LONDON, July 4 (Reuters) – Zimbabwe hopes to get its proposal to clear debt arrears with multilateral lenders signed off by December, enabling it to start talks with bilateral sovereign lenders. Finance Minister Patrick Chinamasa said Government is looking forward to the three multilateral lenders to formally adopt the country’s debt clearance strategy when they meet in December. In early March, the government agreed to major reforms including compensation for evicted white farmers and a big reduction in public sector wages in an effort to woo back international lenders.
The Southern African country’s foreign debt stands at $8.3 billion, of which $1.8 billion is arrears. Zimbabwe is one of the few countries in arrears with the IMF. Countries are required to clear all arrears with multinational lenders before engaging in talks with other creditors. Zimbabwe owes around $110 million to the International Monetary Fund, which it hopes to clear against a special drawing rights (SDRs) allocation of around $130 million, Chinamasa said at a briefing at London-based think-tank Chatham House.
It is hard to pinpoint the exact moment in the last eight days at which Britain’s politics became officially more absurd than America’s. Last week’s Brexit vote, shocking as it was, was just the starting gun. Since then both the Labour and the Conservative party leaderships have collapsed. The “Leave” campaign has swiftly backtracked(paywall) on its promises. Labour’s Jeremy Corbyn, after enduring a stunning no-confidence vote, appeared to compare Israel with the Islamic State. The Conservatives’ Boris Johnson, the cheerleader of Leave and presumed next prime minister, bowed out after beingstabbed in the back by his own sidekick, Michael Gove. And a leaked letter from Gove’s wife exposed the Tory party’s leading figures as little more than the puppets of media barons.
The US primary season was by turns hilarious and horrifying, but it fulfilled its purpose: There are now the requisite two candidates for president, and the one who is a racist liar with no idea of how to govern is pretty unlikely to win. Britain has no credible leadership on any side, nor are there any clues as to where it might emerge. With astounding swiftness, the UK has replaced the US as the political laughingstock of the world.
This compounds the disaster of the referendum itself. If, as some hopeful pundits speculate, Brexit may yet be halted, it will take extraordinary leadership to mollify the pro-Leave voters who will feel cheated. If Brexit goes ahead, it will take equally extraordinary leadership to steer the economy through its impacts, and to negotiate new trade deals with an unforgiving EU and other countries. (Perhaps they should appoint Donald “I make great deals” Trump as chief negotiator.)
When Trump was on the ascendancy in America, many British politicians could hardly hide their smug disdain. How hollow that looks now.—Gideon Lichfield
“I wrote an article on this a few years ago and interviewed a few experts on fraud in non-profits and why it tends to go undetected for so long. One theory was that non-profits are too trusting and assume that people who work for them respect the spirit of charity that the organization is built on. Unfortunately this isn’t always the case and a lack of internal controls combined with the limited staffing typical of non-profits makes it easier for employees in accounts to steal. Accounts payable fraud seems to be among the most prevalent, possibly due to situations where due to staffing limitations, one employee is responsible for too many financial tasks without checks and balances. If you’re interested in reading the article, you can find it here: Fraud in Non-Profits”
Confession of Faith (1877)
“ The idea gleaming and dancing before ones eyes like a will-of-the-wisp at last frames itself into a plan. Why should we not form a secret society with but one object the furtherance of the British Empire and the bringing of the whole uncivilised world under British rule for the recovery of the United States for the making the Anglo-Saxon race but one Empire. What a dream, but yet it is probable, it is possible. I once heard it argued by a fellow in my own college, I am sorry to own it by an Englishman, that it was good thing for us that we have lost the United States. There are some subjects on which there can be no arguments, and to an Englishman this is one of them, but even from an American’s point of view just picture what they have lost, look at their government, are not the frauds that yearly come before the public view a disgrace to any country and especially theirs which is the finest in the world. Would they have occurred had they remained under English rule great as they have become how infinitely greater they would have been with the softening and elevating influences of English rule, think of those countless 1000’s of Englishmen that during the last 100 years would have crossed the Atlantic and settled and populated e Would they have not made without any prejudice a finer country of it than the low class Irish and German emigrants? All this we have lost and that country loses owing to whom? Owing to two or three ignorant pig-headed statesmen of the last century, at their door lies the blame. Do you ever feel mad? Do you ever feel murderous? I think I do with those men. I bring facts to prove my assertion. Does an English father when his sons wish to emigrate ever think of suggesting emigration to a country under another flag? Never; it would seem a disgrace to suggest such a thing. I think that we all think that poverty is better under our own flag than wealth under a foreign one.”
Cecil John Rhodes
Poignant this – when juxtaposed with the topical current affairs phenomenon of Brexit and Trump.