Scores of Zimbabwean citizens who convened at a no holds barred citizens debate with the governor of the Reserve Bank yesterday vowed that they will not embrace bond notes, which they say are meant to sanitise the debt incurred by the power bloc.
Speaking during the public meeting in Harare, activist, Evan Mawarire, a cleric leading what has become known as #thisflag campaign said the proposed bond notes will take back the country to 2008.
“We are about to go with these bond notes to a place that we are too familiar with, we are not happy to go back, we cannot pretend that we agree with you or understand you but what we know is hatisi kumada ( we do not want them)
“We played no part in creating them and we will play no part in legitimising their existence. It is immoral to put at risk the lives of citizens of Zimbabweans who already face enormous challenges emanating from promises made by government, promises which are not materialising,” charged Mawarire.
He added, “It is possible to come with better solutions if your office (RBZ office) is willing to involve everyone in the process, we implore you to co-create real and sustainable solutions instead of stop gap measures taking people straight into the dooms of hell.”
Mawarire also said bond notes will have a runaway rate within hours of being released.
Economist Vince Musewe said that the country is bankrupt hence the need to cover-up the mess through the introduction of bond notes.
“The fundamental issue is that Zimbabwe is bankrupt. Nobody knows where the $10 billion that we owe the international development partners is. If you ask who benefited from the $1.3 billion RBZ debt, we do not know. This is actually money laundering to sanitise the power bloc’s debt so that it is repaid in bond notes,” Musewe said.
Musewe said that government has never anticipated the consequences of its actions.
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“This government has been irresponsible, they have run a budget deficit of $2.5 billion which they cannot find. The same country with such a heft deficit then spends $450 million on cars, it is also an issue of priorities . They never anticipate the consequences of their actions so we move from crisis to crisis,” he said adding that government thinks money grows on trees.
Legal expert, Fadzayi Mahere, described the move to introduce bond notes as illegal. She said there is a leeway for citizens to approach the courts over the issue.
“We have a hidden gem within the constitution, she said citing section 68 which compels government to conduct that is lawful, prompt, efficient, and reasonable.
“Dr Mangudya as part of government is subject to section 68,” she said adding that nowhere in the constitution and the RBZ Act does the law give the governor the mandate and power to introduce bond notes.
“Dr Mangudya it is highly unfair to take my hard earned US dollars and replace them with a paper that is not recognised, a paper which does not exist in economic terms,” she said.
Watch Video Below: Rural folks clueless on Bond Notes
However, the embattled Mangudya, said the failure to introduce bond notes will see mineral production going down. He also said that the long queues at banks will also persist if bond notes are not introduced.
Going forward, governor Mangudya said people need to be confident about bond notes.
“ Bond notes have been misunderstood, we know that people do not want to see a replication of the 2008 scenario and we also do not want it but we have to be confident,”he said.