WebSite  

Column


ZIM TEL DIRECTORY

RSS Feeds
Preview Chanel Zimbabwe
Preview Chanel Sports
Preview Chanel Column
Preview Chanel Africa

NEWS ON CELLPHONE




PicknBuy24.com
Japanese Used Car Online Shop
Buy
Used ISUZU ELF Online
______________
*Autorec Direct Imports
*
Cheap _Japanese used cars*

Exportjapanesecar.com
Cheap _Japanese used vehicles



web log statistics

Home > HOME > 'Biti sitting on US$800m, stalling progress'

'Biti sitting on US$800m, stalling progress'


Floyd Nkomo

Wed, 07 Oct 2009 05:40:00 +0000

Finance Minister Tendai Biti



THE Ministry of Finance is sitting on US$800 million from the International Monetary Fund and Afreximbank meant for the revival of national economy, the Zimbabwe Guardian has learnt.

The Minister of Finance Tendai Biti is holding on to almost a billion dollar facility availed to benefit various sectors of the economy, a move slammed by critics as "treacherous".

Reserve Bank of Zimbabwe Governor Dr Gideon Gono said holding on to the money is frustrating resource mobilisation efforts by the inclusive Government.

Dr Gono said the Afreximbank facility of US$300 million was extended to the country in December last year but since a new Minister of Finance took charge not a cent of it has been used.

“The IMF funding of US$510 million and the already approved Afreximbank country facility of US$300 million amount to a total therefore, of US$810 million which can be foot to an immediate productive use through constructive engagement of the lenders,” said Dr Gono recently.

Zimbabwe’s industries are performing below capacity owing to shortage of lines of credit.

Under the Short Term Emergency Recovery Programme (STERP) industry is expected to increase capacity utilisation to 60% by year end.

Industry sources however say capacity utilisation has improved but still hovers around 25%.

Writing in an opinion piece recently independent MP for Tsholotsho, Prof Jonathan Moyo says Biti's actions are "treacherous" and "could plunge the country back into the abyss unless something is done to expose him and his external regime-change handlers."

Moyo says that business leaders in the country now question whether Minister Biti is a competent and serious minister of finance.


Bookmark and Share  

ADVERTISEMENT


 

ARTICLE ATTACHMENTS

READER OPINIONS

n/a • n/a
Subject: n/a
Wed, 07 Oct 2009 19:58:05
• When an African like Biti starts getting these dubious praises and adoration from the West, it sure spells one thing that he is a sell-out. Biti is deliberately slowing down the recovery of the Zimbabwean economy by the kind of tactics he is adopting. Biti does not care that 70% of O and A level Zimbabwean pupils have not been able to register for their exams because the parents are too poor to pay the exam fees. However, Biti is able to find the money to pay for the Speaker’s accommodation at a 5 star hotel and to also pay $30,000 for the Speaker’s furniture. Biti does not care that pensioners are struggling after he wiped out their pensions and life savings by declaring that the Zimbabwe dollar is dead. Yet Biti has found the money to enable members of parliament to purchase vehicles. Biti does not care that farmers are not getting the required inputs and support and yet he has found the money to top up salaries of civil servants in the PM’s office (courtesy of the World Bank/USAID slush fund). Biti does not care that teachers, doctors, nurses and other civil servants are struggling on paltry salaries and yet Biti and his cronies are living well.
Is Biti a patriot or he is hedging his bets to cosy up to the West so that he can mount a leadership challenge on Tsvangirai? His actions to date illustrate that he is more concerned with being in the good books of the West rather than battling to improve the lives of Zimbabweans. If there is money to enable the economy to pick up, why is Biti hell bent on thwarting that? Biti wants the impoverishment of Zimbabweans to continue so he can justify the HIPC initiative. Why is Biti hell bent on imposing a neo-liberal model of development that has been a monumental failure in the West where we are witnessing more state interventions in industry? Biti wants to sell off all parastatals.

