Zimbabwe has been losing billions of dollars annually due to sanctions which have been put in place by Western nations to the African country, Foreign Affairs and International Trade Minister, Sibusiso Moyo told the parliament yesterday.
The Retired General said Zimbabwe lost commercial loans worth US$18 billion, which could have developed the private sector and other areas due to sanctions and as a result a GDP (Gross Domestic Product) reduction of over US$12 billion.
“It is estimated, for those who have done the studies, that Zimbabwe has lost an estimated $42 billion in revenue because of sanctions, which is very difficult economically because it has stifled over the past two decades,” Moyo said (sic).
“The country lost bilateral donor support estimated at about $4.5 billion annually since 2001 and US$ 12 billion in the IMF (International Monetary Fund), World Bank (WB) and African Development Bank (AfDB) which could have developed infrastructure in this country.”
The Foreign Affairs Minister also said sanctions were being called targeted at individuals and yet affecting all Zimbabweans.
Restrictions to Zimbabwe have also resulted in investors shunning away from the country according to the Minister.
“Zimbabwe has long faced and continues to deal with illegal sanctions imposed by some Western countries,” Moyo said.
“Sadly, these sanctions have adversely affected the most vulnerable groups in the population.”
Western countries have been demanding Zimbabwe to re-align with the its constitution for sanctions to be erased.
“We are making reforms, political reforms and legislative reforms, it takes time and it has to follow processes of the law and we are doing that for the benefit of our people, but, of course, some countries will then say ‘until POSA (Public Order and Security Act) until AIPPA (Access to Information and Protection of Privacy Act) is repealed but that should not be the focus,” Moyo said.
“We are seeking to normalise relations.”
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