Chinamasa quizzed over bond notes-insists that’s the best solution for Zimbabwe to recover

HON. DR. MASHAKADA:  Hon. Minister, do you reckon or do you think that …

THE HON. SPEAKER:  You have a problem Hon. Members.  You address the Chair.

HON. DR. MASHAKADA:  Hon. Speaker Sir, does the Minister suggest or imply that the bond notes are the only variable that can stimulate exports alone?

HON. CHINAMASA:  Of course not.  The bond notes are primarily seeking to achieve two purposes.  Primarily, as an incentive for exports, because all of us are earning money in US dollars which we do not make unless we are exporters.  So, in order to ensure that there is great availability of foreign currency, we have to incentivise those who make exports so that the availability is enhanced.  The other purpose of bond notes is basically to avoid capital flight or leakages.  I can say Mr. Speaker Sir, that if we brought in US$3 billion now into this market, it will all go like through a sieve out of the country and that we cannot afford.  Another issue, just to educate the Hon. Member – [HON. MEMBERS: Inaudible interjections.]- all of us need education Mr. Speaker Sir, including the Hon. Member.

The point that I want to highlight Mr. Speaker Sir, is that the World Bank, the IMF and the African Development Bank are not a panacea of our economic challenges.  The responsibility is on us to do the right things so that we create an environment which is conducive for both domestic and foreign investment.  We have to restore discipline in everything that we do.  For me, that is the primary consideration.  Outsiders yes, they will come but they will only come to complement our own efforts.  I thank you Mr. Speaker Sir.

HON. CHAMISA:  Thank you Hon. Speaker Sir.  It is very fascinating Hon. Speaker, that our Minister chooses to say we are introducing the bond note to deal with issues of foreign currency so that we also boost our export earnings.  Now, my question is, if the problem is the disappearance of foreign currency being shipped out of the country, what guarantee is there that the export earnings on account of the bond note are also not going to be shipped out?  In fact, my biggest problem which is a supplementary question Hon. Speaker, is that the Minister seems to be prescribing norolon for an HIV positive patient.  I say that it is an inappropriate thing, because the issue is confidence.  Right now, you are aware that the issue of the queues is because of lack of confidence.  Even the bond note itself, it is supposed to be a currency that is a store of value and also a transactional value mechanism.

THE HON. SPEAKER:  Ask your question.

HON. CHAMISA:  The question is, do you have confidence that you are going to cure the problem of lack of confidence through the introduction of a bond note?  Thank you very much.

HON. CHINAMASA:  Mr. Speaker Sir, I am very happy that the Hon. Member has joined the ranks of those who want to be further educated – [HON. MEMBERS: Inaudible interjections.]- and I take that responsibility.

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