Mnangagwea’s henchmen defends monetary policy chaos

Ziyambi Ziyambi
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JUSTICE minister and leader of government business in Parliament, Ziyambi Ziyambi, has defended President Emmerson Mnangagwa’s costly lending services’ suspension and the immediate reversal of the same a few days later.

Ziyambi told parliament the measures were necessary to contain challenges being faced in stabilising the economy.

Mnangagwa’s suspension was, however, reversed by Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, a week later, after a series of pronouncements by companies in response to it, that would have literary stopped numerous business operations in the country.

Kazembe was responding to queries by Citizens Coalition for Change (CCC) legislators Innocent Gonese, who asked whether any benefits were realised in that particular week, and Willias Madzimure, whose worry was centred on why Mnangagwa never consulted parliament.

“Some decisions are motivated by security issues that emanate from what will be obtaining on the ground. An elected government has the mandate of the people to make decisions,” said Ziyambi.

“Within the wisdom of the information that the government had, it was necessary to come up with those measures. If you are not satisfied, the minister of finance will come and give a ministerial statement over what really transpired.

“There are times that, as a government, you make decisions that are in the best interest of the people. Any President in the world makes executive orders and issues statements that ensure the country remains stable.”

Mnangagwa’s move to suspend bank lending in a bid to arrest rapid devaluation of its currency was said to have worsened the economic crisis, with former finance minister, Tendai Biti, claiming the Zimbabwe Stock Exchange (ZSE) had lost US$3 billion as a result. – Newzimbabwe