubva Stadium in Mutare on Saturday. John Mangudya has been telling me how he has disbursed the money. As from yesterday, almost every bank in the country has received part of the $100 million,” he said. The President lied period. We all understand English right?

    2. lol makumudefenderwoka ED wenyuiya inonzi rume risinganyebe hariroore is true….anga asati atanga marallies chete, muchamunzwa hake kumberi uko.

  6. ko mutoriti akaendepi kkkk

  7. ED is very economically illiterate, if he thinks a $100m loan can go directly to the banks & translate to cash in peoples pockets just like that then he’s really seeing stars. Fortunately Mangudya seems to know better what to do

  8. Ngondi Kamupinya

    Literate Zimbos,…rega tigoona kuti mari yacho ichawanika here mumaBanks macho.Firms getting loans to pay workers,???….my foot!!They DESPERATELY need money to import raw materials and retooling,PERIOD.

  9. “The British Prime Minister (Theresa May) has so far sent three envoys into the country and we had talks with the British this week (last week) and just last Tuesday, they gave us $100 million to ease the cash crisis in our country,” he told a cheering crowd at Sakubva Stadium in Mutare on Saturday.

    “We are going to receive more money, which is on its way. We want to ensure that everyone can access their money from the bank and be able to use it.”
    As from yesterday, almost every bank in the country has received part of the $100 million,” he said. I think we all understand English very well. This is what the president said. He lied period.

  10. Guys i noticed an anomally ZEC is sending text messages to individuals they think are for zanu pf (name,1D,POLLING STATION yaunovhotera and ward)this is to make sure every ZANOIDS vavoter.go and check your names guys musanete tavekutosvika

  11. i noticed an anomally ZEC is sending text messages to individuals they think are for zanu pf (name,1D,POLLING STATION yaunovhotera and ward)this is to make sure every ZANOIDS vavoter.go and check your names guys musanete tavekutosvika

  12. Everyone registered should receive the message ON THE PHONE

  13. I hope those (at the rallies) who were lied to will now know the truth. There should be crafted a law that makes the incumbent head of state to be always under oath when addressing the public so he can be hold liable.

    As for the soft loan, that is CDC monies accessed by private companies with an account with Standard Chartered Bank ONLY. And the monies are very specific for retooling ONLY. eg if you are in road construction and you want to import a Grader you will present an invoice to Standard Chartered Bank then they will pay for you no CENT WILL BE FLOATED to other banks to ease cash crisis.

    Concusion ED misled the populace with his hogwash cheap politicking luckily Zimbos are alive to the truth.

  14. @Don…on which side of the fence are you sitting?

  15. Ed has always promised what hapens eventualy. Remember the government recently imported four hundred million cash. What do you think the cash is for? Aparently there will be cash in the banks before elections. The man is very clever and resourcefull but he pretents weakness until the final moments kurasisa maoponents. If i were the opositions advisor,i would advise them to count on their own strength rather than the imaginary Eds weakness.

    1. taura hako vanhu are quick to judge and they are comparing him nenzira isiriyooo iye arikutorova basa!

  16. Sorry NewsDay but haina kuuya here mari iyi?Kupinda kwayo munyika hakusi kuda kutsvaga here kuti nhamo dzedu dziderere?Chamurikuda kuti vanhu vafe here nenzara or mukuda kuti zvinake? AS long as the mari yakauya or irikuuya tinomutenda ED iyeye nekuti they have trusted him to the extent of giving him mari iyoyo. Better pana Chamisa akanyepa kuti he was promised 15B naTrump waasina kubvira amboona aiwa kaa zve nhai. Collective efforts ndiwo anoshanda kwete zvekuda kuwisira basa rakanaka pasi. Fungaiwo maEditor before maparidza nhau dzenyu. kana mwana mudiki wegrade 2 haangabvume kuti zvanyorwa nemunhu ane 5 senses zvamanyora izvo

  17. ED DOES NOT KNOW THAT MUGABE CHANGED THE CONSTITUTION TO COMMUNIST
    GET OFF YOUR ARSE ED

  18. choya chapfuta

    @ ED ARIKUGONA hanzi ed akanyepa hazvina kunzi mari haina kuuya verengai muchinzwisisa chirungu. maybe you need a translator.

