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Chinamasa Appeals for IMF Funding to Boost Zim Economy

Finance Minister Patrick Chinamasa says Zimbabwe needs money to boost the economy in order to pay debts (Photo/Irwin Chifera)
Finance and Economic Planning Minister, Patrick Chinamasa, tells parliament he will ask the International Monetary Fund and other international financial institutions to provide new money to Zimbabwe so that the country can clear its external debt and move forward.

Answering questions from members of the National Assembly, Mr. Chinamasa who is currently in a meeting with an IMF delegation which arrived in the country yesterday, said Zimbabwe has no capacity to repay its debt as its economy is not recording any significant growth.

The IMF delegation is in the country under its Staff Monitored Programme meant to assess the country growth and seek ways to clear Harare’s arrears and external debt of more than $10 billion.

Mr. Chinamasa told lawmakers that Zimbabwe has failed to meet some of the benchmarks set by the IMF such as amending mining laws to ensure transparency in the marketing of the country’s minerals.

He said Zimbabwe must restore international confidence in the economy, adding that this could only be achieved if Zimbabweans stopped bad-mouthing their country abroad.

But he explains that government must also develop a culture of paying its debts.
Chinamasa said the government wants to engage many nations regardless of political differences between Zimbabwe and western countries.

He said it’s surprising some Zimbabweans insist there are no sanctions when countries that imposed them admit their existence and have told him reasons why they won’t remove the measures.

Meanwhile, Mr. Chinamasa further told the lawmakers that provincial councils would start operations once the institutional framework and secretariats have been put in place.