Zimbabwe has asked for financial support from the West for the first time in a decade at a meeting of Western diplomats and international lenders.
Western nations, who accuse President Robert Mugabe’s government of election rigging and human rights abuses, have restricted funding to charities since 2002.
But Zimbabwean government officials met Western ambassadors and representatives from the International Monetary Fund, World Bank and African Development Bank (AfDB) today in Harare to discuss direct budgetary support.
“As we go forward and as we successfully build trust among ourselves, we can in future channel development assistance through the vote of credit (budget) so that we are able to plan more effectively and more efficiently,” Finance Minister Patrick Chinamasa told the gathering which included diplomats from the United States and the European Union.
Donors, who fund health, agriculture and governance projects through U.N. agencies, have pledged $468 million to Zimbabwe this year, down from $737 million in 2014.
The EU this year gave Zimbabwe €234 million after lifting sanctions in November, the first time the bloc has given cash to Mugabe’s government since imposing sanctions in 2002.
Zimbabwe is one of a few developing countries that funds its budget entirely from taxes because it does not qualify for international credit due to a foreign debt of $9 billion.- The Source
(218 VIEWS)
This post was last modified on May 6, 2015 5:33 pm
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…