Zimbabwe: Statement by Hon. Prof. Mthuli Ncube, Minister of Finance and Economic Development on Establishment of the Currency Stabilisation Task Force – Measures to Stabilise the Exchange Rate and Reduce Inflation (11.03.2020)

One South Africa: Cyril Ramaphosa and his son received millions in dirty money from Bosasa and must pay back every cent (10.03.2020)

Zimbabwe: Statement Issued by the Minister of Foreign Affairs and International Trade on the Renewal, by the Government of the United States of America, of its Sanctions Regime against Zimbabwe (05.03.2020)

Zimbabwe: Extension of Illegal Sanctions against Zimbabwe by the United States Government (05.03.2020)

A Second Supplementary Budget for 2019/20: Additional 462bn to classified expenditure

Keith Muhakanizi, the Permanent Secretary to the Treasury wrote a letter to the Parliament asking for a second supplementary budget for 2019/2020. This he did on the 28th February 2020. This time, the Ministry of Finance, Planning and Economic Development (MoFPED) is asking for an additional Ushs 662.337 billion.

The President is getting Ushs. 35,218 billion for Classified Expenditure. Since, the paperwork says nothing about it. It is either for his security or to fill his pocket. Because, putting into a account like this, open up a bunch of can of worms. This could even be spending for preparations for the General Election of 2021. Paying the ghetto children or another Operation Wealth Creation (OWC) campaign. We don’t know, but can only speculate, as his not buying a new jet plane nor buying new cars to his close family.

The Uganda People’s Defence Force (UPDF) is getting Ushs. 400 billion for yet another classified expenditure. Who knows if this goes to Gen. Salim Selah or the Special Force Command. Even if this is going to war-games of Philemon Mateke. We got no idea, as it is just specified as classified. It could go into buying more ammunition, tear-gas or even anti-riot equipment ahead of the 2021 elections. We cannot know, since the state doesn’t specify.

Ahead of an election, as there are plenty of things happening. This is a clear message. Even as the next budget will be really constrained by it. The budget of 2020/21 will prove it. If you calculate, you see I only looked into one piece of the supplementary budget. However, it is huge hunk of it. The load of the budget goes there. Not elsewhere.

While for instance, the run-away maids in Abu Dhabi only get Ush. 300 million shillings in comparison. That shows the priorities for instance. I just took one random thing on the 4 page list made by MoFPED. It still show the priorities of the state. Peace.

The Economic Freedom Fighters Statement on South Africa’s Economy Negative Growth (03.03.2020)

Zimbabwe: ZERA – Public Notice – All Fuel Sector Companies – Selection of Sites for Direct Fuel Imports (DFI) and Trading in Foreign Currency (02.03.2020)

Brexit: EU’s mandate on negotiations shatters some Brexiteers dreams…

Today the European Commission (EC) of the European Union (EU) gave Michael Barnier a mandate to negotiate with the United Kingdom. As they are in the temporary state until the final break with the European Union, the transition period last until 31st December 2020. This means, this will last until 1st January 2021. That is the time table for this and the mandate giving today from the European Commission, which sets the standards for what to come.

The key things for me was these highlights, which really shows that the United Kingdom is really losing. There is nothing in the mandate, which gives the UK any edge. Only shows what the EU is considering important. While the UK will have to negotiate hard to get things better out of this. Especially considering they only have a taskforce within Downing Street Number 10. They don’t even have a unit fixing this anymore.

Just take a look!

ANNEX to COUNCIL DECISION authorising the opening of negotiations with the United Kingdom of Great Britain and Northern Ireland for a new partnership agreement” (25.02.2020)

reflect the United Kingdom’s status as a non-Schengen third country, and that a nonmember of the Union, that is not subject to the same obligations as a member, cannot have the same rights and enjoy the same benefits as a member” (EU, 25.02.2020).

Free Trade Area:

The envisaged partnership should include appropriate rules of origin based on the standard preferential rules of origin of the Union and taking into account the Union’s interest” (EU, 25.02.2020).

Road transport:

As third country operators, United Kingdom road haulage operators should not be granted the same level of rights and benefits as those enjoyed by Union road haulage operators in respect of road freight transport operations from one Union Member State to another (“grand cabotage”) and road freight transport operations within the territory of one Union Member State (“cabotage”)” (EU, 25.02.2020).

Fisheries:

Besides the cooperation on conservation, management and regulation, the objective of the provisions on fisheries should be to uphold Union fishing activities. In particular, it should aim to avoid economic dislocation for Union fishermen that have been engaged in fishing activities in the United Kingdom waters” (EU, 25.02.2020).

Gibraltar:

Any agreement between the Union and the United Kingdom negotiated on the basis of these negotiating directives will not include Gibraltar” (EU, 25.02.2020).

First things first. The EU shows a sign, which the UK haven’t understood or neglect to understand. It is that it will not have the benefits of the EU nor the previous membership as a nonmember, even if the politicians and Tories have acted like that since day one.

