IT’S almost two decades now Zimbabwe has been alienated from the global financial systems due to sanctions imposed by western countries protesting the land reform programme implemented by the Government to redress historical colonial imbalances.
While the US government and its global north allies have for long provided the narrative that the sanctions were targeted at individuals and selected entities, it is quite evident that ordinary Zimbabweans and businesses who are not on the purported sanctions list have suffered the brunt of these illegal restrictive measures.
On Friday, an anti-sanctions rally was held at the National Sports Stadium in Harare to express disgruntlement over the western sanctions.
This was after SADC leaders in Dar es Salaam, Tanzania in August declared October 25 as a solidarity day against sanctions. Like Zimbabweans, the region is also feeling the effects of the sanctions.
According to the Reserve Bank of Zimbabwe, the sanctions on Zimbabwe have resulted in the drying up of project finances and balance of payments support, with far reaching consequences on the majority of the people through collapsed service delivery.
Despite growing voices condemning the sanctions, the US and its allies continue justifying the sanctions.
A report by the Ministry of Foreign Affairs and International Trade (MoFAIT) prepared last month has shown that Zimbabwe could have lost US$ 98 billion as a result of illegal western imposed sanctions.
It said the sanctions have branded Zimbabwe and its entire financial linkages with the rest of the world as high risk, thereby making the country a compelling target for de-risking interventions by leading correspondent banks in the US and Europe.
“It is believed that Zimbabwe lost bilateral donor support estimated at US$4,5 billion annually since 2001, US$12 billion in loans from the International Monetary Fund, the World Bank and African Development Bank, commercial loans of US$18 billion and a gross domestic reduction of US$21 billion among other losses,” said MoFAIT.State media