‘Zim should ask for debt forgiveness’

PRESIDENT Robert Mugabe’s new administration has been urged to beg for debt forgiveness from the West as the country seeks to stimulate growth in the coming 12 months.

Njabulo Ncube in Victoria Falls

Zimbabwe’s external debt is estimated at over $10 billion.

Finance minister Patrick Chinamasa came back empty-handed after meetings with officials from the World Bank and International Monetary Fund (IMF) last month.

Chinamasa told Members of Parliament attending the pre-budget summit that he had productive engagements last month with the two Bretton Woods institutions over rescheduling of Zimbabwe’s debt, but was told that there was no way the West would cancel the country’s long outstanding arrears.

But, Gift Chimanikire, theMDC-T legislator and former Deputy Mines minister said Zimbabwe should swallow its pride and beg the West to cancel the arrears.

“We should ask for debt forgiveness. It has happened elsewhere, why not Zimbabwe?”  Chimanikire said, much to the delight of the more than 300 legislators from Zanu and the two MDC formations.

He added: “But this needs diplomacy.”

Chinamasa chipped in, saying he would continue engaging the West, particularly the Bretton Woods institution as the country seeks to deal with its foreign debts.

He disclosed that an IMF team would be in Harare tomorrow.

“I am encouraged by the engagement although they told me Zimbabwe does not qualify for debt forgiveness. Zimbabwe has no capacity to pay its foreign debts, but we will continue engaging,” he said.

The pre-budget conference ended yesterday.

24 Comments

  1. why do we want the west when we are looking east is there no money in the east? so when it comes to monetary issues there is no sovereignty. let them keep their money and we keep our zimbabwe. where is that tough talk now that the country is reduced to baggers ,with or without sovereignty lets swallow our pride and do the noble thing that saves us all.

  2. green economist

    every country that has a deficit in its accounts needs the world bank or IMF. China and the BRICS nations have only set up a bank to rival world bank but its pledges so we need those guys.

    apo pekuti beg lol if it was an MDC t get maybe they would get relief but a zanu one hameno. maybe if they strike a deal to give US stake in diamonds or something. the breton woods system is centered around USA so the IMF and world bank will not go against Washington since their head offices are both there.

    we need to normalise relations with the USA.

    1. Hokoyo nenhamo. VaRugare Gumbo vakati vachibvudzwa neimwe nhepfenyuro, zvikanzi saka mari muchaiwanepi hurumende zvaisina mari zvikannzi tinoiwana handiti tisu tavakutonga.Mari iripo minda vakatora ikozvino vakupinda neblack empowerment usaderere vakapenga. MaCivil servants tichavapa mari iripo, ngaibude tione.

  3. Democracy +Good Governance + Upholding Human Rights + Holding Free Fair & Credible Elections = Debt Forgiveness.
    (QED)

    1. You got it all wrong: according to the West

      Zimbabwe – Mugabe – ZanuPF = Debt Forgiveness
      Quod Erat Demonstrandum!!!!

      1. Hahahahahahahaha I like this. You guys are good at making other people’s days. Ooooooow.

  4. iko kunzi munhu kutaura newamwe mune zvakanaka nharo hadziwaki musha.

  5. what u gather is what u eat !!!!! i do agree with the former finance minister TENDAI BITI . I BELIEVE HE PERFORMED EXCEPTIONALLY WELL ON HIS STAY ON THAT HOT SIT. ZANU PF always blamed him saying kinds of nonsence , biti refused this, refused that, let us wait and see if they can fullfill their election manifesto. civil servants are aready complaining over empty promises made. HAMENO !!! ZIMBABWE IS LIKE A SHIP WITHOUT A CAPTAIN THAT IS SLOWLY SINKING BT ZANU PF IS PRETANTING LIKE EVERYTHING IS OKAY.

  6. Mugabe keep your Zimbabwe, and the west will keep its money.

  7. Chembere yekwaChivi

    war veterans should now now estamblish camp at finance minister Chinamasa’s offices and threaten the minister with death just as they did with Biti accusing the mdc secretary general for his failure to review their pensions.

