Let’s bring some data to the International Monetary Funds (IMF) statement on its consultation with the Republic of Zimbabwe. What its stating is dire. As the situation has been escalating, even if the state has made imaginary tale of where they will fix it and get the inflation in balance. However, there is no proof it.
Finance Minister Prof. Mthuli Ncube and Reserve Bank of Zimbabwe Governor J.P. Mangudya after this consultation must scratch their heads. Because, they will not know how to make statements and propaganda countering this.
Just like they cannot explain this rates of inflations:
|April 2019||75,86 %|
|May 2019||97,85 %|
|June 2019||175,66 %|
|July 2019||230,54 %|
|August 2019||288,5 %|
We can see the idea and the feeling of the annual inflation, just as the IMF states this today:
““Economic difficulties have continued throughout 2019, exacerbated by severe weather shocks. GDP growth in 2019 is expected to be steeply negative as the effects of drought on agricultural production and electricity generation, impact of cyclone Idai, and the significant fiscal consolidation to correct past excesses serve to drag on growth. Social conditions have deteriorated sharply, with more than half of Zimbabwe’s population (8.5 million people) estimated by the UN to be food insecure in 2019/2020. Weakening confidence, policy uncertainty, a continuation of FX market distortions, and a recent expansionary monetary stance has increased pressure on the exchange rate. Since the February currency reform, the exchange rate has depreciated from USD 1:1 ZWL to USD 1:16.5 ZWL (as of September 23), fostering high inflation, which reached almost 300 percent (year-over-year) in August” (IMF, 27.09.2019).
This is not shocking news, but something that has been seen on the horizon for so long. Even if the Zimbabwe African National Union – Patriotic Front (ZANU-PF) and its closest associates are blaming sanctions, the IMF isn’t seeing that, but instead looking at their own activities. Just like today, looking back just a few days ago, RBZ had their view on this.
Even as the state said this just 14 days ago:
“The country is moving towards bringing inflation under control and lowering it over time after the initial burst of high inflation that followed from the liberalisation of the exchange rate” (Reserve Bank of Zimbabwe – ‘2019 MID TERM MONETARY POLICY STATEMENT’ 13.09.2019).
Either Governor Mangudya was deliberately lying to the public or his deliberately stupid. Secondly, he might even be very naive and hoping the public is endearing as elves in Disney movies. Because, the changes between today and 14 days ago. Cannot be that big of shift, as well, as there are no direct or correcting policy to really make a difference to the hyper-inflation in the Republic.
The Finance Minister Ncube is working in tandem with Mangudya and they know this. The world knows this and that’s why the IMF is downplaying the actions made by these fellow gentlemen:
“Policy actions are urgently needed to tackle the root causes of economic instability and enable private-sector led growth. The key challenge is to contain fiscal spending consistent with non-inflationary financing and tighten monetary policy to stabilize the exchange rate and start rebuilding confidence in the national currency. Risks to budget execution are high as demands for further public sector wage increases, quasi-fiscal activities of the RBZ that will need to be absorbed by the central government, and pressure to finance agriculture could push the deficit back into an unsustainable stance. There is also a need to strengthen FX market operations and improve transparency on monetary statistics. These adjustment challenges are magnified by slow progress on international reengagement. Efforts will need to be intensified on both economic and political fronts to drive Zimbabwe forward” (IMF, 27.09.2019).
Surely, that is an assault on the actions made by the RBZ and Ministry of Finance, whose have acted wrongly and not done what the IMF see fit to fix the issues. Clearly, what the government need to do is generate trust and also look into the pin-pointed objectives, than they might have a shot of fixing this. But that is if they swallow some pride, and continue on their path. Which is reviving the hyper-inflation of 2008 and destroying the economy. Something that are close at doing and in-capacitate everyone working in the republic, making their wages worthless. Peace.
“It was said by a former Prime Minister that where law ends, tyranny begins. It pains me to say it, but the fact that the Prime Minister is still standing here today shows that he does in fact believe he is above the law. Well, he is not” – Ian Blackford (SNP)
There is nothing standing in the way of Boris Johnson, not a click-click dot-dot speech in the United Nations General Assembly. Neither a not so prorogued Parliament. Which the Supreme Court validated, that the actions made by the Prime Minister and his counsel was done illegally. This means, that the Prime Minister Johnson has already lied to the Queen to postpone her speech for the reason of total control and lack of scrutiny in the final days before the 31st October 2019. However, he lost that battle and that is why the Parliament had a sitting and a plenary today.
“The Prime Minister is not serious; he needs to understand that actions have consequences. Even my five-year-old knows that if you do something wrong, you have to say sorry. If my son can apologise for kicking a football indoors, surely the Prime Minister can have the humility to say sorry—for misleading the Queen, misleading the country and illegally shutting down our democracy” – Jo Swinson (LD)
To answer both these opposition leaders, he was swiftly changing the narrative and coming with the newly furnished pledges, instead of actually showing actions or remorse. The PM shown no signs of relent of will to bow down and humiliate himself. Instead, he acts still all powerful, even when the Supreme Court and the laws has outsmarted him. That is because, him and Dominic Cummings isn’t that brilliant after all. The lawyers and attorneys of the opposition has more clever ways of addressing the laws. As the leaks of the Attorney General saying as advice to the PM that it was all legal all along. Surely, the Tories doesn’t care about the laws, but only about their gains out of it.
“Can I say to the Prime Minister that those of us who voted for the European Union (Withdrawal) (No. 2) Act make no apology whatsoever for having legislated to prevent the Prime Minister from taking this country out of the European Union on 31 October without an agreement? The Prime Minister can shout as much as he likes from the Dispatch Box but he cannot hide the fact that he has no mandate, no majority and no credibility” – Hilary Benn (Lab)
We can clearly see, that the value of the PM words is abysmal and is in a position where he cannot win. That is both because of his own making, himself becoming a minority government and also making the whole enemies by suspending it on the wrong ground. Therefore, the words of wisdom and the tales of old should be whispered into the ears of Boris, But don’t anticipate him to get enlighten. His not the character, he rather play the public for a fool, but in the end his the biggest won.
“I have to say, Mr Speaker, that that is an extraordinary delusion and a fantasy, a fantasy even greater than the communist fantasies peddled by the Leader of the Opposition” – Boris Johnson (Con)
What we are seeing is a man, who has no scrupulous and would say whatever to get his bargain. If it is communist fantasies to find a possible solution and also reach a better agreement with European Union, even offer the public a second referendum. Since the first one was made on false promises of a withdrawal without any consequences and enrichment of the Kingdom. Which we all know, that will not happen, not even the slightest. That is the Greek drama and the deception, that Johnson is thriving on.
We don’t know how this will end, but the stress, the possible tarnish and the utter disgraceful attempt to block the representatives to speak their will is now over. The PM cannot just order things without consent or without the houses agreeing upon it. That is why his hurt and struggles, as the PM wanted to work on this in the darkness and not shed a light on it.
Boris is a sorry soul. He might have the highest office, but his a despicable man whose hunger for control is overpowering his mind, his vision and his end-game. He doesn’t see it or have the ability too. Since his to lost in his ways, but the outside see it and the lies, the facade and the rhetoric aren’t winning over anyone. Except Brexit Party, which should be his next when this whole Brexit is over. Peace.