President Mnangagwa yesterday held high-level meetings with
top officials from the world’s top multilateral financial institutions on the
sidelines of the 48th World Economic Forum (WEF) as he continued with his drive
to re-engage with the international community. He met top officials from the
International Monetary Fund (IMF), World Bank (WB) and the African Development
Bank (AfDB).
The President held talks with IMF managing director
Christine Lagarde, who said the financial institution would continue supporting
Zimbabwe as the country addresses its economic challenges. In a statement last
night, the IMF said Lagarde welcomed President Mnangagwa’s commitment to
stabilising the Zimbabwean economy.
She commended the President’s efforts to work towards
normalising the country’s re-engagement with the international community.
“International Monetary Fund (IMF) Managing Director Christine Lagarde today
met with President Emmerson Mnangagwa of Zimbabwe on the sidelines of the World
Economic Forum in Davos.
“Madame Lagarde welcomed President Mnangagwa’s commitment
to stabilising the Zimbabwean economy and working towards normalising the
country’s engagement with the international community. She reiterated the IMF’s
commitment to continue to support Zimbabwe as it addresses its economic
challenges,” IMF said.
President Mnangagwa also met AfDB president Dr Akinumwi
Adesina, with the AfDB boss saying the meeting was excellent. The two discussed
several areas of importance to President Mnangagwa. “It was fantastic to meet
with the President and I did commend him for the reforms he has put in place.
We as the African Development Bank have always been there for Zimbabwe and continue
to be there for Zimbabwe.
“We discussed several areas of importance to the President.
Agriculture is very important to him, to create jobs and revive rural
economies.
“We discussed his interest with regard to infrastructure
development in terms of rail development, road development and connecting
Zimbabwe to the ports, Beira Port and all of that. The President also mentioned
his keen interest on the issue of tourism to make sure that we revive tourism.”
Further, Dr Adesina said they also discussed job creation
for the young people of Zimbabwe, as well as the issue of Zimbabwe’s AfDB
arrears clearance. The AfDB president said President Mnangagwa showed dynamism,
passion, focus and commitment to addressing the issue of arrears to the bank.
“And obviously, we also discussed how to push forward on
macro-economic stabilization for Zimbabwe and the whole issue of how we can
create more incentives for a better environment in Zimbabwe.
Overall, it was a very excellent meeting, I was very
encouraged. We discussed so many things with the President and I am sure that
with his dynamism and focus, passion and commitment, Zimbabwe will succeed.”
Further, the President held discussions with officials from
the Investment Corporation of Dubai, a State-owned holding company that can be
characterised as a sovereign wealth fund owned by the government of Dubai,
United Arab Emirates.
Meanwhile, President Mnangagwa paid a courtesy call on
Swiss President Alain Berset and discussed several areas of potential business
and investment cooperation. According to Secretary for Information, Media and
Broadcasting services Mr George Charamba, the two leaders had fruitful
deliberations centred on political and economic issues.
President Mnangagwa took the opportunity to brief President
Berset on the smooth transition that led to his ascension in November last
year. President Mnangagwa, accompanied by Foreign Affairs Minister
Lieutenant-General Sibusiso Moyo (Retired), Mr Charamba and Industry and
Enterprise Development Minister Mike Bimha met President Berset at his Davos
Offices.
On the economic front, Mr Charamba said President Mnangagwa
briefed President Berset about amendments to the Indigenisation Act,
availability of minerals for investors, tourism and manufacturing.
Nestle Zimbabwe, whose headquarters are in Switzerland, has
invested close to $30 million in the past 6 years for refurbishment and
upgrading of its cereals and milo plants and equipment to increase production
The President also suggested that Switzerland could use
Zimbabwe as a dairy products distribution hub the same way Nestle has done with
New Zealand. He also briefed the Swiss leader on the legislative measures
Government is taking to make the country more investor friendly.
Mr Charamba said President Mnangagwa told his counterpart
about Zimbabwe’s unique economic situation. The fact that growing exports was
critical for Zimbabwe; that it had abundant minerals, but was a net exporter of
raw commodities and net importer of critical consumables.
President Mnangagwa, said, Cde Charamba, pointed out that
it would be critical if the European country assisted the Southern African
nation to value add its produce. President Mnangagwa highlighted the point that
Zimbabwe’s greatest potential lay in attracting foreign investment into mineral
resources.
He told his counterpart that the country had the world’s
second largest platinum reserves after South Africa, and a host of other
minerals like diamonds, coal, nickel and chrome.
Mr Charamba also said President Mnangagwa stressed the
point that that his Government would put emphasis on dialogue with investors
“so that we get to know which areas are of concern to investors that may have
escaped our attention and that there was readiness to engage with a view to effecting
the necessary legislative adjustments”.
“(President Berset) said they would support Zimbabwe. In
terms of the issue of sanctions they are aware that former President and his
wife, some service chief and of course ZDI were still in sanctions and that
these sanctions were being reviewed periodically,” said Mr Charamba
“President Berset said with development back home there was
a positive disposition within the European Union (EU), which is the furthest he
went in signaling that they will be supporting Zimbabwe.” Herald
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