Back in 2015 when the government passed the Reserve Bank of Zimbabwe Debt Assumption Act, they staunchly refused to name the individuals who owed the bank a staggering US $1,35 billion. The government was however quick to publish the names of creditors whom the bank owed money. The bill sailed through parliament despite opposition parties castigating it. Ordinary tax payers were made to repay back the money.Now it’s clear why the bill sailed through most of the government’s top officials were beneficiaries of the scheme who failed to pay back the loans according to prominent lawyer Alex Magaisa.

In fact, in an issue that is now a scandal, the entire list includes the who is who of Zimbabwe’s elite. It includes politicians, lawyers, judges, church leaders and even foreign presidents! When the current RBZ governor was asked to furnish the list as it was in the public’s interest to know whose debts the taxpayers were assuming he said he needed 60 days to think over the issue before saying the information was not in public interest.

The church leaders and their debts

Archbishop Ezekiel Guti who is listed as owing US$116,693.00;
Nolbert Kunonga who was very popular with the Mugabe regime at the time of the Farm Mechanisation Scheme was awarded a loan of US$98,661.00.
Agatha Kunonga who is listed as having received US$58,318.00.
Rutendo Wutawunashe is listed as owing US$18,200.00.
Bishop Nehemiah Mutendi was the biggest beneficiary among members of the clergy, with two loans of US$271,000.00 and US$315,600.00 for a grand total of US$586,600.00

ZEC and ZEC Officials

Brigadier General Douglas Nyikayaramba got a loan of US$169,972.00
Chief Elections Officer, Lovemore Sekeramayi was given a loan of US$46,858.00.
Tobaiwa Mudede, a long-serving Registrar was given two loans worth a total of US$250,896
ZEC itself was given hundreds of motorbikes worth US$197,244.00. Why this happened under a farm mechanisation loan program is not clear

Malawian President and other Politically Exposed Persons

Yes even a Malawian president decided to get in on the fun. Bingu Wa Mutharika got a loan of US$124,111.00
Maphid Albert Mnangagwa related to President Mnangagwa who got a loan of US$93,111.00
Gerald Mlotshwa, a lawyer and son-in-law of President Mnangagwa is also listed as owing US$59,605.00 under the scheme.
Joseph Chinotimba US$163,401.00
Pupurai Togarepi US$72,547.00
Obadiah Moyo US$130,963.00
Tariro J. Mupfumira who is listed twice – US$112,581.00 (Mash West) and US$59,499 (Masvingo) for a total of US$172,080.00. This double-dipping in different provinces is a fairly common feature on the list
Temba Mliswa US$462,999.00
Wicknell Chivayo (who likes to flaunt how rich he is but still failed to pay this loan) US$48,315.00
Wilson Manase (Chivayo’s lawyer on the Gwanda project) US$297,015.00
ZESA appointee, Dr Sydney Zikuzo Gata, Executive Chairman of the parastatal who owes US$50,600.00
Businessman Basil Nyabadza of Rockingstone Farm who is listed as having received a loan of US$72,574.00
Leo Mugabe US$100,885.00
Patrick Zhuwao received US$93,000
Innocent Matibiri (a Mugabe surname) US$403,825
Dr Douglas Mombeshora US$312,528.00
Reuben Barwe got US$79,607.00
Judith Makwanya received US$35,984.00
Current Zimpapers CEO, Pikirai Deketeke is listed as owing US$44,860 under the scheme
George Chisoko who is listed as owing US$340,616.00. Chisoko was last mentioned as an assistant editor at The Herald.

Senior Civil Servants

Mariyawanda Nzuwa who was the long-time chief of the Public Service Commission was given two loans amounting to US$317,775.00
Chief Secretary to the President and the Cabinet, Misheck Sibanda received two loans totalling US$351,148
Karikoga Kaseke got US$58,299.00
George Charamba US$127,723.00
Justin Mupamhanga – US$135,230;
Martin Rushwaya – US$84,543.00;
Virginia Mabhiza – US$37,683.00;
Judith Kateera (PS) – US$43,487.00;
Eric Harid – US$74,264 and
James Manzou – US$63,967.00

Judicial and related officials

Attorney General, Advocate Prince Machaya listed at Blackeney Farm also got a loan of US$46,752.00
Gabriel Chaibva US$88,623.00
Mabel Chinomona US$119,805.00

Ministers

Chen Chimutengwende – US$98,780.00
Lazarus Dokora – US$82,719.00
Sithembiso Nyoni – US$7,097.00
Sylvester Nguni – US$53,600.00
Joel Biggie Matiza – US$46,949.00
Apollonia Munzverengi – US$59,662.00
Ambrose Mutinhiri – US$68,321.00
Michael Bimha – US$73,877.00
David Chapfika – US$79,936.00
Kagonye Petronella – US$94,761.00;
David Parirenyatwa (Tambawakaguta Farm) – US$88,631
Mandi Chimene (Tasendekerapano Farm) – US$37,520.00
Samuel Undenge – US$70,935.00
Jaison Machaya – US$49,700.00
Josiah Hungwe – US$99,511.00
Joram Gumbo – US$39,869.00
July Moyo – US$42,450.00
Owen Mudha Ncube – US$38,000.00
Frederick Shava – US$62,217.00
David Marapira – US$54,293.00
Makhosini Hlongwane – US$108,767.00
Kindness Paradza – US$118,485.00
Peter Haritatos – US$38,000

NB we have left out some other prominent names as the list is too long. For more go to the Big Saturday Read

What has this got to do with prices

The last time the Zimbabwean economy collapsed was in 2008. The collapse which included world record inflation was caused by reckless government spending usually on Quasi-fiscal policies like these. Eventually this sort of spending has a price.