We will not print excess bond notes: Chinamasa

Finance and Economic Development Minister Patrick Chinamasa has said that government will not print bond notes in excess of the $200 million facility from Afrexim Bank.   Chinamasa said that the government had a reputation to maintain due to the coming elections in 2018.  He reiterated that the government was not going to do anything foolish to jeopardise the bond notes which seem to have been embraced by the public.

Speaking during a debate on the Reserve Bank Amendment Bill in Parliament Chinamasa said:

I also need to point out Mr Speaker Sir, that measures will be taken to ensure that we are disciplined in the issuance of bond notes.  We will do all within our powers to ensure that the process is transparent and do not go beyond what we have told the public.

It is more important for us than it is for the public. We have a reputation to defend — the Central Bank Governor and myself — and we will not do any foolish things that will not even win us the votes.

 It is very important and the 2018 elections are around the corner. We cannot afford to do foolish things which we are being accused of. We are not foolish people; we will do the correct thing which will maintain the value of the bond notes.