Zimbabwe on the spotlight in London today

Zimbabwe will be on the spotlight in London today at a function entitled: Zimbabwe 2016- Rebooting and Rebuilding, which has been organised by Africa-Confidential, a fortnightly publication that has been on the market since 1960.

Key speakers are expected to include Finance Minister Patrick Chinamasa and Reserve Bank of Zimbabwe Bank governor, John Mangudya.

Chinamasa has already been to Paris to try to raise funds for the cash-strapped country, which is struggling to pay its civil servants, and is currently in London where Zimbabweans yesterday protested that President Robert Mugabe should not be bailed out.

In its rationale for hosting the one-day meeting, Africa- Confidential says this year marks a turning point for Zimbabwe’s economy and its people. 

“The country is on the brink of finalising an historic deal which will end a decade and half of sanctions and unlock substantial new funds for economic growth and development. At the heart of this are the negotiations between the Zimbabwe government and the IMF and World Bank launched last year at an international summit in Peru.

“The arrangements, in which the African Development Bank (AfDB) will play a leading role, are designed to clear Zimbabwe’s $1.8 billion arrears to international financial institutions and enable the country to raise new funding for important development projects.

“The target date for completion of the agreement is June and will involve some African states, notably Algeria, offering to lend Zimbabwe money to repay its arrears. Beyond the key officials in Zimbabwe and in the International Financial Institutions, this financial initiative has won broad international backing from the African Union, China, Japan and the European Union.”

The newsletter, which is also based in London, goes on: “However, there is some complex detail still to be agreed between the parties involved: some of its concerns the structure and management of the agreement, and some of it is about future policy and spending priorities.

“Furthermore, the conclusion of the negotiations should trigger the wider return of Zimbabwe to play a full role on the international scene with European countries set to end all forms of sanctions on the Harare government. That process will be more complex still, given the number and range of parties involved. Equally there has been substantive progress in the discussions so far.

“On the need for a sea-change in Zimbabwe’s relations with the international system, Finance Minister Patrick Chinamasa and the International Financial Institutions agree: officials talk of the urgent need to move on.

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