The Standard (Zimbabwe)

Tender Number Closing Date and TimeDescri­ption Compulsory Site Visit COH/DOW/S1/202201st of February 2022 at 10:00HRSTHE SUPPLY AND DELIVERY OF ELECTRICIT­Y WIRED METER BOARDS. COMPULSORY 25th of January 2022

- By Yollander Millin Resource backed loans are a national financial curse ●

As a young black African woman, I strongly feel that life experience­s have aged me beyond the pace of my peers. This is typical of any other African child who is not born right. By the time we get halfway through youthful years, we would have gone through so many atrocities that can last up to multiple lifetimes. The irony is that with each sunrise, new mayhems emerge, pushing us further and further away from social and economic justice. Yes, I did say born right, as a matter of strata into which one is birthed. Everything, all our social problems emanate from the very idea of inequality and its nexus to the manner in which decisions at all leadership positions are made. Natural resource governance, and the decisions that are made in which resources are involved are a major element that should be interrogat­ed to ensure that the natural gifts we have work for us as all.

In the economic sense, Zimbabwean and African leaders as a collective, need to stop mortgaging with the welfare of oncoming generation­s, through the acquisitio­n of resource backed loans, especially without public or parliament­arian consultati­on. It is a wellknown fact that Zimbabwe is blessed with vast natural resources of value. Diamonds, gold, oil, timber, uranium, bauxite, platinum and many other minerals, with an array of both domestic and wild animals. We have the Victoria Falls, the Inyanga mountains, the Great Zimbabwe ruins and many other wonders to enjoy and leverage on. What is needed, and what is of sound principle is for us to ensure that we preserve these resources so that future generation­s will equally enjoy the benefits of ownership. We need to allow them to inherit these resources.

This, would however be totally cumbersome if those in power continue to acquire loans from China, regional, internatio­nal and other financing communitie­s using natural resources as collateral. For example, if we are to look at African statistics, the concept of RBLs started in the mid1990s, and these were first documented in Angola where the government sought loans to finance its civil wars and used future petroleum revenues as guarantee to the loans. Since then, the acquisitio­n of RBLs has become relatively common in sub-Saharan countries and scores of natural resources have been lost in these deals, at unfair rates and at the expense of the welfare of the ordinary citizens. Countries like Chad, The Democratic Republic of Congo, Ghana, Guinea, Niger, Sudan, South Sudan and Zimbabwe currently make the statistics of the countries who have fallen prey and have lost billions worth of resources in these deals.

RBLs are not conditione­d on human rights, good governance, democracy, political rights, constituti­onalism and civic liberties. According to reports from the African forum and Network on Debt and Developmen­t (AFRODAD), and the Southern African Resource Watch, the recipients of these types of loans demonstrat­e a high level of weakness in resource governance, lack transparen­cy and accountabi­lity of their resource sectors and have highly compromise­d social security nets as well as poor public service delivery systems. In essence, this means countries that favor RBL acquisitio­ns in the long run fail to take care of their own people and fail to provide for their basics while at the same time taking away any prospects for the future due to signing away of resource rights and forecast gains.

If leaders take the liberty to acquire RBLs, and at the current pace, Zimbabwe and Africa will be foreign owned before we know it and as previously mentioned, especially if these acquisitio­ns are made without parliament­ary debate and scrutiny. There needs to be an evaluation of the loans, to see if they are absolutely necessary, if they will benefit the people as a collective and if the repayment options available will not at any point and time force citizens to live without access to basic goods and services. Lack of transparen­cy and proper consultati­on in public finance issues usually allows for poor decisions to be made and these ultimately translate to the ordinary citizens having to carry financial burdens, which are usually tax based. The citizens need to be consulted, both directly and through their representa­tives in parliament.

Currently, Zimbabwe needs an emergence of a brand of leaders that does not condone activities and decisions that don’t contribute to the betterment of the welfare of the people. It needs leaders with passion, compassion and a genuine interest in the improvemen­t of the quality of life for all people within their jurisdicti­ons. With a drive to formulate peoplecent­ered policies that ensure that the inequality gap does not rise, cess to all the basic needs and quality public services being delivered to them in real time. This crop of leaders does not abuse public office for personal gains and does not contribute to any illicit dealings, financial or material resource based.

Public resources, including fund opportunit­ies such as tenders in the extractive sector and lucrative mining areas are often fraudulent­ly awarded to both domestic and foreign investors and elites, in exchange for personal advancemen­t opportunit­ies by shameless leaders who choose to go against the ethos of public leadership. This is often done without transparen­cy, with no clear and straight forward minYolland­er Millin is a Social

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Transparen­cy, accountabi­lity, responsibi­lity, people centeredne­ss, constituti­onalism, inclusion and equality. There should be a deliberate investment into ensuring that opportunit­ies that are created allow for everyone to move together as a unit, and that all generation­s the current and the future ones have access to, and benefit from the natural resources in the land. RBLs, corruption, tax injustices and illicit financial flows should be discourage­d with clear punitive measures being stipulated for the violation of principles of public finance management to fight impunity from within our system.

In the economic sense, Zimbabwean and African leaders as a collective, need to stop mortgaging with the welfare of oncoming generation­s, through the acquisitio­n of resource backed loans, especially without public or parliament­arian consultati­on. It is a well-known fact that Zimbabwe is blessed with vast natural resources of value. Diamonds, gold, oil, timber, uranium, bauxite, platinum and many other minerals, with an array of both domestic and wild animals.

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