News / Economy

Zimbabwe Seeks Help Raising Cash from its Minerals

(FILE) -- This Nov. 1, 2006 file photo shows miners digging for diamonds in Marange, eastern Zimbabwe.
(FILE) -- This Nov. 1, 2006 file photo shows miners digging for diamonds in Marange, eastern Zimbabwe.
Reuters
Zimbabwe is looking for advice from the African Development Bank (AfDB) on how to mortgage its vast mineral resources to raise money and shore up an economy that has slowed since the start of the year, the new finance minister said on Friday.
 
The country has the second largest platinum reserves in the world after neighbor South Africa, one of the biggest diamond deposits and large quantities of coal and gold, but has grappled with a weak economy critics blame on veteran President Robert Mugabe's nationalist policies.
 
Growth is seen at 3.4 percent this year, down from a previous projection of 5 percent, with prospects weighed down partly by jitters over a July 31 election won by Mugabe amid charges of fraud by the opposition.
 
Zimbabwe had also asked the AfDB to help the country re-engage Western financial institutions who have suspended support, and find ways to clear its $10 billion foreign debt, Finance Minister Patrick Chinamasa said.
 
“We also discussed securitisation of our assets. We are thirsty when we are in the middle of a pool of water,” he told reporters after a meeting with AfDB officials.
 
“We have vast mineral resources. We should be able to use those resources to unlock access to capital, which we can use to develop our country and I believe the AfDB has that expertise.”
 
Zimbabwe would enhance ties with friendly countries like China to develop its economy as the  West maintains longstanding sanctions on Mugabe and his allies over charges of rights abuses, Chinamasa said last week.
 
The former justice minister said he would meet the International Monetary Fund in December to review Zimbabwe's performance under a staff monitoring program started this year.
 
Zimbabweans should not expect miraculous resolutions overnight to the country's problems, Chinamasa cautioned, adding it may be too late to help poor farmers prepare for the summer agriculture season which starts in early October.

You May Like

Ebola Death Toll Nears 5,000 as Virus Advances

West Africa bears heaviest burden; Mali toddler’s death raises new fears More

Jordan’s Battle With Islamic State Militants Carries Domestic Risks

Despite Western concerns that IS militants are preparing a Jordanian offensive, analysts call the kingdom's solid intel a strong deterrent More

Asian-Americans Assume Office in Record Numbers

Steadily deepening engagement in local politics pays off for politicians like Chinese-American Judy Chu More

This forum has been closed.
Comment Sorting
Comments
     
by: Deloris H. Rader from: Bamako Mali
September 20, 2013 6:54 PM
"Faith means don't panic"! Looking for advise from any bank is an act of panic. Zimbabwe seeking to raise cash to pay off $10 Billion DEBT.

Zimbabwe having mineral resources wealth answer is to SELL NOT MORTGAGE. THE RISK OF DEFAULT IS TOO GREAT DUE TO THE MIXING OF; POLITICAL ECONOMICS (ICE COLD WATER) WITH SOCIAL ECONOMICS, (HOT OIL), THEY WILL NEVER BLEND TO A SOLUTION THAT WILL BENEFIT THE MOST IMPORTANT RESOURCES, THE HUMAN RESOURCES. SALES OF VALUED ADDED BY-PRODUCTS OF THE PLATINUM, GOLD AND COAL, WILL PRESERVE THE WEALTH, CREATE JOBS AND DEVELOP THE NATION AS A COMMUNITY.

If the sales are of national interest and the people can fell the first benefits, all resources will be sustainable in unity.

Advise for the social economic solution, is not ever going to come from a bank. why? Because banks earns from interest and defaults of mortgage repayments. Banks hedge on defaults. A mortgage is a loan ON the country assets are put up as collateral.

Ask an expert on human and resource development. We await your reply.

In prayer for Zimbabwe,
Deloris H Rader & CDDT

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video Comanche Chief Quanah Parker’s Century-Old House Falling Apart

One of the most fascinating people in U.S. history was Quanah Parker, the last chief of the American Indian tribe, the Comanche. He was the son of a Comanche warrior and a white woman who had been captured by the Indians. Parker was a fierce warrior until 1875 when he led his people to Fort Sill, Oklahoma, and took on a new, peaceful life. As VOA’s Greg Flakus reports from Cache, Oklahoma, Quanah’s image remains strong among his people, but part of his heritage is in danger of disappearing.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.