Continued bypassing of Parly oversight role on borrowing bleeds Zim- Biti

Former Minister of Finance, Tendai Biti says Zimbabwe is grasping for breath owing to huge debts because of lack of Parliament’s oversight role on borrowing done by the government through the Reserve Bank of Zimbabwe (RBZ).

He says the RBZ is a rogue bank that has been key to sustaining the ZANU agenda of regime survival and state capture .

Biti claims that in 1 year alone the government has contracted debt of US$2.5 billion, without approval from Parliament & in breach of the of the constitution, the Debt Management Act the PFMA & the RBZ Act.

“A huge chunk of the RBZ US$2.5 billion debt is from the African Export & Import Bank (Afrexim ) & has been used to prop up the rigged one supplier FX auction .

“Parliament has made it clear that the law must be followed . S 327 of the constitution requires prior approval of Parly,” claims Biti.

Biti adds that the RBZ Quasi Fiscal Activities centered around illicit dealings in foreign currency, fuel, debt, Command Agriculture, TBs,fuel & energy subsidies, minerals & minerals securitization, export surrender requirements, money creation & ZAMCO make it the most dangerous organ in Zimbabwe.

-Zwnews