In a recent turn of events, about a month ago, the aura surrounding Zimbabwe’s political realm was likened to that of children on the cusp of acquiring a coveted jar of cookies. The source of this unbridled anticipation was the prospect of securing new loans from global financial institutions, a venture championed by Zanu pf and the much-criticised Mthuli. The irony, however, is in the shifting sentiments of Zanu pf, which once found joy in the promise of unconditional loans from its newfound coloniser. The core of this irony lies in the stark insult it serves to the citizens of Zimbabwe, who are being led down a path of further financial burden by the corrupt Zanu pf, despite the glaring fact that previous international obligations have borne no fruits. The financial abyss that Zimbabwe finds itself in, with debts soaring into billions of dollars, showcases a grim picture that seems to be overlooked by the zealous loan-seekers.
Before settling its outstanding debts, Zanu pf is on the quest for more loans. The sad reality is that Scarfmore and his illegitimate party seem to turn a blind eye to the constitutional crisis they’ve brewed, a crisis that has nurtured a state paralysis growing at a disquieting pace, heading straight towards an inevitable collapse. The call for reforms by the democratic and free world seems to fall on deaf ears, as the oppressive regime of Zanu pf continues to tread down a dangerous path that even the partisan military or politicised judiciary can’t salvage.
The outstanding debt to the World Bank, standing at a whopping one billion, fifty-two million US dollars, is on the shoulders of Zanu pf, not Zimbabwe. Regrettably, not a cent of this colossal sum has been channelled towards the welfare of the citizenry, showcasing a glaring neglect and an unresponsive attitude by Zanu pf whose primary engagements appear to be parasitism and plundering. The question that beckons is, where did the money go? Did it fuel the public health sector, energy or utilities? A resounding no echoes through the corridors of transparency and accountability.
The narrative doesn’t get any better when we shift our focus to the agricultural and industrial sectors. Had the billions been injected into modernising agriculture or re-equipping the dilapidated industries, the ghosts of food insecurity and unemployment wouldn’t be haunting the nation as they are now. The soaring inflation and trade deficits are but symptoms of a deeper malaise that finds its roots in mismanagement and corruption.
As October unfolded, the grim reality of an external debt skyrocketing to thirteen billion, seven million US dollars was reported by the failed Zanu pf. The disheartening truth is that there’s no trace of these billions in the nation’s economy, but rather, they are believed to be nestled in offshore accounts and tax havens, as the cries about targeted sanctions continue to ring. The vicious cycle of debt acquisition only spells an increase in poverty and abject destitution, leaving the marginalized and impoverished Zimbabweans saddled with debts whose benefits they never reap.
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