Five take aways from Zimbabwe’s 2018  budget


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Corruption fight gets bite

Government has also taken few steps to deal with corruption in its arms such as Zimbabwe Republic of Police (ZRP), Zimbabwe Revenue Authority (ZIMRA), Environmental Management Agency (EMA), Vehicle Inspectorate Department (VID) to avoid “kuswera vakamira pama roadblocks in large numbers” extorting money from the public.

These government agencies have been associated with money extortion, abuse of funds by management officials and other criminal acts that have see them lose public trust.

ZRP and other agencies will be required to issue quarterly updates on value of money or property recovered, as a result of their interventions. Public office holders will be audited to justify their wealth. Lets see if government has the stomach for the fight against what has become a national pandemic.

Some action on parastatal leeches at last

“We are going to shut down any parastatal that is technically insolvent and is of no strategic value to Zimbabwe’s economic development,” Chinamasa thundered in Parliament. He didn’t say if the list included the struggling national carrier, Air Zimbabwe, which despite the gold dust of the former first family’s son-in-law, Simba Chikore, remains a relic of former times. But it appears Chinamasa has had it with the perennial lossmakers. Last year’s financial audits indicate that 38 out of 93 public enterprises incurred a combined $270 million loss due to weak corporate governance practices and ineffective control mechanisms. Down the chute goes the gravy train then for many political appointees whose payoff included drawing as much as possible from moribund SOEs.

Paying off debts makes economic sense

No one country can get away with wishing away its obligations or thumbing the nose at those it had borrowed from, as was Robert Mugabe’s wont. And Chinamasa knows too well the price of reasoning with a man who, despite numerous degrees, did not grasp simple economic management principles.

He has a fresh start, and paying off the $1.8 billion arrears to the World Bank, African Development Bank will be key unlocking the new funding Zimbabwe’s economy desperately needs.- The Source

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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