Zim appeals to ADB on re-engagement with international finance institutions

via Zim appeals to ADB on re-engagement with international finance institutions – The Zimbabwean 23 February 2015

Finance Minister, Patrick Chinamasa, today made a passionate appeal to the African Development Bank (ADB) to mediate in Zimbabwe’s efforts to re-engage with multilateral finance institutions as well as clearing the country’s external debts.

Chinamasa, in his brief to journalists after meeting a team of ADB Directors who are in the country to familiarize themselves with the Zimbabwean situation, said efforts at economic recovery had been hampered by the failure by Zimbabwe to access credit from international finance institutions due to outstanding debts.

“I have emphasised to the ADB that they should play a leading role in securing clearance of our arrears accumulated with multi-lateral creditors such as the World Bank and the International Monetary Fund.

Because of their rules and regulations, we cannot access concessionary borrowing unless we clear our arrears. “We have appealed to the ADB to come up with mechanisms that would help us clear our arrears,” said Chinamasa.

Zimbabwe has an external debt of around $7 billion while it owes the ADB $566 million Chinamasa said that re-engagement with international finance institutions was critical for the Zimbabwean economy.

“We need to work very closely with multilateral and bilateral creditors. We need to re-engage with them so that we can get a breathing space. We have to accept the challenges that we are facing for us to be able to move forward,” said Chinamasa.

The ADB team is expected to tour farms that were re-distributed under Zimbabwe’s Land Reform Programme launched in 2002 as well as the city of Mutare where they will commission a reservoir built with their assistance.

The team is expected to pay a courtesy call on President Robert Mugabe on Friday.

In his remarks, the ADB team spokesperson, Alieu Momodou, said they would be providing assistance to the private sector to aid Zimbabwe’s economic recovery efforts.

This, he said, was notwithstanding the fact that the Zimbabwean government had not yet cleared its arrears with the ADB. Momodou confirmed they had discussed with Chinamasa on how Zimbabwe can re-engage with international finance institutions.

“We discussed with the Minister that being in arrears does not mean that we cannot give assistance to the private sector. Our assistance to the country is not only to the public sector or the government. We are also discussing with the government on how we can intensify their re-engagement with the international finance institutions,” said Momodou.

COMMENTS

WORDPRESS: 8
  • comment-avatar
    Biggie Chitoro 6 years ago

    ko what happened to the sanctions song you were parroting for the past 15 years?

  • comment-avatar
    Grabmore 6 years ago

    Chinamasa, in his brief to journalists ….“I have emphasised to the ADB that they should play a leading role in securing clearance of our arrears accumulated with multi-lateral creditors such as the World Bank and the International Monetary Fund.”

    Surely the Zimbabwean Government should play a leading role in securing clearance of our debts and not some ADB directors “who are in the country.”

    Did you also “emphasize” the US$566 million you already owe those ADB Directors????

    Even Grade 7 pupils know that money lenders always ask one question before they hand over their money…….. Can I trust these borrowers?

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    Kevin 6 years ago

    All lenders have one prime requirement, and that is to be repaid the money that they have lent out. Chinamasa can ask whoever he likes to intercede on Zimbabwe’s behalf and the answer will be no until Zimbabwe pays up what it owes. Another requirement of lenders is to be repaid on time. So when Mugabe stole the farms he was actually stealing Zimbabwe’s future as no serious investor or lender wants to be seen anywhere near ZANU PF and its coterie of thieves.

  • comment-avatar
    mambo 6 years ago

    Boo-hoo-hoo! Grow up Patrick! You are one of those who created the situation we’re in, so get on with it.

  • comment-avatar
    Nyoni 6 years ago

    It sounds he is passing the baton to someone else to fix their problems. What hyenas these ZanuPF are.

  • comment-avatar
    ronny Ro 6 years ago

    Give us more money to feed our corruption, and no we don’t want to pay anything back to you. That is not the Zanu way!. By the way, we will take 51% any business investment you make in our country. Mind boggles at the arrogance.

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    Tiger Shona 6 years ago

    This same toxic Chinamassa was part of the team that condoned the killing of white farmers that had bought their land with government permission.
    The same guy is in the team that contrary to the original agreements, are now forcing foreign companies to cede 51% of their shareholding to local people.
    Chinamassa, if you really want to do something for Zimbabwe, resign.

  • comment-avatar

    Just unbelievable. Where is the diamond money ion bloody thief.