'Zimbabwe loses US$98 billion due to sanctions'

'Zimbabwe loses US$98 billion due to sanctions'
Published: 11 September 2019 (126 Views)
Foreign Affairs and International Trade Minister, Dr Sibusiso Moyo, yesterday presented a paper to Cabinet, indicating Zimbabwe lost about US$98 billion due to the illegal sanctions imposed on the country by the United States and the European Union.

This was said by the Minister of Information, Publicity and Broadcasting Services, Monica Mutsvangwa during a post-Cabinet media briefing yesterday.

"The Minister of Foreign Affairs and International Trade tabled in Cabinet a paper highlighting the impact on Zimbabwe and the Sadc region of the unilateral sanctions imposed by the USA and the EU. The Minster stated that Zimbabwe had lost at least US$42 billion in revenue over the past 18 years due to the sanctions," she said.

"It is also believed that Zimbabwe lost bilateral donor support estimated at US$4,5 billion annually, since 2001. A total of US$12 billion in loans from the IMF, the World Bank and African Development Bank as well as commercial loans worth US$18 billion were also lost on account of the sanctions.  

"The sanctions also brought about an estimated GDP reduction to the tune of US$21 billion."

Minister Mutsvangwa said the unilateral sanctions have, and indeed continue to inflict grievous pain on the rank and file of the citizenry, especially women and children. The revelations of the impact of sanctions on the economy, fly in the face of ridiculous claims by the US, in particular, that the sanctions were targeted and therefore do not impact on the ordinary person.

The US claims that its sanctions regime is targeted at 65 individuals and 56 companies, and not the ordinary men, when in fact the companies targeted employ ordinary people.

A number of companies including the National Railways of Zimbabwe (NRZ) indicated recently that they have challenges acquiring spare parts because of sanctions, and have resorted to using middlemen to access the spares, which increases costs and makes their charges for freight uncompetitive.

Sadc has since declared October 25 as a day of solidarity with Zimbabwe against the illegal sanctions. Minister Moyo also said the document on the impact of the sanctions would be published once it has been adopted by Cabinet.

"Indeed when it has been finalised, that report is going to be publicised not only to the media but the region as a whole," he said.

A number of activities are being organised for October 25 to protest the illegal sanctions.

Meanwhile, the highly-anticipated anti-sanctions solidarity march that was scheduled for this week has been deferred to a date to be announced due to President Mnangagwa's tight schedule following the deaths of former President Robert Mugabe and Major General Trust Mugoba. Both have been declared national heroes, with Maj Gen Mugoba set to be buried today at the National Heroes Acre.

The body of Zimbabwe's founding father, Mugabe, is also expected to arrive in Harare today.

Zanu-PF Secretary for Administration Dr Obert Mpofu, through his Director Dr Henry Mushonga, confirmed the postponement of the anti-sanctions march.

". . . the highly anticipated anti-sanctions solidarity march, which was expected this week, has been postponed," said Dr Mpofu.

"The march will be notified at a date to be announced. We have postponed the march since the nation is mourning the death of the founding father of Zimbabwe, former President Mugabe.

"The nation is also mourning the gallant son of the nation, Major General Trust Mugoba, who will be buried tomorrow (today) day at the National Shrine."

- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

PHOTOS: Job Sikhala becomes an instant internet joke

by Social media | 03 October 2019 | 177 Views

America says it is worried about Zimbabwe

by Mandla Ndlovu | 03 October 2019 | 204 Views

Madinda Ndlovu to be discharged tomorrow

by Staff reporter | 03 October 2019 | 140 Views

What are behavioral disorders and how can they be managed?

by Temba Munsaka | 03 October 2019 | 141 Views

Government speaks on Robert Mugabe's body parts

by Mandla Ndlovu | 03 October 2019 | 225 Views

Zacc recovers $100m property from looters

by Staff reporter | 03 October 2019 | 138 Views

WATCH: Mnangagwa apologises for destroying Zimbabwe satire

by Mandla Ndlovu | 03 October 2019 | 133 Views

Mphoko's application for release of passport dismissed

by Staff reporter | 03 October 2019 | 107 Views

Zanu-PF restructuring exercise begins

by Staff reporter | 03 October 2019 | 106 Views

Petrotrade declares $1.5 million dividend

by Staff reporter | 03 October 2019 | 92 Views

MSU, Zupco seal bus deal

by Staff reporter | 03 October 2019 | 146 Views

Mnangagwa to open ZMF conference

by Staff reporter | 03 October 2019 | 116 Views

High Court sets EcoCash hearing date

by Staff reporter | 03 October 2019 | 116 Views

Mphoko barred from leaving Zimbabwe

by ZimLive | 03 October 2019 | 116 Views

CIO agents monitor Jonathan Moyo in Kenya

by Mandla Ndlovu | 03 October 2019 | 325 Views

Acie Lumumba targets criminals around Mnangagwa

by Mandla Ndlovu | 03 October 2019 | 283 Views

$100 limit for cash-out transactions

by Staff reporter | 03 October 2019 | 212 Views

ANC starts anti-sanctions campaign

by Staff reporter | 03 October 2019 | 145 Views

ZESN calls for political parties regulation

by Staff reporter | 03 October 2019 | 127 Views

We've no forced labour evidence on Zimbabwe diamonds, says US Embassy

by Staff reporter | 03 October 2019 | 139 Views

Ex-ZPC board chairman freed on bail

by Staff reporter | 03 October 2019 | 136 Views

Cyber Bill seeks to safeguard citizens

by Staff reporter | 03 October 2019 | 109 Views

Cassava launches Vaya tractor services

by Staff reporter | 03 October 2019 | 143 Views

MDC Alliance boycott slammed

by Staff reporter | 03 October 2019 | 86 Views

10-man Bulawayo Chiefs stun Harare City

by Staff reporter | 03 October 2019 | 113 Views

Zimbabwe has a reputational problem, says US

by newzimbabwe | 03 October 2019 | 123 Views

MDC Alliance walk of shame

by Nduduzo Tshuma | 03 October 2019 | 146 Views

MDC councillors want suspension of Cowdray Park projects

by Staff reporter | 03 October 2019 | 112 Views

RBZ floats $300m additional TBs

by Staff reporter | 03 October 2019 | 106 Views

Teenagers rob soldier

by Staff reporter | 03 October 2019 | 121 Views

Duo rape corpse, get death sentence

by Staff reporter | 03 October 2019 | 128 Views

Mnangagwa to fly out for the zenith times

by Staff reporter | 03 October 2019 | 106 Views

Chamisa's MPs approach court to reverse 5 months allowance garnish

by newzimbabwe | 03 October 2019 | 69 Views

Zimra official forges Customs papers

by Staff reporter | 03 October 2019 | 55 Views

Zifa courts two nations for Warriors' friendlies

by Staff reporter | 03 October 2019 | 42 Views