Zimbabwe looks beyond East

ZIMBABWE should look everywhere to grow the economy, Finance minister Patrick Chinamasa said yesterday, an admission that the “Look East” policy had not yielded the desired results.

TARISAI MANDIZHA
BUSINESS REPORTER

Zimbabwe adopted the Look East policy in 2003 after being slapped with economic sanctions by the West over alleged human rights violations.

Speaking at the Zimbabwe-International Monetary Fund (IMF) relations breakfast meeting in the capital yesterday, Chinamasa said no matter how difficult the situation was, Zimbabwe had tried to re-engage international financiers to gain access to international markets.

“In the interest of the country, we should look everywhere in order to move forward and that means we should look to the East, to the West, to the North and to the South. There should be no area we say we are not looking at to exploit opportunities for our country,” he said.

“As we all know, we are a small market so anyone who is serious about growing this country must look to the export market and that means looking everywhere.”

Despite looking East, particularly China, Zimbabwe has not reaped tangible benefits to turn around the fortunes of the economy despite Beijing landing big deals.

Last month, President Robert Mugabe was in China and got commitment from Beijing that it would fund viable and bankable projects in infrastructure.

Beijing has become a darling for African capitals due to its neutral governance approach.

Chinamasa said Zimbabwe had no access to European capital as it owes the European Investment Bank $350 million.

“No matter how difficult it is as far as government has done, we have defined that it is in our interest to engage the IMF and we are doing so and we want your support. We say it’s important; unless we do so we have no access to capital markets,” he said.

Chinamasa said the decision by the IMF that Zimbabwe was not eligible for the Heavily-Indebted Poor Countries programme meant that the country had the potential to turn around its economic fortunes and “only requires of us to exploit that potential”.

“We have the capacity to put our house in order and we are not a basket case, for the reasons that we all know, what basically we need to do is to correct things. Let’s have a correct analytical picture of our economy and our challenges,” he said.

25 Comments

  1. do i hear the voice of sanity

  2. Yes minister lets go out quickly and correct THINGS because we were so wrong in our thinking and policies especially zimasset. Please dont waste time.

  3. Try far far far far away

  4. “One Sunday when all the animals were assembled to receive their orders,Napoleon announced that he had decided upon a new policy.From now onwards Animal Farm would engage in trade with neigbouring farms…The needs of the windmill must override everything else” he said.

  5. Isu vaoni vezvekure takataura wani vaChinamasa kuti hamusvike 2017. Listen to the voice of wisdom nomatter how little it may sound. what matters is the volume of its meaning not the quantum of its decibels. a wiser person would re-engage all concerned stakeholders including the majority of Zim populace that you duped. Apologise to them and let them support you in numbers so this monster can be taken away. without the backing of the mass, the likely scenario is they will perpetually be your enemy no.1 not these sanctions you talking about. its your own people who are grumbling who make your life miserable and your nights sleepless ‘Dr’ Cde CHINA MAS A!

  6. the chinese do not help anyone but themselves they are also looking for money for themselves because despite they big economy their people are still suffering, the russians are better, we must re-engage the west and talk good business they will come back

  7. “One Sunday morning ,when te animals assembled to receive their orders,Napoleon announced that he had decided upon a new policy.From now onwards Animal Farm would engage in trade with neighbouring farms:..3he needs of the windmill must override everthing else,”he said.

  8. Nehumbavha moita hushoma otherwise kupedza nguva mahara

  9. Even if they look north, south or west the world lost trust in them. Chinamasa should tell the President that his hate speech against the West should be stopped. Farm invasions should stop.

  10. Chinamasa for President.

  11. “One Sunday morning ,when the animals assembled to receive their orders,Napoleon announced that he had decided uopn a new policy.From now onwards Animal Farm would engage in trade with the neighbouring farms:.. The needs of the windmill must override everything else.” he said.

  12. try just resigning, you and your whole cabinet and see the great benefits we will reap, fools

  13. Zanupf are confused cockroaches

  14. gono mutekwatekwa

    Chinamasa usatenderera tenderera ,taura chokwadi kana uchiti house in order what do you mean?waamunhu mukuru.kungoti kana mai vakaita muroyi hapana cheungaita

  15. the only thing we can do to attain confidence from lenders is to have a new government which is not power hungry but objective & respects the will of the people. Mugabe has ruled for too long zvekuti magenerations 2 aifanirwa kunge akaita takeover kare akatofa.Be human Mugabe & give others a chance. u did ur part pliz

  16. my friend’s mom makes $88 /hr on the internet . She has been without work for nine months but last month her payment was $12290 just working on the internet for a few hours.
    browse around this site,.,,,,, paygazette.cᵒm

    1. wadii waita izvozvo iwewe..kana kuendesa hama dzako nxa

  17. kana mukasiya huwori zvinhu zvinoita .chinoshamisa ngechekuti makaendesa 100 people kuUN summit for what purpose .kunodya mari chete chinamasa pliz be serious tatambura

  18. l feel sorry for chinamasa

    1. I wonder how he is able to sleep with the mamoth task he has ahead of him. Not knowing his history I hope he is not one of the Politicians who care more about himself than the wellbeing of their people. God has blessed your country with so much wealth yet greed and a love of power has made your people worst off all round than some Caribbean countries whose GDP is based on Tourism. Some persons need to leave office so for the good of ZIMBABWE

  19. Was it not Mugabe who said “We will go it alone”
    Who gave instructions to kill white farmers?
    Who said whites must all be chased off land in Zimbabwe?
    Who told the West on numerous ocasions to keep their dirty money?
    Who said investment will only be done on Zanu PF conditions?
    Who passed this indiginisation law??

    And we are hoping to get investors? ?

    These Zanu PF People are truly incapable of lifting up zimbabwe.
    They need to be removed from their positions.

  20. Deal with corruption and do the right things…pa cabinet apo reduce it. Do we seriously need a minister in psychomotor bla bla bla…

  21. Chinamasa is jus playing tricks w us. Kutiita mapenzi ake. If he is serious he should first advice vakuru vake to zip up his mouth coz junk inobudamo won’t help us achieve zvaari kuda. Plus retiring of each and every 1 of them best solution tingawana fresh ideas

  22. madzibaba Rasta vedudziro

    vachinamasa Geography makaita kusvika which standard? the world is spherical mhani. if we look beyond the East we will be looking at the west. apa Robber G. Mugabe arikuti don’t look west. Nxaaa these ministers are here to confuse us

  23. We should just put our house in order then everything else shall follow. We cannot keep own grabbing land that we failed to utilise. Our leadership does not give hope to investors because they keep own changing goal posts. Even myself as a Zimbabwean I will never put my small amount of cash in any home account never. I lost before and I can’t afford to lose again.

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