Govt should take responsibility for ruling losses

GOVERNMENT should take full responsibility for the losses incurred following a landmark ruling declaring that a debt owed in United States dollars incurred on or before February 22 last year should be liquidated by paying in local currency at the rate of 1:1.

Last month, the Supreme Court ruled that debts denominated in US dollars immediately before February 22 last year, the effective date of Statutory Instrument 33 of 2019, shall on or after that date be valued in RTGS dollars on a 1:1 rate.

However, the Zimbabwe Coalition on Debt and Development (Zimcodd) said even though the ruling liberated debtors, it was throwing several companies, including foreign investors and creditors, under the bus.

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