Mashakada: Currency Swap Deal Worse Than Colonialism

Hatfield Member of Parliament and economic commentator Tapiwa Mashakada (MDC Alliance) has denounced the proposed currency swap deal between Zimbabwe and China.

In an interview with Open Parly, Mashakada asserted that China is set to benefit at Zimbabwe’s expense as it will be buying Zimbabwean products using RTGS dollars. Said Mashakada:

This is an exploitative arrangement which disadvantages Zimbabwe.

Zimbabwe needs foreign currency so badly and for any foreigner to pay us in our local currency instead of United States Dollars, it’s a daylight robbery.

Moreover given the negative trade balance between Zimbabwe and China it is only clear that China stands to benefit more than Zimbabwe.

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… China is now buying our Gold, Platinum, Chrome, Tobacco and other minerals in Zimbabwean dollars. This is worse than colonialism.

Our foreign debt obligations are paid in US Dollars. Medicines and equipment are paid in US Dollars. The regime has bungled.

However, Finance and Economic Development Minister Mthuli Ncube has defended the currency swap deal with China, saying it will help the country service its over USD1,8 billion debt to the Asian country.

More: Open Parly