The illegal sanctions imposed on Zimbabwe by the West in
the past two decades have cost the country over US$70 billion in lost revenue
and lines of credit, Foreign Affairs and International Trade Minister Sibusiso
Moyo has said.
He said this yesterday when he appeared before the
Parliamentary Portfolio Committee on Foreign Affairs and International Trade to
brief them on his ministry’s programmes and activities.
Minister Moyo said Zimbabwe continues to deal with the
illegal sanctions imposed by some Western countries, which have negatively
affected the most vulnerable groups of citizens in particular, and the economy
in general.
“It is estimated, for those who have done the studies, that
Zimbabwe has lost an estimated US$42 billion in revenue because of the
sanctions,” said Minister Moyo.
“The country lost multi-lateral donor support which is
estimated at about US$4,5 billion annually since 2001 and US$12 billion in the
IMF, World Bank and African Development Bank loans which could have developed
infrastructure in this country and commercial loans estimated at US$18 billion
which could have gone to the private sector and into other areas and as a
result of that, a reduction of GDP of over US$21 billion .
“Now that’s a picture of what has been the impact of the
sanctions in the past two decades.”
Minister Moyo said the heavy cost to the economy has
necessitated Zimbabwe’s policy thrust of re-engagement to ensure the country
returns to the community of nations.
“This is the main reason why our foreign policy at the
moment targets at re-engagement with those countries who have seen us in
negative a way and who should therefore unlock this particular area.
That’s why since his inauguration, His Excellency (President
Mnangagwa) has dynamised Zimbabwe’s quest to normalise relations with the West
through re-engagement.
Serious and focused dialogue has already been initiated
with key constituent countries among them the United Kingdom, the US, Germany,
France, Sweden and Australia.
“The main objective of the re-engagement is to normalise
all aspects of the country’s relations by ending Zimbabwe’s isolation and
re-opening all lines of communication.
The engagement with the EU, until the advent of the Second
Republic, the EU refused to recognise the legitimacy of the outcomes of any
election accusing (the) Zimbabwe Government of vote rigging and human rights
abuses.
“However, the new dispensation has enabled the thawing of
relations with the EU as seen by their observance of the July 31 elections and
continued exchange of high level visits,” said Minister Moyo.
He added that the launch of dialogue between Zimbabwe and
the EU in May was another sign of improving ties between the two, adding that
it was a “precursor of other beneficial engagements with other countries like
the US, Australia, Canada and New Zealand”.
Minister Moyo also told the Portfolio Committee that an
assessment team from the Commonwealth was also in the country a fortnight ago
to see the situation prevailing on the ground.
The team also met various stakeholders from political
parties and civil society organisations.
Zimbabwe has applied to re-join the club of former British
colonies as part of its re-engagement drive. Herald
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