Zimbabwe Finance Minister says the US$3.5 billion compensation for white farmers is still confidential

HON. PROF. M. NCUBE: On the Global Settlement Deed, it was my intention to give him a three page summary and here are my reasons. This is still a document signed under restricted conditions of confidentiality. It only becomes public when they have signed the cessation and when we are ready to pay,  then it comes before this House for approval and I will table it before this House for approval properly. For now, it is still in abeyance as a negotiation document. We have no wish to release it and if I do, then I am violating the agreement with the farmers, they will be very upset.

I am pleased that at least Hon. Markham is happy with the issue regarding the Dutch farmers. On the blocked funds, the list of the blocked funds is clear from the Finance Bill as to who we thought is eligible for this. What we did as a Ministry after Parliament approved that list, we went back to say we want to really audit all those loans to make sure that they truly qualify as what we would call blocked funds. So if you find that what we eventually took over is slightly less than what we reported earlier, that would be the reason.

I did not understand where he said who was paid? It is quite clear as what company is owed what from that list because that is what you approved. Is he looking for a name, I am not clear because the way this would have worked or works is, the bank would have handed over the Zimbabwe dollars to the Central Bank on a 1 – 1 basis and expected USD, which USD the Central Bank was unable to release, hence it was classified as blocked funds. So it is clear that those names are the names that are seeking relief, unless I am misunderstanding Hon. Markham.  I thank you.

HON. HON. SPEAKER:  On the question of audit, when do you think the audit will be completed?

HON. PROF. M. NCUBE:  Thank you Mr. Speaker Sir. We are close to completing that.  Some of the loans, we have agreed to take them over and the process of payments have begun.  This is what we have done, we basically tranche these loans, for example if you are owed a million and below in US dollars, we are paying that in cash as Treasury.  Payments have begun and signing of those payments.  If you are owed a million and above within a certain range, you will be paid within a three-year period, beyond that five-year period and beyond that ten-year period.  Beneficiaries have been issued with IOUs or bonds which will then be claimed on Treasury.  That is how we have structured the payments Mr. Speaker Sir.  The audit is still ongoing, there is still a bit that is remaining; we will conclude it but we have already taken over some and we have started paying.

THE HON. SPEAKER:  So that the matter is on record Hon. Minister of Finance; perhaps you can tender a progress report on those issues and indicate some impediments where those impediments have arisen and how you think you are going to deal with them in the shortest possible time and then the august House will be advised accordingly.  Is that acceptable?

HON. PROF. M. NCUBE:  Mr. Speaker Sir, I think that is acceptable and it is a very good proposition to keep producing a progress report as we go along.  Since we have already paid some of these, it will be wonderful in the shortest possible time for me to come before the House and say vis-à-vis entities that we have already so far and I think that will be a good start to that progress report.  I thank you.

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