  19. Its campaign time and everyone is trying to woo the electrolate the best way they know how. Propaganda and falsehood dominate this season and thus it remains the voters’ role to weigh the options. Much of what has lately been peddled are ‘ impractical lies’ and it would be foolhardy to demand them by the end of Presidential term. Let us just evaluate the safer bet.

  20. Money for paying salaries?? Worst form of investment I have ever heard, and someone talks of millions imported, if you can afford to import millions, why not invest what you have instead??? I bet if those millions were imported they could be locked up in bedrooms as we speak, genius!!!

  21. Comment…let us get rid of old guard and put new guard which are easy to remove not these corrupt retired arm officers they will oppress you kusvika madhongi amera nyanga

  22. Dai ari Nelson adaro…heeh heh heeeh! Tainzwirira!

  23. Onward Machaka

    Mashaya nyaya. Mari yakauya it’s unlike that boy who just go about achinyepa

  24. mari yauya muZIMBABWE WEATHER NDINI NDATUMIRWA OR YATENGESA MBAMBAIRA KU EIROPE YAKANAKIRA NYIKA DOFO

  25. He lied.PERIOD.

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  27. FOOD FOR THOUGHT: 1 Soon after president’s inaguration in November last year, the primeminister of Britain sends an envoy to congradulate him. 2 Of all the nations of this world, Britain makes an arrangement to fund Zimbabwean companies which have been strugling for several decade without them caring at all and that happening just before crucial polls. 3 Of all people of the world, a british citizen(steven Sackur) exposing and humiliating the leader of the main oposition in Zimbabwe and that happening just before elections. CONCUSION: The british are now for Ed and the recent disbursement of loans have to do with Ed wether we like it or not. They are doing so not because they like everything about him but have adopted the manthra; if you cant beat them join them. They were running the risk of all lucrative business oportunities being grabed by the Chinese and others. Musade kuitwa zvekuudza mwana hupedzisira muri vanhu vakuru. Actions much louder than words.

  28. Comment…My only hope is that none of the Blair(£) currency shall ultimately land into the hands of Bob who is notorious for advising Blair to “keep his British(£) to himself” and “leave Bob with his bond coins”!

  29. yakaiswa kumabanks inopera kutorwa yese nezuva rimwe. in a weeks time vanenge vaakushaya kuti kohundred mita iya? that’s like roasting seeds instead of sowing them. they will have to write it off if we failed to use it wisely.

  30. Kuwiriranakwakanakakugarakunzwanana Garanewakomurudohamandishe

    Comment…Kuona kuti uripo here pane vachovhota, kana une Econet line, dial *265# wotevedzera zvauchanzi ita. Nyore nyore ugere mumba mako, uri kujeke, uchifura chibage, uchifudza mombe kana uchienda kwaurikuenda uri mucomb. ZEC yarerutsa.

  31. Kuwiriranakwakanakakugarakunzwanana Garanewakomurudohandishe

    Comment…Kuona kuti uripo here pane vachovhota, kana une Econet line, dial *265# wotevedzera zvauchanzi ita. Nyore nyore ugere mumba mako, uri kujeke, uchifura chibage, uchifudza mombe kana uchienda kwaurikuenda uri mucomb. ZEC yarerutsa.

  32. Masvingo Zimuto

    Financing the private sector which happens to be the engine of the economy will naturally solve the cash crises in the long term. Money can not just come to circulate into to the economy but it must be channelled towards production and everything else will follow.

  33. Comment…sure ngavaise mari mumabank kuti dambudziko ripere

  34. Its very good that he lied, what we need is to wait and see if there is gonna be cash in the banks. If not the people will know that they have been lied to and it would be their choice to vote for the liar or not.

  35. It is election time guys and the fat is in the fire. Sit back and enjoy.It could be for the last time.

  36. Politics kunyepa, who can be a politian without lies, just don’t be caught Mr President.

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