Zim moves to mend relations

via Zim moves to mend relations – NewsDay Zimbabwe 3 November 2014 by Victoria Mtomba

ZIMBABWE is taking positive steps in addressing economic challenges by mending relations with key institutions and blocs.

This has seen visits into the country by delegations from the United Kingdom and the European Union (EU) lifting trade and aid embargo on Zimbabwe.

Prior to that, the International Monetary Fund (IMF)
had agreed to a supervised economic reform plan, the Staff Monitored Programme (SMP) on Zimbabwe.

Last week, Zimbabwe received a five-member British trade delegation on a scouting mission after 20 years of non-engagement between the country and its former colonial master.

The delegation was in the country to see how it could help Zimbabwe by funding some of the clusters under the economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) clusters that include infrastructure, power, food security and value addition.

ZimAsset requires a funding of $27 billion.

Chinamasa told the British delegation that Zimbabwe should create a conducive environment to lure investors.

“It’s not an event, it’s a process. I am very optimistic that we are going to make it. Our problems are not insurmountable. When we wake up, we will be like a sleeping giant,” Chinamasa said.
EU head of delegation ambassador Phillipe Van Damme said the removal of appropriate measures by the bloc was a step in the right direction.

“It is a very important step, things will not change overnight. We have to find confidence-building measures and complete normalisation of relations,” he said.

At a Press conference in the capital recently, IMF Africa director Antoinette Sayeh said the economic conditions remained difficult and there was need to build confidence in the financial services sector as well as enhancing the business environment.

Sayeh said the country’s future was bright as long as it followed measures under the SMP and investigated whether there were no ghost workers on the payroll.

Since the beginning of the year, the government has engaged with prospective investors from China, Russia, Europe and other countries.

Investors from China and Russia signed deals with the government.
Chinamasa visited China three times this year in a bid to revive relations after the country has been receiving funds from China and failing to repay them.

The Russians signed $3 billion worth of platinum projects with the government.

This year has really been a hype of activity for Zimbabwe.