I am absolutely convinced that the bulk of the debt portfolio of most if not all developing countries ( particularly in Africa) is made up of odious and illegitimate debts. Thus, I am thoroughly uncomfortable with the secrecy that surrounds the nine (9) or so mega deals that Zimbabwe signed with various Chinese state corporations recently. These mega deals should be scrutinised by Parliament as a matter of urgency failing which they should promptly be classified as odious and illegitimate ; thus rendering them unenforceable at law. The ZanuPF government cannot and indeed ; shouldnt be trusted with the onerous and technocratic task of negotiating debts on behalf of the nation without Parliamentary oversight. This is simply a recipe for colossal and unmitigated looting of national resources. This governments record of both macro and micro - economic misgovernance and corruption since 1980 ; is legendary and well - documented in the public domain. For instance, Kenya is currently servicing odious and illegitimate debts at the expense of its human and economic development. The Chinese state corporations do the debt sustainability analysis and make final decisions regarding debt relief. The ZanuPF government , as the borrower, is not included in the decision making process. In light of this ; there is need to hold the Chinese lenders as well as the ZanuPF government to account for irresponsible and undemocratic borrowing and lending behaviour.
Posted on: Mon, 08 Sep 2014 14:12:07 +0000
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