  8. This gvt never seizes to amaze me, you want the west to go to hell, u want the west’s help at the same time?

  9. zimbabweans could fool me

    majaira kuita ma receipients a donated food,money, etc indeed some of you had donated education!

    look at your most one sided non thought through noises

  10. Despite the useless anti-West rhetoric from ZanuPF they are unable to sever the umbilical cord that attaches Zimbabwe’s economy to the West – the illegitimate ZanuPF government still needs to go to the West on their knees and beg for debt relief! Zanupf should not be given debt relief until they pay compensation for the farms they stole from farmers from the year 2000. The West has the upper hand. No debt relief until those in ZanuPF who occupy stolen farms have paid compensation to the farmers and stop stealing elections. There should have been a “willing-buyer willing-seller” system for farm acquisitions.
    It’s no very wise to rail against someone who lends you money. Mugabe was playing to the gallery at the UN summit a few weeks ago, railing against the West, but his government has to eat humble pie and beg debt relief from the powerful West. Economics illiterate fools. They behave like naughty, small tearaways these ZanuPF politicians.

  11. Zim circus, good performers.

  12. The IMF and WORLD BANK are not western institutions. They belong to all nations, including Zimbabwe, who are shareholders. They are simple Western dominated institutions financed by Chinese and Arab money. Once we beg they will make unacceptable policy revision demands. What we need now is a command economy, this neoliberal economics doesn’t work.

  13. @farai,command economy yeiko. chii chamunotiudza. hw mun governments with the same commander asi hapana chakabuda.

  14. one will be forgiven to think these comments are not by natives of this country.
    Gift Chimanikire, the MDC-T legislator is the one ataura izvi.
    attitude yekuita kunge the economy is like a soccer match between rival teams is very misguided.
    todakuona kuti ZANU ichaita sei neeconomy…..pliz!!!!!!
    if ZANU fails that includes me and you as natives of this country

  15. @Sekuru Musona, so you want compensation for farms? The ones you got through conquest? Well how far should we go with this compensation thing? I doubt your kith have the resources to settle our counter claims for colonialism so please chill, least you attract undue attention. Land expropriation did not start in 2000, life has a way gravitating towards a state of justice and equilibrium. If yesterday you relied on your military might, we fixed that. If yesterday you depended on your laws, we fixed that too. Now you have a choice live within our laws or leave and live without us.

    1. So why do you need their money Farai? Its people like you who make Mugabe feel as if he is doing good things when he is destroying the country. Do we eat sovereignty? Does sovereignty give us the jobs we desperately need? I think life under Smith was much better than life under Mugabe. I saw both lives and I enjoyed greatly under Smith but Mugabe has reduced me to a pauper. I had never thought that one day I was going to leave my beautiful country for another country. But ALAS where am I today. Far away from home simply because of Mugabe. Sanctions must be increased to paralyse that government.

  16. Some of my comments are being automatically rejected by this website’s censorship software. The stuff that I write is all true as seen by the eyes of someone who is not tethered to any political party and has followed events for decades before Zapu was formed and later when some broke away from Zapu to form Zanu. I know what was said and by whom. I am there to expose the lies that people are being force fed by these shysters in their captive press. People need to be told the truth, not to be censored. If the software censors some of what we write how can we explain fully to doubters and the young some of the issues? These comments columns should “no holds-barred” otherwise they is no point in having readers’ comments. If, for example, Mugabe scolds Tsvangirai about his education then, we as readers, should tell Mugabe what we think of his own useless education. We cannot let him get away with lies.

  17. @Sekuru Musona, you tend to fabricate and get confused about historical facts. You claim there was no willing seller, willing buyer policy. From 1980 to 2000 that’s the policy that prevailed. It all changed when the West reneged on it’s promise to fund the buyer. The buyer then enacted legislation to acquire the land legally. You call that stealing, another fabrication. You claim that Rhodesia was a million times better than Zimbabwe is yet another fabrication. It might very well have been for whites but for the majority of blacks, they just did not participate in the economy either as players or as spectators. That is an indisputable fact.

  18. In 1979,I qoute Mr Ian Douglas Smith “let the blacks come to power and economics will teach them”.I guess he meant Zimbabwe African National Union Patriotic Front.

  19. Pity my comments have been rejected by the website’s censorship software.

  20. @exile, there is a general misconception that World Bank and IMF money is western money. That’s not true. This is international money mainly petrol dollars and Chinese money. Rules of its access are carefully manipulated by America to follow its political interests. If America, which owes the world trillions, is able to borrow fresh money to cover it’s arrears. Why not Zimbabwe? If Egypt which under a military installed dictatorship is able to access it, why not democratic Zimbabwe? Anyone who thinks America has the capacity to repay this debt lives in a hallucinatory bubble. It will grow until America’s debtors decide to pull the plug. We are neither the worst democracy nor the most unstable economy, we just happen to be one of the most dangerous ideologies confronting the world order as defined and dominated by the Americans and for that we are paying dearly with our lives. America needs debt forgiveness more than we do and in the fullness of time, they will demand and get it. They control the rules, for now.

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