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

China May Be Biggest Winner From Ukraine Crisis

Missile sales, oil and gas shipments are among many areas that may drive Beijing and Moscow closer together in coming years More

Obama Faces Chaotic World, Limits of Power

Current foreign policy issues bring into focus challenges for US policymakers who are mindful of Americans' waning appetite for overseas military engagements More

SADC Meeting Lesotho Officials to Resolve Stalemate

Official says regional bloc has been engaged with leaders in Lesotho to resolve political disagreement that led to coup attempt 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.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.