US, EU sanctions cost Zim whopping US$98bn: Report 

Source: US, EU sanctions cost Zim whopping US$98bn: Report | The Herald September 11, 2019

US, EU sanctions cost Zim whopping US$98bn: ReportDr Moyo

Farirai Machivenyika Senior Reporter
Foreign Affairs and International Trade Minister Dr Sibusiso Moyo yesterday presented a paper to Cabinet, indicating Zimbabwe lost about US$98 billion due to the illegal sanctions imposed on the country by the United States and the European Union.

This was said by the Minister of Information, Publicity and Broadcasting Services Monica Mutsvangwa during a post-Cabinet media briefing yesterday.

“The Minister of Foreign Affairs and International Trade tabled in Cabinet a paper highlighting the impact on Zimbabwe and the SADC region of the unilateral sanctions imposed by the USA and the EU. The minister stated that Zimbabwe had lost at least US$42 billion in revenue over the past 18 years due to the sanctions,” she said.

“It is also believed that Zimbabwe lost bilateral donor support estimated at US$4,5 billion annually, since 2001. A total of US$12 billion in loans from the IMF, the World Bank and African Development Bank as well as commercial loans worth US$18 billion were also lost on account of the sanctions.

“The sanctions also brought about an estimated GDP reduction to the tune of US$21 billion.”

Minister Mutsvangwa said the unilateral sanctions had, and indeed continue to inflict grievous pain on the rank and file of the citizenry, especially women and children.

The revelations of the impact of sanctions on the economy fly in the face of ridiculous claims by the US, in particular, that the sanctions were targeted and therefore did not impact on the ordinary person.

The US claims that its sanctions regime is targeted at 65 individuals and 56 companies, and not the ordinary man, when in fact the companies targeted employ ordinary people.

A number of companies including the National Railways of Zimbabwe (NRZ) have indicated recently that they were having challenges acquiring spare parts because of sanctions, and had resorted to using middlemen to access the spares, which increases operating costs and makes their freight charges uncompetitive.

SADC has since declared October 25 as a day of solidarity with Zimbabwe against the illegal sanctions.

Minister Moyo also said the document on the impact of the sanctions would be published once it has been adopted by Cabinet.

“Indeed, when it has been finalised, that report is going to be publicised not only to the media but the region as a whole,” he said.

A number of activities are being organised for October 25 to protest the illegal sanctions.


  • comment-avatar

    How about adding the 15 billion US dollars that Mugabe himself said was missing revenue from the diamond fields ?

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    The Herald should start these fairy tale stories “once upon a time…….

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    Well, then sort out the Human Rights abuses! and get back on their gravy train.

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    Dave Scott 3 years ago

    You useless thieving savages will blame everyone else but yourselves! The sad thing is all us white folk know how absolutely useless you lot are and we all know those figures are false, you are living thieves!!!We’ve watched as you’ve destroyed everything you’ve touched…EVERYTHING!!!!

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    Somehow Zanu PF is able to quantify what non-existent “sanctions” cost the economy, but they are totally unable to calculate and publish today’s inflation rate?? No wonder Zimbabwe is seen as the world’s clown with a multicoloured scarf around it’s neck.

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      Kurirai 3 years ago

      Let 25 October be a day when all SADC countries rally against human brutality in Zimbabwe. That’s really stupid of these countries to look at sanctions instead of thousands of people who are disappearing daily in Zimbabwe. Shame on you SADC. Real idiots. You have failed people of Zimbabwe for decades. We don’t need you anymore. You are also at the forefront of preaching Xenophobic attacks at your backyards. Let the sanctions remain.After all ordinary poor people have nothing to loose. They lost freedom at your noses while you watch and look away. 25 October can be a better day to rally against Xenophobic attacks.Idiots

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    Mukanya 3 years ago

    Illegal sanctions? Why illegal when they were imposed by democratic countries who respect the Rule of Law within their confines.

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    Finch 3 years ago

    Maybe one day Zanu Pf will wake up and announce that the sanctions are legal. There are getting used to it.

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    jongwe power 3 years ago

    So basically ZANU elites sucked at least 98 BILLION US DOLLARS from the country between 2002 and today! Imagine how much more they looted between 1980 and 2002. People suffered and died because of ZANU’s heist, whilst being told to tighten their belts, pray to God and waste our time focusing on archaic traditional customs whilst the rest of the world advances. Now the same ZANU elites fly around in luxury jets and stay in luxury hotels whilst panhandling for about $5 billion or so to jump-start Zimbabwe’s economy.

    Isn’t Communism wonderful, Comrades?