Whoever N/A is, the kind of advice he/she is giving is tosh. Many countries are lending money to IMF/World Bank and its not only western countries that are contributing to these funds. Is Brazil and China not intending to buy some IMF bonds? Have the countries from the East not contributed to the funds. What of the exorbitant interests payments that developing countries like Zimbabwe have to pay the IMF/World Bank to service their debts? These make a significant contribution to the IMF/World Bank coffers. N/A- you are insulting our intelligence as Zimbabweans when you want to sell us the turkey that Biti is a brilliant Finance Minister. Biti is only carrying out what the IMF/World Bank wants him to do. He is not his own man in any shape and form. He is now the local proxy who is using his office to sanction Zimbabwe. As for Gushungo farm earnings, Gushungo is a private concern and the farm will be paying its taxes as required by the law and therefore contributing to the coffers of Zimbabwe.
Lastly, Biti is totally out of his depth in this role as a Finance Minister. Those of us who were unfortunate to go to school with Biti know that he is full of hot air and no substance. That is the view of the majority of Zimbabweans. Africans have wisened up to the fact that those Good Africans who receive dubious awards from the West such as Nobel Peace prizes and Human rights accolades are nothing but stooges who sell their countries and fellow citizens down the river for a few bits of silver. Biti has been groomed for this sabotage role for a long time. Was Biti not a student activist at UZ? Who has funded ZINASU from time immemorial? None other than the US.


N/A • N/A
Subject: N/A
Wed, 07 Oct 2009 16:44:17
• Leave Nestle and Gushungo Holdings alone. Gushungo is a private company entitled to do business with whoever it pleases. Nestle is also entitled to do business with whomsoever it pleases including Gushungo as long as the price is right for both parties.

True Nestle has succumbed to the Rhodesian Lobby to discontinue doing business with Gushungo holding because of Bob's sin of empowering blacks.

Don't worry N/A of the brilliant economist fame, the Zimbabwean lobby will lobby Robert Mugabe to make sure no one with connection to Rhodesia past and present who has not repented, will do business in Zimbabwe Holdings including farming.

Remember Zimbabwe is the sprocket of Africa. We are driving change in Africa and beyond.We are not a failed small State we are the State of the future.

If N/A of the brilliant economist fame has a farm in Zimbabwe, please repent so that we can paint your farm for the angels to passover when the deed is done if you dont, the first born will be gone figuratively speaking.

Well the issue was the 800 million. It must be used now not to wait for next year's budget. If we loan it to productives sectors now, we could still use it in next year's budget together with its interest.

Does Minister Biti no the parable of the talents. He should be careful that God may chuck him into hell for not using the talent that has been bestowed on Zimbabwe.


n/a • n/a
Subject: n/a
Wed, 07 Oct 2009 11:26:06
• N/a, you who thinks (M)Biti is a brilliant economist, why dont you, as a foreigner, most likely british, american or at worst australian, busy yourself fighting the rampant Talibans in Afghanistan who seem to be doing a good job teaching you and your bouncers (the now fading empire that was once the u.s.a.), the art of ''non-interference'' in the domestic political affairs of other countries? You see, no-one the world over is now afraid of the ''west'' especially after ''black hawkdown'' in SOMALIA!


N/A • N/A
Subject: CO MINISTER OF FINANCE
Wed, 07 Oct 2009 09:35:05
• Why not a reshuffle so we can put MDC T people with interests of Zimbabwe at heart? This is long overdue.


N/A • N/A
Subject: N/A
Wed, 07 Oct 2009 06:59:57
• This Biti guy appears to be a brilliant economist and Zimbabwe will likely benefit more from his policies in the long run than if your Mugabe was in charge of finance. My question is, why do you not use the millions earned by Mr. Mugabe from selling milk from his Gushungo farm to Nestle? Surely the Mugabes should not be allow to convert the millions they got to their own use while the majority of ordinary Zimbabweans have never seen what the US$ looks like. Before you talk of the money which we are lending your country, why do you remain silent on the Millions that the Mugabes have milked from your Gushungo farm?



SUBMIT
YOUR OPINION

Please make sure you fill in all sections for your post to be submitted. Use n/a if not submitting details. The submission code below is case-sensitive. Also make sure you get confirmation that your comment has been submitted.


Name
Email
Subject
Opinion (Limit 2,000 characters)


TOP STORIES
 


PICTURE GALLERY


HOME
Zimbabwe's sovereignty non-negotiable: Pres


HOME
Haiti: 200,000 may be dead, tensions

 


2005-2008 The Zimbabwe Guardian (www.talkzimbabwe.com). All Rights Reserved. Terms of Use and Privacy Statement