Tsvangirai raps Mugabe’s economic stewardship

Source: Tsvangirai raps Mugabe’s economic stewardship – DailyNews Live

STAFF WRITER      28 April 2017

HARARE – Opposition leader Morgan Tsvangirai has said President Robert
Mugabe’s administration has failed to match up to his economic stewardship
during the inclusive government era amid mounting economic woes.

Tsvangirai told eNCA that Mugabe’s “poor leadership” had reversed much of
the progress Zimbabwe had made between 2009 and 2013 and prospects for
recovery and stability look bleak.

The government bought itself some breathing room in a debilitating
liquidity squeeze by introducing bond notes in November last year.

But the new “surrogate currency”, which together with US dollars have
almost vanished from the open market as banks fail to dispense the
currency to clients, has further eroded diminishing confidence in a
government.

The cash crunch has forced people to spend hours at banks queuing for
money.

“The reasons why we have a problem is that there is too much foreign
currency, US dollars that are getting out of the country other than what
are getting in,” Tsvangirai said.

“So, as a result, the cash-strapped government cannot learn.
Unfortunately, we have a government that is operating as if there is no
crisis but everyday they see queues, bank queues and all these things.”

Zimbabwe abandoned its own hyperinflation-torn currency in 2009 in favour
of the US dollar, but a widening trade deficit, lack of foreign investment
and a decline in remittances by Zimbabweans abroad have helped to fuel
foreign currency shortages.

Tsvangirai said government must get food to millions of people to avert a
famine caused by heavy rains that have battered crops, drought and chronic
poverty.

More than 4 million Zimbabweans need food aid during this lean season
because of the 2016 drought which also scorched crops in other southern
African countries.

“Apart from that, I have gone around the country and I know the extent of
the poverty that is out there, and the extent of the disappointment that
is out there,” he said, referring to his one-and-half months tour around
the country when he had engagements with Zimbabweans in meetings held
under trees, in village huts and in the town halls, discussing national
issues outside the narrow confines of slogans and party politics.

“I think every sector in this country has a grievance.”

He spoke as Zimbabwe’s economy has stagnated while its budget deficit has
ballooned, adding to Mugabe’s problems as he faces unprecedented anger
over cash shortages and falling living standards.

“You can’t have a government which far and wide has been condemned by all
and sundry,” the former Prime Minister said.

“So the question is people are looking for an alternative, a viable
option, and we tell them that during the inclusive government, we provided
that leadership. There was some reprieve. People can talk about the
heydays of the inclusive government in which education, money, was
available but those were the days. Don’t underestimate the ability of the
MDC,” Tsvangirai said.

Mugabe’s Zanu PF shared power with Tsvangirai’s MDC between 2009 and 2013
after violence-marred elections failed to give either leader an outright
victory, with the economy rebounding after 2009, when the Zimbabwe dollar
was replaced by multiple foreign currencies. But GDP growth has fallen
sharply since 2013 when the GNU ended.

Mugabe blames sanctions for the decade-plus long recession.