Where on earth have gold coins been used and have they worked, Zimbabwe Senator asks?

Look at Hwange Unit 7 and 8, the work which is being done there to make sure that there is electricity. There has been investment which is being done in Hwange and which we did not ask for a cent from Treasury. This is private investors coming to increase electricity which we know is an economic enabler which will make sure that the industries in this country can work. By 2025, in this country, the vision is clear that there will be enough electricity for our industries to open so that our people can be employed – [HON. MEMBERS: Inaudible interjections.] –

THE HON. DEPUTY PRESIDENT OF SENATE: Order, order! Can we have one Senate sitting? Can we give the Minister the opportunity to respond and then you can ask any other question which you want.

HON. SEN. MUTSVANGWA: Thank you very much Mr. President for the protection. I want to go ahead and respond to that issue. You are talking to the Government spokesperson and these are issues which we are always concerned about showing and telling the people about the programmes which are being done by Government. We have seen His Excellency the President continually criss-crossing the ten provinces of the country to make sure that industries value add and beneficiate. This is all being done to make sure that we industrialise this country. Boreholes are being drilled to make sure that people have clean water.

There has been COVID pandemic in this country, where many other countries are actually behind Zimbabwe in terms of what the Government of this country has done to save the lives of the people of this country. The suffering as you clearly said, is actually coming from the issue of volatility in the currency and this is precisely what the Government is dealing with and that is what I explained. I thank you.

HON. SEN. ENG. MUDZURI: The Hon. Minister has explained that the gold coin is addressing the volatility of the currency and ensures that there is a stable currency. Can she explain how the gold coin is going to address the volatility of the dollar and how it is going to be used by the old granny in Chiendambuya, Malipati and all over where they cannot even access the present Z$ which if you go to the bank, you can only withdraw Z$5 000 as cash which is equivalent to less than US$10. How does this link up with our local currency and the number of currencies that have been allowed to work?

HON. SEN. MUTSVANGWA: I want to thank Hon. Sen. Mudzuri but the question is actually connected to what I have already said that the issue of the introduction of gold coins is actually meant to provide a good product for store of wealth. What it means is, who is causing this volatility of currency? This is what is causing inflation and problems which our ordinary people all the way to the grassroots are suffering from. This is why the RBZ has come up with this so that he minimises that volatility. I hope that is clearly understood. As to the details, I think it will be in order for the Minister of Finance and Economic Development to come with a paper in this august House to talk to the details pertaining to the last point. I thank you.

THE HON. DEPUTY PRESIDENT OF SENATE: I want to make a statement that we need the Minister of Finance to come and address the Senate about these issues. This has been outstanding for a long time and I will make sure that we write to the Minister and the next sitting which we have, the Minister of Finance must come and explain these developments and issues which the Hon. Members are raising. It is unfair to ask some of the details which you are asking the Minister of Information, not that you have not done well Minister, you have done extremely well.

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