BY HARRIET CHIKANDIWA AN opposition legislator has demanded full accountability of the US$1 billion package extended to Harare by the International Monetary Fund last year.
The windfall was part of a US$650 billion Special Drawing Rights (SDRs) injected by the global lender across economies in September as leaders grappled with solutions to end the COVID-19 pandemic-inspired headwinds.
Mpopoma-Pelandaba MP Charles Moyo (MDC Alliance) has demanded accountability for the funds by Finance minister Mthuli Ncube saying since they were injected last year, the Finance minister has failed to come before Parliament to give a full explanation on how he spent the money.
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Moyo said the previous SDR disbursement had improved livelihoods, and had a bigger impact than what has been felt with the current funds.
“My point of national interest arises on the issue of benefits of SDRs,” Moyo said.
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“In 2009, we received around US$400 million, and realised a lot of improvement in our citizens in terms of lifestyles. This year, we received US$961 million. We have not seen any great improvement like what we realised in 2009. I, therefore, request that the Minister of Finance and Economic Development brings a ministerial statement detailing what has been released so far and the benefits thereof.”
In response, Deputy Speaker of the National Assembly, Tsitsi Gezi said: “The governing party’s Chief Whip (Pupurai Togarepi) will convey the message to the responsible minister.”
Data released by the Zimbabwe Public Debt Management Office last month said Zimbabwe made its first US$280 million drawdown at the end of last year, helping government to push through several vital commitments.
It said US$55 million was deployed into bankrolling the Harare-Beitbridge Highway rehabilitation exercise, along with interventions into building dams.
“In 2021, as part of budget financing, government made two drawdowns amounting to US$279,7 million and utilised these resources towards health (COVID-19 vaccination programme), agriculture (construction of dams), social protection (education safety nets) and infrastructure development (road construction),” the debt office said.
“The allocation is a huge stimulus to the economy, following the devastating impact of the COVID-19 pandemic. As approved by Cabinet and Parliament, these SDRs will be utilised over a period of three years,” it noted.
Ncube laid out a solid SDR spending plan in September, saying the package would be guarded by three top bankers, who will report to President Emmerson Mnangagwa monthly.
He said sectors hardest hit by COVID-19-induced lockdowns would receive maximum attention.
In April, Ncube said government would make a further US$145 million drawdown this year to fund productive sectors, which have been frustrated by economic decline.
“For 2022, we have US$145 million which will target social services, agriculture, industry and infrastructure development,” Ncube told Parliament.
He said US$25 million would be deployed to the health sector, while the education sector was earmarked to receive US$10 million.
Ncube told legislators that a further US$30 million would be put in a revolving facility to bolster agricultural production.
A further US$20 million will go towards revival of small-holder irrigation schemes across the country, while a US$30 million revolving fund will be established to retool industries.
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