Debt Assumption Bill riles citizens

via Debt Assumption Bill riles citizens – NewsDay Zimbabwe August 8, 2015 by Veneranda Langa

MANY Zimbabweans have expressed dismay at the signing into law of the Reserve Bank of Zimbabwe (RBZ) Debt Assumption Bill by President Robert Mugabe recently.

Several people responded to the story on NewsDay’s Facebook page where they said it was unfair to make citizens take over the $1,35 billion debt while those who contributed to its accumulation were not named or made to pay.

A reader who identified herself as Brenda Amai Kundai said the passing of the law implied that each person would contribute $100 towards the debt.

“What this means is that every Zimbabwean is contributing about $100 to offset a bill which only a few benefited from,” Amai Kundai said.

Tawanda Vurumuka said: “Zanu PF officials are the debtors. After buying themselves expensive cars, tractors, combine harvesters, generators and other equipment, they now want to use tax payers’ money to repay the debt they accumulated.”

Henry Chikutuva demanded that RBZ debtors’ names must be published so that people know what they were paying for.

“You will be surprised that those on the list will be the Zanu PF elite and affluent. They have the capacity to pay. They should sell their property in order to pay their debts. Those who fail to pay should relinquish their posts as ministers and MPs,” Chikutuva said.

“They did that with Zesa bills. They used electricity without paying for it and accumulated huge bills, and then they worked out a strategy not to pay.

“No ordinary persons borrow from the RBZ. Let them pay what they owe. A debt owed to the State can be owed for 30 years.
Signing of that Bill into law renders the period of prescription ineffective — it benefits them for now, but come 2018, we will demand that they pay back what they stole.”

Andre Mtethwa Fossil said passing of the RBZ Debt Assumption Bill meant that Mugabe tolerated corrupt activities at the expense of the masses. Brite Mudimu, said it was impossible for a country to develop without enforcing accountability.

“The day we accept we are responsible for our problems is the day the country and its economy will turn around,” Mudimu said.

Finance minister Patrick Chinamasa argued that the law was necessary as it would provide a clean balance sheet for the RBZ and enable it to attract international funding, as well as focus on its core business of being lender of last resort to banks.


  • comment-avatar
    ntaba 8 years ago

    Another Zanu engineered means to steal from the majority for the benefit of a political elite. It just goes on and on. War Veterans Disability pensions in the eighties – where some people were awarded 95% disability for “epileptic feets!” Judging by economy – there is indeed a serious disability issue in Government. If it is to be fully assessed – there is good chance of a record here. A President and Party with perhaps 650% competence disability?