Top Bank Pressures Zimbabwe to Reconcile with the West
23 February 2015
Spread the love

Government has pleaded with the African Development Bank to persuade the international community to cancel its external debt.
This came just as the bank put intense pressure on the government to reconcile with western nations to help restore its financial rectitude.
Zimbabwe has a ballooning external debt of $7 billion to the International Monetary Fund, World Bank and other multilateral creditors which it is struggling to repay.
The country also owes the AFDB more than $500 million in development fund.
Government however blames sanctions imposed by the west more than a decade ago for its failure to repay the debts.
Speaking to reporters in Harare Monday after a two hour long meeting with the 20 member delegation from the AFDB which is in the country Finance Minister Patrick Chinamasa begged the AFDB to act as a catalyst in the Zimbabwe-International community re-engagement process.
“In our meting I have emphasized that the AFDB should play a leading role in securing the clearance of arrears that we have accumulated with the multilateral creditors alongside World Bank and the IMF, because of their rules and regulations we cannot enjoy the benefits of our membership meaning we cannot access concessionary borrowing from them unless we clear our arrears,” he pleaded.
AFDB said the only way Zimbabwe could develop was through intensifying the re-engagement process with the international community so that it gets the much needed foreign direct investment.
“Part of our programme whilst we are here is just discussing with government authorities, we will also be discussing with the Bankers Association ,will be discussing with the industry to hear from them their perspective on how we can get over some of the problems Zimbabwe is facing now,” Alieu Momodou Ngum the delegation’s spokesperson said.
The delegation before it returns will commission a multimillion dollar water project in Mutare which it funded and pay a courtesy call on President Robert Mugabe.

6 Replies to “Top Bank Pressures Zimbabwe to Reconcile with the West”

  1. Yes Jonjo. And really there is no need to “re-engage”. We just have to pazy the debt if we have it. The West has its embassies here and last week the EU announced that it was giving above a quarter of a billion euros to Zimbabwe. What other re-engagement is needed here?

  2. Yes Jonjo. And really there is no need to “re-engage”. We just have to pazy the debt if we have it. The West has its embassies here and last week the EU announced that it was giving above a quarter of a billion euros to Zimbabwe. What other re-engagement is needed here?

  3. distorted facts again…… they came to talk to a bankrupt country and then finance a multimillion dollar water project in Mutare.chirikuenda nechimwe chii apa.

  4. distorted facts again…… they came to talk to a bankrupt country and then finance a multimillion dollar water project in Mutare.chirikuenda nechimwe chii apa.

  5. Ah hapana nyaya apa.Bvisai Nikuv pamaelections .Mapurisa moita kuti vachengetedze mutemo uye moita kuti vabhadharwe nehurumende kwete pama road block. Mashefu edu manje ukavaudza kuti msarova vanhu pamaelection oh vanototi better kunwa masewage.Mashefu edu anotongera kuzadza matumbu avo chete. Anenge mapere akawana basa mubutcher-kana bhonzo haurioni. West inotya kuzondoimbiswa ku mabase!

  6. Ah hapana nyaya apa.Bvisai Nikuv pamaelections .Mapurisa moita kuti vachengetedze mutemo uye moita kuti vabhadharwe nehurumende kwete pama road block. Mashefu edu manje ukavaudza kuti msarova vanhu pamaelection oh vanototi better kunwa masewage.Mashefu edu anotongera kuzadza matumbu avo chete. Anenge mapere akawana basa mubutcher-kana bhonzo haurioni. West inotya kuzondoimbiswa ku mabase!

Comments are closed.