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‘Negative perception stifles economic development’

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ZIMBABWE needs to regain the confidence of its international partners and the global business community in order to revive its economy

ZIMBABWE needs to regain the confidence of its international partners and the global business community in order to revive its economy, France’s Ambassador to Zimbabwe, Laurent Delahousse has said.

CHIEF REPORTER

Addressing delegates at the Bastille Day commemorations in Harare on Monday, Delahousse said Zimbabwe needed to correct the negative perception and alleviate the so-called “country risk” as this was stifling the development of the economy.

Bastille Day refers to the French National Day celebrated every year to mark the breaking of the French prison on July 14 1789, igniting the French Revolution.

Delahousse said he hoped the effort by the Zimbabwean government toward re-engagement would yield positive results and improve the fortunes of the country.

“Let me express my hope that minister Chinamasa [Patrick — Finance Minister] and his colleagues in government will succeed in re-engaging with the donor community and the private sector,” he said.

Zimbabwe has been under international isolation for more than a decade after the West imposed sanctions accusing President Robert Mugabe’s government of gross human rights abuses following a violent land reform exercise in 2000. Elections in the past also used to be marred by violence.

Restrictive measures, which have now been largely relaxed, saw the European Union suspending direct financial assistance to the government with aid largely channelled through non-government organisations and other developmental organisations.

Delahousse said the 28-member bloc would soon interact directly with the government starting from November 1, “provided everything goes well” and resume channelling financial aid direct to the government.

“The European Union has decided to answer this call for engagement: on November 1st this year, provided everything goes well, the EU will resume its direct co-operation with the Government of Zimbabwe, and the European Development Fund will start assisting in the implementation of ZimAsset,” Delahousse said.

Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) is an economic blueprint by the ruling Zanu PF which seeks to address the many challenges facing the country including the current economic stagnation.

Delahousse said foremost, among necessary drivers for Zimbabwe, was the confidence of all Zimbabweans themselves in their country, economy and common destiny.

“The confidence that is necessary for local companies and farmers to invest, for banks to lend them money, for Zimbabweans with financial means to provide liquidities and invest in their country and for all those inventive entrepreneurs of the informal sector to bring their contribution to the formal economy and the financing of the nation’s needs through the National Budget.”