Chinamasa Appeals for IMF Funding to Boost Zim Economy

via Chinamasa Appeals for IMF Funding to Boost Zim Economy by Irwin  Chifera for VOA Zimbabwe 06.11.2013

Finance and Economic Planning Minister, Patrick Chinamasa, tells parliament he will ask the International Monetary Fund and other international financial institutions to provide new money to Zimbabwe so that it can clear its external debt and move forward.

Answering questions from members of the National Assembly, Mr. Chinamasa who is currently in a meeting with an IMF delegation which arrived in the country yesterday, said Zimbabwe has no capacity to repay its debt as its economy is not recording any significant growth.

The IMF delegation is in the country under its Staff Monitored Programme meant to assess the country growth and seek ways to clear Harare’s arrears and external debt of more than $10 billion.

Mr. Chinamasa told lawmakers that Zimbabwe has failed to meet some of the benchmarks set by the IMF such as amending mining laws to ensure transparency in the marketing of the country’s minerals.

He said Zimbabwe must restore international confidence in the economy, adding that this could only be achieved if Zimbabweans stopped bad-mouthing their country abroad.

But he explains that government must also develop a culture of paying its debts.

Chinamasa said the government wants to engage many nations regardless of political differences between Zimbabwe and western countries.

He said it’s surprising some Zimbabweans insist there are no sanctions when countries that imposed them admit their existence and have told him reasons why they won’t remove the measures.

Meanwhile, Mr. Chinamasa further told the lawmakers that provincial councils would start operations once the institutional framework and secretariats have been put in place.



  • comment-avatar
    T plus 10 years ago

    kkkkkk….”engaging many nations including the west” ….kkkk…i thought u said ‘Look East Only’

  • comment-avatar
    furedi 10 years ago

    These guys think that they can shout all sorts of obscenities at this western world and still expect the same west people to come running to help them.Bring back what you have stolen from Zimbabwe and you will see how quickly things will improve.

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    Tiger Shona 10 years ago

    First of all, Zanu PF destroys the tax base in this country.
    When no money comes into state coffers, they go and steal money out of people’s accounts.
    The ruling elite corners the diamond business, and keeps all that cash for themselves.
    Now this idiot called Chinamasa says people should not talk about this????
    And that is not what keeps the country on its knees; It is the criminal behavior of Zanu PF!

  • comment-avatar
    Tiger Shona 10 years ago

    Let us see if Zanu PF has the guts to go back, admit to all they did that destroyed business in our country and repair the damage that they did.
    But there may be way too much arrogance there.
    If they want to do anything for Zimbabwe, get the hell out of our lives!

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    Well said Tiger however ZANU thinks the West is stupid and will give them more money for their Malaysian bank accounts.Oh and don’t forget the sanctions from the first 25 years of power that caused the bankruptcy…..what was that?…there were none??

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    But he explains that government must also develop a culture of paying its debts.
    WTF!!!!!!!!!!!!!!!!Is this idiot for real?

  • comment-avatar
    Mr Mixed Race 10 years ago

    Whether we like it not the EU will be the world power house not China,India or Russia because these highly populated nations do not plan their industrial development with sustainable principles.Look at China now,its already suffering from pollution and other man-made disasters,because they went to quickly in cheap goods to try and meet their population growth.Their one child policy per family has failed because it was not democratically implemented.The public is not stupid as some politicians think we are.The signs of logical approach to our problems are now beginning to show.Well done minister for beginning to prepare the misguided and less informed people within our ranks of the realities to come in due course.An honorable man accepts his mistakes, we all make serious mistakes in life,therefore we should not be ashamed to correct them before we die.

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    keep your Zimbabwe and the west will keep its money

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    Makanyara 10 years ago

    give us a reason to stop bad mouthing the country

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    Shebah 10 years ago

    we knew already that we had tough times ahead. But that should not allow detractors to take advantage of us. Find a way to be accommodated by IMF. Some MDCt people think IMF is the WEST

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    So we insult people and we beg from them again. What rank hyprocricy. This lunatic called Chinamasa think he can just ask for money from the very same people he insults. He should remember the interview he had on BBC because he didn’t have any nice words for the British. So just stop the lousy propaganda and work on to fulfil your manifesto with your Chinese friends!!!

  • comment-avatar 10 years ago

    It would be folly to expect to be given money by IMF after those scathing remarks about China and so forth. It is also really bad for IMF etc to give money to a rogue govt with racist policies and other bad policies such as the elitist indegenisation policy.Haa we cannot talk of rule of law and its partisan application plus the lack of policy stability.

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    taking no sides, we all need a sound budget that can propel Zimbabwe into the future.Be it opposition or not, we are in dire need of finance.Debt cancellation was ill advised.The requirements of debt cancellation are:A must have been involved in an unforeseen disaster , which destroys its revenue base and industries, resulting in emergency services to help save lives.According to such requirements, countries which faces Tsunami rightly deserved, and were forgiven.That is Haiti and others.Moambique deserved in cyclone eline.In Zimbabwe, its another case, the Agro based economy was brought to its knees despite several warnings from IMF and World Bank.Mugabe himself said to hell with IMF and World Bank.He branded them capitalists.Fine then,why now begging? ZANU PF needs to reign in their old man and not just look on when he puts the country to the pit.Even if IMF and WB refuses with money, Mugabe doesn’t suffer.He will make sure the little resources available catters for him.
    We really need a combined non partisan framework to deal with our budget problems.Right now Chinamasa cant present the budget, there is no money.Poor Patrick, he could have refused the portifolio.Those in diaspora please chip in.Either form donor platforms and then give conditions.You can choose to help the health ministry , education and social welfare.Lets save our country and it is only we, no one else.Remember the colour of the cat does not matter.What matters is it catches the mice

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    furedi 10 years ago

    Chinamasa could have declined the post but he had to have his snout in the feeding trough with all the other thieves.Tino, the diaspora does not need to do anything except for their families which is why most of them left in first place.I will say again, these thieves must return all that they have stolen from zimbabweans. The IMF and WB know that these guys collectively (ZPF) can wipe out our debts and remain with change.