Government has rejected calls by investors to securitise foreign loans using the country's minerals because it is tantamount to giving away national wealth. The calls come in view of falling revenue inflows and Government's mulling of some painful decisions to deal with a huge wage bill which takes up to 78 percent of every dollar reaching its coffers.
Addressing students at the
He urged investors to explore other funding models that did not insist on sovereign guarantees.
"A lot of interest has been expressed by potential financiers, including those from the West and the
"I cannot make any guarantees that mortgage a whole mountain range of minerals, which I do not know what reserves it has under it."
Minister Chinamasa said although
He said Government was interested in sustainable investment that benefited current and future generations.
"We must have value for money," he said. "If they are loans at the end of the day, we must still insist that we have value for money, otherwise we then burden future generations with paying loans where there was no value translated to the country."
Minister Chinamasa emphasised that efforts were being made to create conducive business environment, especially policy clarity.
In this regard, Minister Chinamasa said, Government was synchronising certain policies and reviewing the joint venture policy to give it legal force to avoid uncertainties in processing projects.
He said it was important for
He said the EU indicated that sanctions would be lifted in their totality on
"On the promise that sanctions will be lifted on the 1st of November, we have started negotiations on a development assistance programme initially of ?234 million targeted towards health, agriculture, governance and institutional support," he said.
Minister Chinamasa said
He said the
Minister Chinamasa said they had assured other multi-lateral institutions such as the
"Our wage bill is too high, he said. As you know, the wage bill is 78 percent of every dollar we collect. So, there is no money for operations. There is no money for capital operations."
Minister Chinamasa said the challenges faced were surmountable if people worked together towards implementation of Zim-Asset.
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