The Editor

Financial Times
1 Southwark Bridge
London
SE1 9HL

Dear Sir,

I have read with interest the FT editorial of 19 November 2017 titled, “Rescuing Zimbabwe from the
legacy of Robert Mugabe.” I initially considered writing a letter to the editor, but since my rejoinder is
not likely to be published, I decided to make some notes to the editorial.

Please find attached my annotations. I trust that you and your colleagues will read it with an open mind.

Yours faithfully,

Ahmed Olayinka Sule, CFA

November 2017
Rescuing Zimbabwe from the legacy of Robert Mugabe Commented [A1]: Consider changing article title to
“Exploiting Zimbabwe's political crisis to push through
Western neo-liberal agenda”
(Annotations and comments by Ahmed Sule, CFA)

ft.com | 19 November 2017

International donors especially Western financial institutions must use their new leverage to stop the
mood from souring Zimbabweans from taking their destiny into their own hands.

. Commented [A2]: Please replace with an image of a white

man wearing a blue suit and red tie standing in front of
Marange Diamond Fields.

Seldom has the demise of an African tyrant been anticipated for so long. But despite the foreshadowing
of recent years as Zimbabwe’s economy has imploded, are the west and international donors ready to
take advantage of the situation with the appropriate response? The country’s need for an international
rescue packag Greek bearing gifts is as clear as it is pressing.

When Robert Mugabe took office in 1980, life expectancy was among the highest in Africa. Today it is
one of the lowest in the world. The disastrous impact of economic mismanagement, the land grab of
Commented [A3]: Please take out the reference to the
white-owned farms, and rampant corruption has been compounded by frequent drought. Nearly a
murder of thousands of Ndebele people by Mugabe, but
quarter of the country’s 16m inhabitants rely on food aid for at least part of the year. Most of the crowds
don’t forget to mention the seizure of white owned farms.
who took to the streets of the capital on Saturday to demand Mr Mugabe’s resignation are either
unemployed or scrape a precarious living in the informal sector.

The country has run out of money; the bond notes that the government has been issuing to accompany
the US dollar as the national currency are rapidly depreciating in value. The budget deficit is $1.8bn,
most of it raised through domestic borrowing because Zimbabwe is unable to access funds abroad.

In short, the mood of euphoria that followed last week’s military takeover is unlikely to last long, raising
the risk that the mood sours and turns to violence born of hardship and frustration.

The precedent set at the end of other African dictatorships, notably Mobutu Sese Seko’s in Zaire,
suggests there may be just a brief opportunity for international alliesWestern countries to step in and
help stimulate reform and recovery destruction before Zimbabweans start to ask for the dividends of Commented [A4]: In the form of shock therapy :
democracyentrenched interests reassert themselves. Hence the need for an emergency package of aid flexible labour reforms, sale of state owned industries to
(beyond existing programmes) to put the country’s gold, diamonds and other mineral resources into Western organisations, austerity, less regulation and
Western hands seeds and fertiliser back in the hands of farmers, medicine into the clinics and to elimination of the importation of cheap generic drugs
guarantee pay for the army and police to ensure there is no breakdown of law and order. for HIV and AIDS victims.

The next phase will be more challenging: the International Monetary Fund, World Bank and African
Development Bank must not only help Zimbabwe ensure Zimbabwe resolve arrears on its more than
$9bn external debt (even if it means prioritising capital and interest repayment over healthcare,
education and social welfare expenditure). They must also contribute capital for the revival of the
stagnant economy.

At the same time any new administration emerging from this creeping coup must be both constitutionally
legitimate, committed to change and answerable to the West.. Supporting anything less would risk
perpetuating a system that is rotten from top to bottom letting Zimbabwe become a Chinese colony for
100 years. The whole edifice, in which the ruling Zanu-PF party and state have long since become one,
is in need of change, not just its president.

Donors The West potentially has greater leverage in making a killing out of the disaster resulting from
now than they have had in the 37 years of Mr Mugabe’s rule. They should be prepared to use it.
Emmerson Mnangagwa, Mr Mugabe’s most likely successor, whose sacking precipitated last week’s
military intervention, has long been at the heart of the regime. The west and regional leaders have has
to make clear that if they are to work with him, he has to work with the opposition ahead of the scheduled
elections next August dance to its tune.

Any recovery package should be contingent on keeping democratic hopes aliveprotecting Western
interest. And the Western donors vultures should be unequivocal in setting stiff and scrupulously Commented [A5]: After being sucked dry by Mugabe and
monitored conditions for much needed debt rescheduling and new loans. China, Zimbabweans are more than ready to give their
remaining blood to Western vampires.
The first test of the new administration will be to provide convincing evidence of a commitment to reform.
Commented [A6]: Good to put this at the end of the
Yet the donors cannot risk waiting long and allowing the country to fall into limbo (because Africans in editorial.
general and Zimbabweans in particular are not capable of solving their own problems). They must give
a clear signal that with progress on political and economic fronts help will be at hand.

Selah.

https://www.ft.com/content/c00513ce-cba3-11e7-ab18-7a9fb7d6163e