Chinamasa tells Parliament that bond notes are above board

THE MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT (HON. CHINAMASA): To start with the question is not arising from the initial question. I will answer it all the same because you raise pertinent issues that require clarification. If I were at a ZANU PF rally I will say ‘Pamberi nekunzwisisa, vasingazive ngavadzidziswe’ -[HON. MEMBERS: Hear, hear.]- First I want to underscore the point that the fiscal and monetary policies work very closely together, we work hand in hand.

We both appreciate each other’s boundaries as fiscal and also the boundary that delineates the monetary activities. That is very clear, but we work very closely. Now, the issue you raise is that you must not forget that what triggered the measures announced last week was a cash crises. Cash to do with monetary authorities. If there is n money in the banks, it is not the Minister who should announce measures to deal with those issues, it is the Governor because he is dealing with the financial system of payment.

That exactly is the Governor did and in respect of those measures they come after fullest consultations between monetary and fiscal authorities. I decided and I have basically, restrained myself from coming into this issue because it is a purely monetary issue. I did not want it to be politicised. It is very important that people look at those announcements on their own merits and not as if it is a political measure or political maneuver. So please bear in mind – as to the last question with respect to whether it is a loan or not. The Bond notes are not yet printed ,it is just an announcement. Whatever, aspect of the measures require me to come to this House, I will come – but there are also some of those measures where we are not required to come to this Parliament. We shall act completely within the remit of the Governor – first of all you need to understand that facility is an overdraft and we do not come to Parliament for overdrafts. The central bank is a Bank they get lines of credit, on an overdraft, we do not come to Parliament here for overdraft authorization but if it is necessary we will come and there will be no problem.

HON. CHAMISA: On a point of order. The Minister is the one ndiye ati pamberi nokudzidzisa vamwe ndiye anoda kudzidziswa panyaya iyi. I would appear that they need help. It is clear that when you are borrowing you have to go in terms of part 4. Minister you are a legal practitioner, who is a Minister and you understand …

THE HON. SPEAKER: Address the Chair.

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