Chamisa says the bond note is going to disappear just like the Zimbabwe dollar

I mentioned the issue of hygiene issues.  We must also address the issue – if you look at it, we had a currency of our own, the ZIM dollar, it disappeared.  Now we are bringing in a bond note, you have not addressed the subjective and objective factors that caused the disappearance of our own currency.  All of a sudden you have a bond note, what caused the disappearance of our original ZIM dollar has not been addressed.  So, Hon. Minister what we do not want is to come and law make in futility to come and law make with fatality, to come and law make without a proper recourse to things that we know are going to sustainable, not just at law, but factual.

So, it is very important that as we make the law we must also be circumspect on the objective and subjective conditions and factors around the disappearance of our beloved ZIM dollar.  We see this bond note coming; again, it is going to go down the drain just the same way the ZIM dollar was actually affected because we have not addressed the real cause.  We are students of the cause and effect, we just do not want to come here and now tinker on palliatives on peripherals and we look at cosmetic issues without addressing the core of the issue, the core of the matter which are issues of confidence, issues of governance, issues of making sure that we move away from certain fiscal conduct and fiscal behaviour that is not in line with what is expected of a modern economy.

Hon. Speaker Sir, there are two more observation as I conclude; there is the lack of a sunset clause or a sunset provision in the Act. Under normal circumstances, this is a bond note; we understand that it is a temporary arrangement.  If it is a temporary arrangement it is very important Hon. Speaker that we are able to deal with these issues in a particular fashion and manner as to address fundamental consequences that are going to arise as a result of this development.  If you look at it, if we do not have a sunset provision or clause, what will happen is that there is an insinuation of permanence of the existence of the bond.  There is actually a connotation; it connotes infinity to say the bond note is going to be there until forever, which is problematic.  As far as we are concerned, the bond note has been posited to us as an ephemeral arrangement as a stopgap measures, as something that is being done to make sure that there is a bridging gap between the current circumstances and our ideal situation.

If you do not have that kind of a sunset clause that will terminate to say it is going to be effective for a particular period of time or in time, it then brings problems of an open cheque, carte blanche that is given to the Minister, permanence which is false because it can never be permanent.  This is supposed to be addressed in the law.  We do not see the sunset clause in this Act and it has a problem because that sunset clause is important.  In fact the Minister is given in clause 3, absolute powers to then come up with instruments that are then going to make sure that he does so regulate in whatever manner he would wish or deem necessary.  That becomes a problem because then we are abrogating our responsibilities to law make to the benefit of citizens in a manner that is consistent with good practices.

Now, the last point, Hon. Speaker Sir, as I conclude is the issue of controls and limits.  Even the Chairperson of the Portfolio Committee made mention of the fact that there is need for this limit.  Why should you limit the resources that I worked for?  If I have US$20 000 in the bank, let me have access to my US$20 000.  If I have US$40 000 in the bank, let me have access to my US$40 000.  Why should you make a way of limiting and controlling?

Continued next page

(414 VIEWS)