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Biti slams "criminally irresponsible and treasonous" repayment of $1,1 billion World Bank loan

6 years agoMon, 01 May 2017 18:22:18 GMT
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Biti slams "criminally irresponsible and treasonous" repayment of $1,1 billion World Bank loan

Former Minister of Finance Tendai Biti has slammed the government’s plan to pay off a $1,1 billion loan from the World Bank as “criminally irresponsible and treasonous”.  Biti argues that instead of paying off the loan the $1,1 billion would have been better used by injecting it into the local economy in order to create employment and revitalise local industries. The leader of the People’s Democratic Party described the loan repayment as a betrayal of the people of Zimbabwe.

Said Biti:

The repayment of the loan to the World Bank is therefore criminally irresponsible and treasonous.

The money would have been a major fiscal stimulus in the economy, injecting resources needed to resuscitate collapsing industries thereby creating much-needed employment amongst the huge pool of the jobless poor in Zimbabwe. Repaying the very rich World Bank at a time when 3 million Zimbabweans are receiving food aid is a shocking betrayal to the struggling masses of Zimbabwe

Repaying the very rich World Bank at a time when 3 million Zimbabweans are receiving food aid is a shocking betrayal to the struggling masses of Zimbabwe

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