Mugabe Squanders GMB
Money On Jet Fuel,
£56 million squander…Robert
Over $56 million of taxpayer funds previously
meant for the Grain Marketing Board, GMB,
has vanished into thin air, blown by President
Robert Mugabe through his foreign trips.
Latest reported calculations say Mugabe has
squandered over $4million on every foreign
trip bringing the total figure to a swarming
average $56million every month. The GMB has
since run shot of over $50million as a result
of the abnormal expenditure and the
government now wants to raise the cash
through the issuance of AMA Bills.
The Agricultural Marketing Authority (AMA) is
racing against time seeking to raise $50
million to finance for grain purchases.
In a notice yesterday, financial advisers from
CBZ Bank said it was inviting investors
“including, but not limited to, pension and
provident funds, insurance companies, life
mutuals, commercial banks and other
interested institutions, as well as individuals
in Zimbabwe” to subscribe for the AMA Bill.
The bills will have an interest rate of 8,5%
per annum and have a tenor of 360 days from
the day of allotment.
The offer opened on Monday. The bills have
prescribed asset status, meaning that local
asset managers were required to invest a
percentage of their assets under management
in the bills.
The bills have liquid asset status and enjoy
GMB has been struggling to pay on time for
grain deliveries due to financing challenges.
In his mid-term fiscal policy review statement
last week, Finance minister Patrick
Chinamasa said cumulative deliveries to GMB
as at the end of August stood at 175 000
tonnes worth $68,3 million.
Chinamasa said the unanticipated deliveries
were attributed to “timeous payment to
farmers as they deliver”.
Currently, payments were being made within
14 days of delivery, he said.