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

ASEAN Ministers Set to Push for South China Sea Agreements

According to documents obtained by VOA Khmer, ministers will stand up for 'freedom of navigation, unimpeded lawful maritime commerce, trade and over flight' More

Puerto Rico Defaults on $58M Debt Payment

Payment was due Saturday, default is first in country's 117 years as a United States possession More

Turkish Public Fears Jihadists More Than Kurds

Turkey facing twin threats of terrorism by Islamic State and PKK Kurdish separatists, says President Erdogan’s ruling AK Party 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.
Iraqi Yazidis Fear Death of Their Communityi
X
Sharon Behn
August 03, 2015 2:23 PM
A year ago on August 3, Islamic State militants stormed the homelands of Iraq’s Yazidi minority, killing hundreds of men and enslaving thousands of women. The scenes of desperate Yazidi families crowding on the top of Sinjar mountain without food or water spurred Kurdish fighters into action, an emergency airlift and the start of the U.S. airstrike campaign against the Islamic State Sunni extremists. VOA's Sharon Benh reports from northern Iraq.
Video

Video Iraqi Yazidis Fear Death of Their Community

A year ago on August 3, Islamic State militants stormed the homelands of Iraq’s Yazidi minority, killing hundreds of men and enslaving thousands of women. The scenes of desperate Yazidi families crowding on the top of Sinjar mountain without food or water spurred Kurdish fighters into action, an emergency airlift and the start of the U.S. airstrike campaign against the Islamic State Sunni extremists. VOA's Sharon Benh reports from northern Iraq.
Video

Video Bangkok Warned It Soon Could Be Submerged

Italy's Venice and America's New Orleans are not the only cities gradually submerging. The nearly ten million residents of the Bangkok urban area now must confront warnings the city could become uninhabitable in a few decades. VOA Correspondent Steve Herman reports from the Thai capital.
Video

Video Inclusive Gym Gets People With Disabilities in Fitness Spirit

Individuals with special needs are 58 percent more likely to be obese than the general population. According to the U.S. Centers for Disease Control, they also have an increased likelihood of anxiety, depression and social isolation. But a sports club outside Washington wants to make a difference in these people's lives. With Carol Pearson narrating, VOA's June Soh reports.
Video

Video Astronauts Train Underwater for Deep Space Missions

Manned deep space missions are still a long way off, but space agencies are already testing procedures, equipment and human stamina for operations in extreme environment conditions. Small groups of astronauts take turns in spending days in an underwater lab, off Florida’s southern coast, simulating future missions to some remote world. VOA’s George Putic reports.
Video

Video Special Olympics Show Competitors' Skill, Determination

Special Olympics competitions will wrap up Saturday in Los Angeles, and the closing ceremony for athletes with intellectual disabilities will be held Sunday night. In a week of competition, athletes have shown what they can do through skill and determination. VOA's Mike O'Sullivan reports.
Video

Video Civil Rights Leaders Struggled to Achieve Voting Rights Act

Fifty years ago, lawmakers approved, and U.S. President Lyndon Johnson signed, the Voting Rights Act of 1965. The measure outlawed racial discrimination in voting, giving millions of blacks in many parts of the southern United States federal enforcement of the right to vote. Correspondent Chris Simkins introduces us to some civil rights leaders who were on the front lines in the struggle for voting rights.
Video

Video Shooter’s Grill: Serving Food with a Touch of the Second Amendment

Shooter's Grill, a restaurant in Rifle, Colorado, attracts visitors from all over the world as well as local patrons. The reason? Waitresses openly carry loaded firearms as they serve food, and customers are welcome to carry them, too. VOA's Enming Liu and Lin Yang paid a visit to Shooter's Grill, and heard different opinions about this unique establishment.
Video

Video Despite Controversy, Business Owner Continues Sale of Confederate Flags

At Cooter’s, a store in rural Sperryville, Virginia, about 120 kilometers west of Washington, D.C., Confederate flags are flying off the shelves. The red, white and blue battle flag, with 13 white stars representing the Confederate states, was carried by southern forces during the U.S. Civil War in the 1860s. The South had seceded from the Union over several key issues of disagreement, including slavery. VOA’s Deborah Block has the story.
Video

Video Booming London Property a ‘Haven for Dirty Money’

Billions of dollars of so-called ‘dirty money’ from the proceeds of crime - especially from Russia - are being laundered through the London property market, according to anti-corruption activists. As Henry Ridgwell reports from the British capital, the government has pledged to crack down on the practice.
Video

Video Hometown of Boy Scouts of America Founder Reacts to Gay Leader Decision

Ottawa, Illinois, is the hometown of W.D. Boyce, who founded the Boy Scouts of America in 1910. In Ottawa, where Scouting remains an important part of the legacy of the community, the end of the organization's ban on openly gay adult leaders was seen as inevitable. VOA's Kane Farabaugh reports.

VOA Blogs

World Currencies

EUR
USD
0.9118
JPY
USD
124.31
GBP
USD
0.6420
CAD
USD
1.3048
INR
USD
64.136

Rates may not be current.