‘Nothing wrong with Zim mortgaging minerals’ – Didymus Mutasa

via ‘Nothing wrong with Zim mortgaging minerals’ November 19, 2013  NewsDay

THERE is nothing wrong in Zimbabwe “mortgaging” its mineral resources to secure international funding for infrastructural development to revive the ailing industry, Zanu PF secretary for administration Didymus Mutasa has said.

Mutasa was responding to a question by NewsDay on why Finance minister Patrick Chinamasa was appealing for financial help from the international community when the party insisted that it would raise funds from the domestic market for its economic blueprint — Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset).

“The money is coming from the people already,” Mutasa said. “What we are simply doing is that we approach our partners like China and say: ‘give us money and hold on to our minerals’. There is nothing bad with that, this is what we call securitising our minerals.”

He said Zanu PF was not contradicting itself, but operating religiously in line with its economic blueprint.

Chinamasa recently appealed for international assistance saying lack of credit lines for the country was prohibiting economic growth as cash had become extremely expensive.

He was reportedly negotiating a $10 billion cash bailout from the Chinese government.

According to Zim Asset, Zanu PF said it would raise most of the funds to revive the ailing industry and improve the livelihoods of millions of Zimbabwe from internal sources through, among other things, the Sovereign Welfare Fund.

“Government will mobilise funding from domestic resources, which are in abundance and readily available for full exploitation and utilisation,” the economic blueprint read.

“The creation of a Sovereign Wealth Fund will be given priority under this plan to backstop and provide predictability ad sustainability to government innovative funding.”

The Zim Asset also said government would continue to engage the co-operating partners for financial assistance and pursue investment vehicles such as Public-Private Partnerships in identified special economic zones.

With over 700 companies closing down recently, Zimbabwe’s industry was at its worst, while government needs over $30 billion for infrastructure development.

Due to the liquidity constraints, banks are failing to lend money to business and critics and opposition political parties have criticised the Zanu PF government for failing to resolve the country’s economic challenges.

Chinamasa said the government needed to take significant steps towards re-engagement with the global political and economic system including the West to find ways of reviving the economy.

However, Mutasa lashed out at the West for having short sight by imposing sanctions on Zimbabwe, saying the move was shutting them out and leaving China to benefit from Zimbabwe’s resources.



  • comment-avatar
    Peter tosh 9 years ago

    What do you expect from the clueless zpf morons.

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    Diego Zhaba 9 years ago

    It’s as good as having let the country in the hands of the British. The question that also comes to mind is what has led Zimbabwe to go down economically to this extent. If you self-introspect Didymus you will find that the answer lies with your failed policies that has brought the economy to a complete ruin. You have failed us and the generations to come.

    The worst thing to do is to mortgage our mineral resources. Kupinyoresa nyika all because of your failures. The only thing to do for you is step down and let those who have the pedigree to face the situation head-on do it than give our country away so cheaply to the CHINESE. You have no inkling of what lie ahead of such engagements Mutasa. Think through some of these decisions before committing yourself and encouraging selling out the country.

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    Nyoni 9 years ago

    WHO IS HIS BAAS. Can anyone guess.

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    Zimbabwe will never be a colony again so why are you Mortgaging our resources to Chinese crook?

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    It’s devlish cunning. The mugabe criminals get 50percent in Chinese bank accounts. China gets the other 50percent for free!!!! While our great grandkids will be paying of this massive transfer of our nation’s wealth to a few underworld zanupf mafia underworld.

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    Bruce 9 years ago

    Mutasa you are so stupid if you do not see the wrong in this

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    Jrr56 9 years ago

    He must learn it is illegal to sell something more than once!

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    Shebah 9 years ago

    Yes anything wrong with using your resources as collateral. With an asset you can borrow up to asset value. That does not mean that the asset will be taken away unless you fail to pay. And when you fail to pay and the asset is taken away whats wrong with that. Your asset should look after you in times of need

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    SAMAZ 8 years ago

    Zimbabwe is slowly turning into a chinese colony.how can he say hold on to our minerals?they are making sure they loot everything before they are shown the exit.these morons dont have the people at heart.its cry the beloved country.shame on you ZPF.

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    Chirau 8 years ago

    Hahaa! Didy ever? What an ass! Why is it these ministers continue to believe we Zimbabweans are stupid?