Secondly, the EU will work in its own interest, even with their paradigm Free-Trading Area, also making the cargo trade on the roads harder for British exporters from United Kingdom into the European Union. While also, trying to ensure the EU fishing boats access to UK seas. This is all clearly hitting the demands, but also the promises made from the Tories in the UK. They are not shielding the fisheries, they are making it harder for the exporters. Because, they cannot get the access and the mobility, which it has today.

Third, the EU has no concern about Gibraltar. That is really stuffing the faces of London, as they have promised Gibraltar safety and a secure future. However, this is the EU showing a shift in focus on this and putting a hard stance. As this has to be negotiated separately, by this mandates concern. This is surely done to please the Spanish in the EU.

However, what we are seeing, that the mandate isn’t that friendly, the direct approach sets the stakes and also doesn’t give way. As the EU needs to set the foot down and show there is a difference being on the outside, then being inside. Which is the wish of the UK. That is why it got to cost to become a nonmember. Peace.

World Bank working paper reveals astonishing amount of aid money to the African continent going directly into tax havens!

The World Bank working paper named ‘Elite Capture of Foreign Aid – Evidence from Offshore Bank Accounts’, which was finally released yesterday is a devastating read. Not because of the facts in it, but because of the extent of the misuse and theft of aid money. The World Bank are now proving by small samples how much of their loans, grants and funds, which is given by donors to the WB, which happens to be moved to tax havens by the regimes that needs it. That is eating of the plate of the poorest and living lavish on others people’s dime.

Just in the Annex, the truth really comes forward, where it is only a small samples, but showing the distasteful enterprise still. Like from table one. You can see that a certain amount of African countries have taken out huge funds into havens deposits and non-haven deposits.

The report explains this about the table one: “The table shows the 22 countries in our main sample and presents summary statistics for the main variables in our analysis. The sample includes all countries for which annual disbursements from the World Bank are equivalent to at least 2 percent of annual GDP on average. Sample mean is the average of the 22 countries in the sample. Annual WB aid (% of GDP) is annual disbursements from the World Bank as a fraction of annual GDP. Annual ODA aid (% of GDP) is annual Official Development Assistance (ODA) from all sources as a fraction of annual GDP. Haven deposits is foreign deposits held in the 17 countries classified as havens. Non-haven deposits is foreign deposits held in the countries not classified as havens” (World Bank Feb 2020).

Nation Haven (million USD) Non-Haven (million USD)
Burkina Faso 32 88
Burundi 103 19
Eritrea 8 11
Ethiopia 64 155
Ghana 76 446
Guinea-Bissau 8 16
Madagascar 193 232
Malawi 31 82
Mali 27 133
Mauritania 32 150
Mozambique 40 161
Niger 29 79
Rwanda 149 41
Sao Tome and Principe 4 8
Sierra Leone 32 82
Tanzania 145 437
Uganda 73 188
Zambia 117 306

When you add into the A6 Table of the modestly aid-dependent countries. You see yet more African countries, where the money a flowing out of the coffers. Where surely not all aid is going where its supposed too.

The report explains table A6 like this: “The table shows the 24 countries for which annual disbursements from the World Bank are between 1% and 2% of annual GDP on average. is the average of the 24 countries in the sample. Annual WB aid (% of GDP) is annual disbursements from the World Bank as a fraction of annual GDP. Sample mean is the average of the 22 countries in the sample. WB aid disbursements is annual disbursements from the World Bank as a fraction of annual GDP. Annual ODA aid (% of GDP) is annual Official Development Assistance (ODA) from all sources as a fraction of annual GDP. Haven deposits is foreign deposits held in the 17 countries classified as havens. Non-haven deposits is foreign deposits held in the countries not classified as havens” (World Bank Feb 2020).

Nation Haven (million USD) Non-Haven (million USD)
Benin 42 96
Cape Verde 14 20
Central African Republic 18 53
Chad 11 91
Comoros 7 27
Democratic Republic of Congo 910 93
Cote d’Ivoire 387 787
Gambia 24 82
Guinea 54 114
Kenya 1277 1784
Lesotho 11 28
Senegal 253 487
Togo 82 146

Without going into deep technicalities of these operations, neither how the World Bank came through these numbers. We can see there is a staggering amount of funds that disappear and goes missing. Which was supposed to go to development or directly to support the state functions. Which happens to end up in tax-havens, surely by someone closely associated with the state or heads of state. Since, these sorts of amounts couldn’t have left the nations without the approval of the executive or head of state.

We can also clearly see, that some aid is directly feeding the rich and keeping tax-havens alive. Giving them financial stimulus and also covering the expenses of the elites in the respective places. There is certainly a mismanagement and a need for more oversight from the World Bank. But also more mechanisms to stop the misuse of aid. If it is supposed to help and not just create a very vastly elite in the nation in question. Because, with this sort of operations, they have clearly achieved that. Peace.

Zimbabwe: Press Statement by the Minister of Primary and Secondary Education, Hon. Ambassador N.C.G Mathema (19.02.2020)