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Chinamasa: Foreign banks sanctioning us
15/01/2014 00:00:00
by The Source
 
Lack of credit lines ... Patrick Chinamasa on Wednesday
 
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FINANCE Minister, Patrick Chinamasa has accused local banks of imposing sanctions on the country by reducing lines of credit by 95 percent to $40 million from $800 million over a decade ago.

“They are managing an exit strategy out of our economy,” Chinamasa said at an economic forum on Wednesday. “Why are they doing that, is it because they don’t like the government, they don’t like the country?”

He urged banks to harness resources that he said were awash in the informal sector so that they could be channelled towards economic development.

“They (informal traders) are keeping their money under the pillow. I want innovative ways to tap this value back into the formal sector so that Treasury can reap the benefits through inflows into the fiscus,” he said.

Chinamasa said he wanted help finding solutions to the economic mire and the infrastructural deficit.

“I am reasonably acquainted with the nature of our problems. There is no purpose for you to go to town to tell me what I already know. What we want is to basically come up with solutions that get us out of our situation.

“Don’t rise and repeat that there is a deficit of energy, the roads are in bad conditions, that I already know. What I want to understand is how we can mobilise resources to address these fundamental issues,” he said.

He invited the private sector and any other interested parties to submit suggestions on the 2014 budget by the end of this week so that he could consider them.

“If I think that you have made good ideas, innovative, creative solutions, I will take them on board,” he said.


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