IMF reduced us to charity case, Mutsvangwa

via IMF reduced us to charity case, minister by Xinhua for NewZimbabwe 22/10/2013

THE emergence of China as a global economic powerhouse is a huge boost for Africa as the continent now has better chances of accessing cheap capital from world markets, a deputy minister has said.

With a US$3 trillion reserve, China has become an important capital market that Africa should take advantage of to meet its capital needs, deputy foreign affairs minister Christopher Mutsvangwa said Tuesday.

He was addressing guests at the start of a three-day China-Africa symposium being held in Harare.

Mutsvangwa said while Africa’s relations with Bretton Woods institutions such as the International Monetary Fund and the World Bank had largely left the continent “a charity case” and in huge debts, China’s economic engagement with Africa was based on a win- win situation.

Long-standing cordial relations existing between the two sides also augured well for development and enhancement of mutually beneficial economic relations.

“The arrival of China on the global market has democratized capital. Africa now has the ability to weigh on who is giving them options on capital,” Mutsvangwa said.

He said with strong prospects of China’s currency eventually becoming a world currency, Africa, with its good relations with China, was conveniently placed to benefit more from its economic relations with China.

Europe, Mutsvangwa said, would be forced to look at Africa in a new way because of the changes brought about by the emergence of a powerful China, he said.

The minister took a swipe at those demonizing relations between China and Africa and portraying China as an “economic predator” bent on colonising Africa.

“That story is not true. We never got our political independence on a silver platter,” he said.

“We fought hard for it and so the story of Africa as being indigent and waiting for another super power to colonise it is not true.”

 

COMMENTS

WORDPRESS: 17
  • comment-avatar
    MikeH 7 years ago

    “We never got our political independence on a silver platter”. O! YES YOU DID !!! But you stuffed it up and now China is coming to get it’s reward. ha!ha!ha!

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      todii zvazvo 7 years ago

      so they know they are being colonized by china yet they plead ignorance to that,West did not force us to borrow, neither did they tell us to default, its all about business ethics, u a thief then u will find that yo friends will be few. si far china has not developed anything in Zimbabwe, yet to be seen after all these are also loans and more loans eventualy china will give up on zimbabwe

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    Fallenz 7 years ago

    HOGWASH…! ZANUPF is giving Zimbabwe, the jewel of Africa, to China on a silver platter. Selling out for trinkets.

    Yes, China will provide capital… but the cost of it will be to surrender more and more of the nation’s economy to Chinese control. ZANUPF will continue to strut, claim independence, and make their idiotic pronouncements, but they’ll be nothing but silly little string puppets dancing for their laughing Chinese masters.

    The sad truth is that ZANUPF isn’t smart enough to see that coming, but neither do they care what actually happens to Zim, as long as they get to keep their Mercedes.

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    kiddnile 7 years ago

    That’s sounds like what Zuma was referring to-thinking like an African !! He maybe right ?

  • comment-avatar
    Tjingababili 7 years ago

    YOUR POLICIES DID!

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    Mukaronda Potsi. 7 years ago

    If China has the gutts to concort infant formula with poison and feed their own children, what do they have for us Africans. A quick reminder that it was the same Chinese who packed anti-freeze in Colgate toothpaste tubes and sold it in Africa. Mutsvangwa has every good reason to like and love the Zhing-zhong kingdom, as he was Mugabe’S “THIEF Operating Officer” in Bejing two years ago. He was embroiled in the Mujuru/Munangagwa,Chinese corruption scams. He is feeding from the Chinese plate and so we expect him to sing Chinese glory. Today there was news that Chinese people are burning themselves alive in protest for their government seizure of their homes for no compensation. So if the so called Messiahs for Africa have the audacity to treat their valued citizens like this, what shall become of “iron” or us Afrcans. The Chinese are fueling the wheels of corruption in Africa and this perfectly fits with the way our leaders perceive their role in power- self enrichment. Mugabe is top of the list of this stinky, corrupt and money laundering schemes that the Chinese craft for these dictators. Mutsvangwa the Chinese currency is manipulated and thats why even the Chinese themselves opt to invest their ill gotten wealth in US Treasury Bonds. And thats the reason why Mugabe is clamouring for freedom to invest in the West and have take a break from acipuncture on his prostate. Think of that National Sports Stadium debacle and shame on the Chinese. Gives us a break Chris Mutsvangwa, kudya makanyarara zvineyi ko? Makororo hamunyare!

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    DeanW 7 years ago

    You can bet on one thing the Chinese are far too smart to let Zanu steal all the loans like the IMF did, as Fallenz rightly says the cost will be high and it will be too late for Chibabwe.IMF thought they were dealing with intelligent and honest people, a few billion later they suddenly woke up to the truth, ZANU individuals had stolen them blind and wrecked the jewel of Africa in a few short years.Mutsvangwa do you really think anyone believes your propaganda?

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    Tiger Shona 7 years ago

    If China will be so beneficial to Zimbabwe, why did Chinamasa try to get money from IMF and the World Bank?

    Let them get the billions from China that we need.

    Mutsvangwa, go ahead and prove what you are saying!

    With the track record that we have, it is not going to happen.

  • comment-avatar

    Have you ever seen how the chinese treat their black staff or labour.No african laws apply to them as employers all over africa.African countries governments feel just as much for their people. and what do the african population do ????

  • comment-avatar
    John Steele 7 years ago

    Exactly Mark.

