Categories: Zim Latest

Secrecy makes it difficult for residents to demand accountability- ZIMCODD

Zimbabwe Coalition on Debt and Development says resource mobilisation, allocation and expenditure at local levels is still shrouded in secrecy, making it difficult for residents to hold public officials to account.

Meanwhile, residents associations have shared experiences on the impact of Zimbabwe’s debt crisis on service delivery, as the nation awaits the 2021 National Budget which is expected to be presented tomorrow.

Clearly, Zimbabwe’s public debt has electrocuted the capacity of local authorities to deliver public services, they say.

Dr V Chakunda of Midlands State University has implored the central government to revive the PSIP grant to enable local authorities to invest in strategic capital investments at local level.

Zimbabwe’s total debt at the end of 2019 was estimated at $143 billion, which translates to about 80,8% of the country’s gross domestic product (GDP).

Of this debt, domestic debt stood at $11 billion. The government through its newly launched economic blueprint, National Development Strategy 1 (NDS1), said worsening the country’s debt position was the rapid accumulation of external arrears.

In the document, the government also admitted that the country was in debt distress, with unsustainable public and publicly guaranteed total external debt and large external debt arrears.

Zimbabwe is one of the countries presenting a contrasting perspective as its increase in public debt stock has not influenced a corresponding growth.

-Zwnews

 

Share

Recent Posts

SA President Ramaphosa congratulates Senegal’s President-elect

South African President Cyril Ramaphosa has on behalf of the government and people of South… Read More

28th March 2024

ZESN condemns proposed Constitutional amendment to Electoral Act

The Zimbabwe Election Support Network (ZESN) has voiced concern over proposed Constitutional Amendments that could… Read More

28th March 2024

Gold Coin and Gold-backed Digital Token Prices – 28 March 2024

The Reserve Bank of Zimbabwe (RBZ) has released the latest prices for gold coins and… Read More

28th March 2024

Welcome to the dark side of AI

By A Mutambara Folks, the video being circulated as a beautiful and inspiring speech by… Read More

28th March 2024

Cheating Hubby Locked in Lover’s Bedroom, Calls News Reporters at 2AM

A married man found himself in a predicament on Tuesday night when he was unexpectedly… Read More

28th March 2024

SA Based Assassins Hired to Kill Zim Business Rival Face Setback in Court

A setback has hit the alleged hitmen accused of being hired by a businessman to… Read More

28th March 2024