Business / Economy
No fresh money for Zimbabwe
19 Oct 2013 at 05:01hrs | Views
Zimbabwe will not receive any money from multilateral institutions until it completes the staff monitored programme proposed by the International Monetary Fund, Finance and Economic Development Minister Patrick Chinamasa has said.
Minister Chinamasa was in Washington DC last week for the annual International Monetary Fund and World Bank Spring Meetings.
"We still owe them money, and because of that they have put us under the staff monitored programme and they will not be giving us fresh money or new concessionary loans until we complete that programme.
"I held a number of meetings with the International Monetary Fund, World Bank, the African Development Bank, African Export Import Bank, International Finance Corporation in Washington where I emphasised that the one size fits all solution has left Zimbabwe at a standstill position.
"I told them that unless they give us new money there will be no growth and no capacity to pay them.
"We need new investments in the country to boost our economy and capacity to pay them," he said.
He said that he had asked them to come up with innovative ways to assist the economy, which they agreed to but did not make any promises.
The Bretton Woods institutions are hamstrung by the US sanctions law, ZTDERA from extending lines of credit to Zimbabwe.
Cde Chinamasa said consultations for the 2014 National Budget were now in progress.
He said Government was prioritising the energy and water sectors which were necessary for attract investment.
Meanwhile, Cde Chinamasa yesterday received three mobile container scanners worth US$10,5 million that were donated to the Zimbabwe Revenue Authority by the Chinese Government.
The mobile scanners were handed over by the Chinese Ambassador to Zimbabwe Mr Lin Lin at a ceremony held at the Manica Freight container depot in Lochinvar, Harare.
Cde Chinamasa hailed the Chinese Government for its continued support to Zimbabwe saying that this latest donation will further strengthen the trust and mutual co-operation that exists between the two countries.
"The use of these scanners and specially trained dogs will enhance Zimra's fight against smuggling of goods and other harmful substances," he said.
Zimra commissioner general Mr Gershom Pasi said the scanners would be deployed at all container docks in Zimbabwe to expedite customs clearance.
"This container scanning or non-intrusive inspection equipment will increase the number of consignments that receive customs attention without causing any delay, he said.
He added that the equipment will be critical in ensuring that the inspection of high risk containers or cargo is done expeditiously without disrupting the flow of legitimate trade
Minister Chinamasa was in Washington DC last week for the annual International Monetary Fund and World Bank Spring Meetings.
"We still owe them money, and because of that they have put us under the staff monitored programme and they will not be giving us fresh money or new concessionary loans until we complete that programme.
"I held a number of meetings with the International Monetary Fund, World Bank, the African Development Bank, African Export Import Bank, International Finance Corporation in Washington where I emphasised that the one size fits all solution has left Zimbabwe at a standstill position.
"I told them that unless they give us new money there will be no growth and no capacity to pay them.
"We need new investments in the country to boost our economy and capacity to pay them," he said.
He said that he had asked them to come up with innovative ways to assist the economy, which they agreed to but did not make any promises.
The Bretton Woods institutions are hamstrung by the US sanctions law, ZTDERA from extending lines of credit to Zimbabwe.
Cde Chinamasa said consultations for the 2014 National Budget were now in progress.
He said Government was prioritising the energy and water sectors which were necessary for attract investment.
Meanwhile, Cde Chinamasa yesterday received three mobile container scanners worth US$10,5 million that were donated to the Zimbabwe Revenue Authority by the Chinese Government.
The mobile scanners were handed over by the Chinese Ambassador to Zimbabwe Mr Lin Lin at a ceremony held at the Manica Freight container depot in Lochinvar, Harare.
Cde Chinamasa hailed the Chinese Government for its continued support to Zimbabwe saying that this latest donation will further strengthen the trust and mutual co-operation that exists between the two countries.
"The use of these scanners and specially trained dogs will enhance Zimra's fight against smuggling of goods and other harmful substances," he said.
Zimra commissioner general Mr Gershom Pasi said the scanners would be deployed at all container docks in Zimbabwe to expedite customs clearance.
"This container scanning or non-intrusive inspection equipment will increase the number of consignments that receive customs attention without causing any delay, he said.
He added that the equipment will be critical in ensuring that the inspection of high risk containers or cargo is done expeditiously without disrupting the flow of legitimate trade
Source - Herald
