Economic commentator and former MDC legislator, Eddie Cross has poured water on the government deal with Botswana to receive US$500 million bailout package.
Cross said the deal is akin to mortgaging the country’s future. In an interview with Newsday, Cross said:
We are mortgaging our future and we should not be doing that. I don’t think we are short of foreign currency to the point of wanting to mortgage our future, because we are going to get a return which is less than the market rate and it’s not necessary.
This shows that we have no proper commercial control of the diamond market. They should look at Botswana, they have proper controls and they have an effective market which they sell their diamonds and get fair value, which we could do. In my view, this is retrogressive.