'Sanctions alone not the cause of Zimbabwe economic woes'

'Sanctions alone not the cause of Zimbabwe economic woes'
Published: 15 June 2019 (81 Views)
Zimbabwe Coalition on Debt and Development executive director Janet Zhou has said while Western sanctions imposed on the country were negatively affecting the economy, it was trite to note that gross mismanagement of public funds by the Zanu-PF government was largely to blame for the current economic mess.

Zhou said this at a Zimbabwe Council of Churches dialogue on the economy in Harare on Thursday. "I would also like to go beyond the mantra of sanctions being used for regime change and being the major cause of our economic problems," she said, adding that mismanagement of funds and corruption, among other things, were responsible for the current economic mess.

"I believe that we have not done enough in terms of our own domestic resource mobilisation because Zimbabwe is endowed with many natural resources, but we have not done much because of mismanagement of funds," she said.

Nelson Mupunga, the deputy director of the international economic research department at the Reserve Bank of Zimbabwe, said failure to repay loans sourced from international monetary institutions also contributed to the economic collapse.

"Following the land reform, we have not been in a position to clear arrears to international monetary institutions. Because of the debt, we are also not in any position to access funds. Adding to that, Zimbabwe has also been falling neck-deep in the economic downfall due to low foreign investment as compared to other
African nations, and as a result, our economy has crumbled," he said.

- newsday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

High taxation threatens mining viability

by Dennis Shoko | 22 July 2019 | 1 Views

Talking Nkayi Development: 'No cry babies on their mothers' backs!'

by Nhlanhla Moses Ncube | 22 July 2019 | 1 Views

NPRC spells out Gukurahundi strategy

by Staff reportr | 22 July 2019 | 24 Views

ICT experts propose changes to Cyber Bill

by Stafff reporter | 22 July 2019 | 38 Views

'Rogue NGOs worry Mnangagwa's govt'

by Staff reporter | 22 July 2019 | 33 Views

'Masvingo solidly behind Mnangagwa'

by Staff reporter | 22 July 2019 | 29 Views

Manica strike late to denies Bosso maximum points

by Staff reporter | 22 July 2019 | 32 Views

Student loans re-introduced

by Staff reporter | 22 July 2019 | 35 Views

Corrupt passport officials warned

by Staff reporter | 22 July 2019 | 19 Views

'Beware of regime change agents'

by Staff reporter | 22 July 2019 | 32 Views

NRZ refurbishes 10 locomotives, 336 wagons

by Staff reporter | 22 July 2019 | 27 Views

'No fix to illegal forex trade'

by Staff reporter | 22 July 2019 | 35 Views

Zacc probes Lands Commission

by Staff reporter | 22 July 2019 | 33 Views

Zimbabwe: It is time to panic, a little

by Eddie Cross | 22 July 2019 | 38 Views

Govt shilly-shallying threatening Zimdollar sustainability

by Staff reporter | 22 July 2019 | 29 Views

Govt to break Bureau Veritas monopoly on imports inspection

by Staff reporter | 22 July 2019 | 34 Views

Ex-Zanu-PF MP's life in danger

by newzimbabwe | 22 July 2019 | 28 Views

Man jailed 15 years for raping granny (59)

by Staff reporter | 22 July 2019 | 27 Views

Chamisa's MDC raps Zec

by Staff reporter | 22 July 2019 | 19 Views

Zinara faces Parliament grilling over operations

by Staff reporter | 22 July 2019 | 20 Views

'Separate local government election from national elections'

by Staff reporter | 22 July 2019 | 19 Views

Jehovah's Witnesses in historic Gweru convention

by Staff reporter | 22 July 2019 | 19 Views

'BCC has no HIV viral load testing machines'

by Staff reporter | 22 July 2019 | 17 Views

'No freedom after expression in Africa'

by Staff reporter | 22 July 2019 | 24 Views

Graft watchdog challenges new Zacc commissioners

by Staff reporter | 22 July 2019 | 21 Views

Zimbabwe's social protection lack co-ordination, under-financed

by Staff reporter | 22 July 2019 | 21 Views

Trump focuses on Mnangagwa

by ZimLive | 22 July 2019 | 25 Views

Prophet Makandiwa mansion raises eyebrows

by Staff Reporter | 22 July 2019 | 173 Views

Exposed Ramaphosa reacts to Public Protector's report

by Staff Reporter | 22 July 2019 | 87 Views

UCE graduation ceremony

by Dr. A. Luthuli | 22 July 2019 | 60 Views

ZERA looking to remote fuel monitoring system

by Staff reporter | 22 July 2019 | 72 Views

The corruption commission

by Clemen Moyo | 22 July 2019 | 76 Views