Doctor Maxwell Zeb Shumba
We are in a dire situation, and yes, we are in the Group the International Monetary Fund (IMF) economically classifies as Highly Indebted Poor Country (HIPC). However, debt is a long-term liability for the country and therefore monetary institutions need not wait for a “statement” of admission of guilt from a government.
The IMF should have the ability to say “We have good news, you are an HIPC, therefore, we propose a…z, to alleviate your indebtedness paving the way for true development; (a) Not vilify or disabling the elite (b) Exponentially increasing the Middle Class and (c) Aim for exponentially decreasing the poor class, in fact the Poor class should not be a lifetime stratum for anybody, the strategy should be able to pull out whosoever falls there out and onto their feet.
Countries like Zimbabwe are by design small economies; therefore, an economic pendulum that may rock larger economies will most likely throw countries like Zimbabwe into outer space!
Hence for the first time International Monetary Funding organizations; Banking Institutions NGO’s etc. must to the extent possible remove any salient variables in their solutions, which are designed with predatory outcomes which the 2008 financial debacles have taught us. We would rather have solutions that are hard on us but with long lasting benefits, rather than easy solutions with unpredictable outcomes.
(1) IMF’s revised policies must encourage meaningful Regional trade
(2) The Policies must encourage exports of finished and semi-finished good
(3) Must encourage local assembly and development of products from developing countries, even if the “sourcing” is structured at a regional level.
(4) There should be a reasonable balance of trade not dumping of goods
(5) Unnecessary/Unreasonable purchasing policy should be curtailed (especially in government entities, such as military hardware that has no value in peace or war) An unnecessary large government to overseas unproductive ministries must be heavily trimmed.
(6) In other words, the programs must be stress tested not only by evaluating precedence such as how well the program is working in Uganda, but what pitfalls, will Zimbabwe have to face that are unique to the country.
(7) In the final analysis Everything done has to have the essence of accountability and transparency based on a proven capability model “Do what we say and say what we do”.