Zimbabwe looks beyond East

via Zimbabwe looks beyond East September 24, 2014

ZIMBABWE should look everywhere to grow the economy, Finance minister Patrick Chinamasa said yesterday, an admission that the “Look East” policy had not yielded the desired results.

Zimbabwe adopted the Look East policy in 2003 after being slapped with economic sanctions by the West over alleged human rights violations.

Speaking at the Zimbabwe-International Monetary Fund (IMF) relations breakfast meeting in the capital yesterday, Chinamasa said no matter how difficult the situation was, Zimbabwe had tried to re-engage international financiers to gain access to international markets.

“In the interest of the country, we should look everywhere in order to move forward and that means we should look to the East, to the West, to the North and to the South. There should be no area we say we are not looking at to exploit opportunities for our country,” he said.

“As we all know, we are a small market so anyone who is serious about growing this country must look to the export market and that means looking everywhere.”

Despite looking East, particularly China, Zimbabwe has not reaped tangible benefits to turn around the fortunes of the economy despite Beijing landing big deals.

Last month, President Robert Mugabe was in China and got commitment from Beijing that it would fund viable and bankable projects in infrastructure.

Beijing has become a darling for African capitals due to its neutral governance approach.

Chinamasa said Zimbabwe had no access to European capital as it owes the European Investment Bank $350 million.

“No matter how difficult it is as far as government has done, we have defined that it is in our interest to engage the IMF and we are doing so and we want your support. We say it’s important; unless we do so we have no access to capital markets,” he said.

Chinamasa said the decision by the IMF that Zimbabwe was not eligible for the Heavily-Indebted Poor Countries programme meant that the country had the potential to turn around its economic fortunes and “only requires of us to exploit that potential”.

“We have the capacity to put our house in order and we are not a basket case, for the reasons that we all know, what basically we need to do is to correct things. Let’s have a correct analytical picture of our economy and our challenges,” he said.

COMMENTS

WORDPRESS: 17
  • comment-avatar

    yes Patrick. There is a whole world and 14 million Zimbo’s waiting to rebuild this nation but you and ZPF will not let us. What will your boss be spewing at the UN I wonder!

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      Chanisa 7 years ago

      Well NBS, the toady psychobabbler has balanced himself between vilification of the imperialists and begging them to allow him to travel to their countries outside of the UN campus.

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    senzachena 7 years ago

    I will never understand how we have run up billions of $ of debt through sheer incompetance and corruption. We then demnd that the debt be written off. Thereafter if by some fluke we manage to get the debt written off, we then go with our begging bowl to get into more debt!! If by some miracle somebody is stupid enough to lend us more money, most of this money will dissapear once again in crooked and corrupt deals. We will then go back to the lenders and ask for our debt to be written off!! No wonder everybody tells us to P off. Unbelievble

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    mumvana 7 years ago

    This is very reasonably put,Comrade Minister. Now can you inform your gullible supporters that it was Not sanctions that caused the economy to go into free fall ,but your government’s inability to service its debts with the Western countries compounded by your lack of diplomacy and sheer economic ignorance?After that, then we can find common ground on which to get more funding. Healing first ,money later!!

  • comment-avatar
    Doris 7 years ago

    Soon they will be looking so Far East that they will eventually disappear up their own a…holes!

  • comment-avatar
    tapiwa 7 years ago

    Why look so far first look at home and remove all the mess so that when you start to look in whatever direction you can see zvakanaka newe uchionekwawo apportioning blame

  • comment-avatar
    Jono Austin 7 years ago

    Hang on, you can’t look to the West because of ‘illegal sanctions’ placed upon Zimbabwe. So that direction is pointless, isn’t it Patrick??

  • comment-avatar
    Jono Austin 7 years ago

    Didn’t Robert the thug/murderer/thief tell the West to go hang? Better check with your boss, Patrick

  • comment-avatar
    John Thomas 7 years ago

    ZANU is not capable of ruling Zimbabwe.

  • comment-avatar
    Mlimo 7 years ago

    Patric china master no more? Do you know what youtube looks like? Go and preview all your masta,s comments about the West and the filthy whites and the UN and the USA and UK. Then appreciate why looking east west north or south is not going help you. Take your fat ugly face and go to massa Mugabe and tell him to retire and hold free and fair election supervised by the filthy west. After that you may see a new government after which Zim will come right.

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    JRR56 7 years ago

    The country had the potential to turn around its economic fortunes and “only requires of us to exploit that potential”.
    Unfortunately being unable to organise a piss-up in a brewery is the only thing this lot are capable of!!

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    Chanisa 7 years ago

    Mugabe ibenzi rakatiza nebhora. The potential of the players that Chinamasa speaks of can no longer be realized. So sad that the more these imbeciles try to fix anything the worse it gets. That’s imbeciles for you.

    • comment-avatar

      Why can they not look to their own people? Stop stealing. Cut the Cabinet by half. Most of the portfolios could be joined with another to achieve this. Get rid of the second Vice President.In other words reduce Government spending on useless portfolios. Below is the list of the portfolios that are draining the country’s coffers.

      President

      Vice President

      Vice President

      Minister of Public Service

      Minister of Women’s Affairs, Gender and Community Development

      Minister of Defence

      Minister of Youth Development, Indigenisation and Empowerment

      Minister of Science and Technology Development

      Minister of Economic Planning and Investment Promotion

      Minister of Higher and Tertiary Education

      Minister of Industry and Commerce

      Minister of Regional Integration and International Cooperation

      Minister of Home Affairs

      Minister of Finance

      Minister of Health and Child Welfare

      Minister of Local Government and Urban Development

      Minister of Justice and Legal Affairs

      Minister of Agriculture

      Minister of Education, Sport and Culture

      Minister of Environment

      Minister of Tourism

      Minister of Constitutional and Parliamentary Affairs

      Minister of State Enterprise and Parastatals

      Minister of Information and Communications Technology

      Minister of Public Works

      Minister of Labour and Social Welfare

      Ministry of Transport, Communication and Infrastructural Development

      Minister of Mines and Mining Development

      Minister of National Housing and Social Amenities

      Minister of Energy and Power Development

      Minister of Foreign Affairs

      Minister of Media, Information and Publicity

      Minister of Water Resources and Development

      Minister of Lands and Land Resettlement

      Provincial Governor of Mashonaland East

      Provincial Governor of Mashonaland West

      Provincial Governor of Mashonaland Central

      Provincial Governor of Masvingo

      Provincial Governor of Matabeleland North

      Provincial Governor of Matabeleland South

      Provincial Governor of Manicaland

      Provincial Governor of Midlands

      Provincial Governor of Harare

      Provincial Governor of Bulawayo

  • comment-avatar
    mumvana 7 years ago

    Dear, dear!

  • comment-avatar
    Chanisa 7 years ago

    This government has no economic drive. It’s about patronage and retaining relative power against compatriots.