It is apparent that in Zimbabwe, as is the case in many other African countries, there is no real oversight on debt acquisition. There is an urgent and compelling need to sensitise Parliament and other relevant institutions such as the Ministry of Finance & Economic Development etc so as to build common understanding and convergence on loan contraction issues. Parliamentarians should acquire enhanced knowledge on the legal and institutional framework for public debt management. We have to put in place mechanisms for aid effectiveness and sustainable development. In addition, we also have to influence the consolidation of capacity among all citizens to understand and engage on the implications of aid from emerging sources such as the BRICS( Brazil, Russia, India, China & South Africa) and monitor its effects on development and poverty reduction. BRICS have established a development bank with a capital base of US$50 billion wherein each member country has contributed the sum of US$10 billion. The BRICS development bank will be an alternative source of financial assistance to most developing countries which , hitherto, would almost always invariably borrow from the Bretton Woods institutions such as the World Bank and the International Monetary Fund ( IMF).
Posted on: Mon, 15 Sep 2014 07:01:47 +0000
Trending Topics
Recently Viewed Topics
© 2015