  • comment-avatar
    Johnson@yahoo.com 7 years ago

    This is self placating nonsense. The coming of aid from China will not end corruption and greed plus economic mis-governace. We are not suffering from lack of resources, but from a regime that was corrupt since the liberation struggle through independence till now. We never had a selfless cadre of leaders for once. What we have is a Zimbabwean mafia working with the Chinese Mafia. We are fed up with this nonsense. To say we lack resources is a naked lie – in fact the opposite is true.Even the MDC failed to do something about the problem. The problems are lack of rule of law, plus a very corrupt regime in Zimbabwe

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    Johnson@yahoo.com 7 years ago

    If the Chinese are the business people I know they will invest their money where they know they will be repaid. Which creditor just gives money without rating the debtor? and Zimbabwe has a record for scrounging and failing to pay. They talk of ‘friendship this, friendship that’ and this is not business language, but language of beggars. Lets us be honest what we need is governance GOOD GOVERNANCE – not this friendship rhetoric which has brought cronyism which has already put the country to its knees. We deserve this too as Zimbos because we turn leaders into gods. This is the price and we know it. Do I make myself clear. For now the regime is not talking business. If they want business with anyone outside the ZANu pf coterie they must change their language to ‘business’ Lingua not trash rhetoric of ‘indegenising and making jobs. If Zanu pf will create these jobs then something is terribly wrong, until they move from their current partisanship and elitism which does not even benefit their own supporters. The MDC shares the blame as well but they seem to have been the ones who brought the sanity that prevails for now. China has lending principles, just like IMF so stop this friendship rhetoric. We don’t want cry babies, but mature leaders. Guys, GUYZ, Guys guys dont continue this. The economy needs a structure, discipline, sanity, focus and equity. I am not an economist. They can explain the economic nitty – gritties from here. All I know is thta Zimbabwe in its current form is not creditworthy to any fool. Capisce?

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    Johnson@yahoo.com 7 years ago

    WE MUST FIGHT THE CHINESE

  • comment-avatar
    maisokwazo 7 years ago

    You can clearly see MR EDITOR unless you are also dumb, that Zimbabweans are not as stupid as MUGABE AND HIS COHORTS think they are. It is only that Zimbabweans are realistic and peace loving people and not that they cannot fight the present regime but are only giving THIS BARBARIC REGIME enough rope to hang THEMSELVES NOT that Zimbabweans are STUPID. They know that Mugabe and his Hogwarts never fought a patriotic warfront, never loved Zimbabwe from the heart but wrestled power that came from usurping from true revolutionaries like Chitepo Tongo Nkomo and other true patriots who selflessly sacrificed their lives not these opportunistic, barbaric, murderous hoodlums in ZANU.
    Zimbabweans know China and its intention A WOLF that comes in sheep skin. Devils appearing as angels of light. Look at the goods they sell to Africa look how colorful to catch the eye but useless at usage. ZHING ZHONG ZHONG ZHING RUBBISH AND when they bring their rubbish what do they get in return RAW MATERIAL RAW MINERALS RAW LABOUR. AND does Mugabe and Africa KNOW -YES they know that is why they get Mercedes Benzs from Germany why not the Chinese manufactured cars. Chinese are MILKING AFRICA MR CHRISTOPHER MUTSVANGWA you BUTT LEAKER. THERE IS NOTHING FAIR ABOUT DEALING WITH CHINA. CHINA IS A HYENA IN SHEEP SKIN. The raw minerals they get purporting to be only gold is not true.There are other minerals of value within the gold ore stupid Mutsvanga and China is benefiting vastly in return for stupid buildings, stupid roads- Masvingo to Harare WAKE UP FOOLS I think Mugabe and his hoodlums are pushing Zimbabweans far and all what Mugabe and his cohorts are doing is to push Zimbabwe and Zimbabweans into oblivion and to the doldrums.And let it be known that frustration will one day lead to the idea that enough is enough and I don’t see the current hogs sustaining the anger and effects of war.

    • comment-avatar
      Diego Zhaba 7 years ago

      @Maisokwazvo – I share the same frustration. I have also echoed the same issues to the effect that Chitepo and Tongo were more people oriented than these hijackers. And true they think they will continue to take us for a ride, never. They are busy lining up their pockets, building thier empires. We are sick and tired of these Chinese who are busy looting our country. Mugabe has completely lost it. Hapana chisingaperi.

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    Diego Zhaba 7 years ago

    You have failed through and through Mutsvangwa and your ZANU team. Why do you always want ot find fault and point fingers at those who sought to help you. You failed to manage your debts. Look at how some of the African countries that will soon see debt cancellation because they did not default on the debt mandate.

    You lost the plot and now you point fingers at IMF and the Wolrd Bank – that’s being irresponsible. Zimbabwe agreed to the debt terms and conditions and therefore should own up and dance the tune. All industries are closed serve for those you clandistinely run which never contribute any revenue to the fiscal and you expect IMF to just let you off. It’s time to self introspect and go back to the drawing board. There is no industry to talk about and so there is no export to bring the much needed forex. The land is lying idol and real productivity was last seen in the 90s.

    Even a layman in the street has better ideas on taking the country forward than this clueless govt and it’s leader. Take responsibility and face reality.

  • comment-avatar
    todii zvazvo 7 years ago

    From the comments,people have spoken!!kkk