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

At Khmer Rouge Court, Long-Awaited Verdict Approaches

First phase of trial, which is coming to an end, has focused on forced exodus of Phnom Penh in 1975 - and now many are hopeful justice will be served More

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities More

Video Information War Rages Alongside Real One in Ukraine

Downing of Malaysian airliner, allegations of cross-border shelling move information war in war-torn country to a new level 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.
Information War Rages Alongside Real One in Ukrainei
X
Al Pessin
July 31, 2014 8:13 PM
The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.