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Open Democracy
IT WAS none to pleasing for citizens when news broke out in November that the central bank would soon offload its debts to taxpayers.
The bank plans to transfer several billions of the debt it holds to the Ministry of Finance and Economic Development after completing a debt consolidation exercise. The debt reportedly dates back two decades, related to post independence legacy debts, payment obligations for services to government and blocked funds.
This is not the first time. Between 2007 and 2008, the Reserve Bank of Zimbabwe designed a loan facility termed the Farm Mechanisation Programme, aimed at supporting commercial agriculture in the country. However, it emerged that the beneficiaries of the program, who were not identified, never paid back the loans. In July 2015, the government took liability of an estimated USD1.35 billion in debt incurred by the central bank before 2008.
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Crippling debt, lack of transparency and endemic corruption are sadly all too familiar stories in southern Africa. But now, in a landmark court ruling, Zimbabwean citizens have successfully demanded accountability from their government.
For citizens seeking truthful disclosure about exactly how much debt the country is in, the ruling made in their favour on 1 December signals a big victory in the fight for transparency. However, it stands to be seen to what extent government will comply with the ruling.
The ruling comes at a time when government has been pushing for constitutional amendments that would make the executive unaccountable to legislature regarding all foreign debts. Such an amendment would be a big blow to the quest for transparency. The government stands accused of guaranteeing loans from pan-African multilateral lender, Afreximbank, and other financiers using national resources without disclosure about the terms of the deals.