17 March 2018
Harare: Mnangagwa, Ramaphosa meet
ZRP chief’s hubby accused of sex abuse
High Court bars Khupe from MDC-T offices
Mugabe must accept its over: Jap scholar
Chamisa backs doctors' strike, visits hospital
Bulawayo: Nurses join doctors strike
Go home, Mpofu to Zim refugees in Bots
SA authorities: Zuma to be prosecuted
Anxiety as ED to name looters Monday
SA mining companies Zim wriggle room
Jesus Christ writes to Oprah Winfrey
Trump sues pornstar ex-lover for $20m
Soccer: Premiership action resumes
Chicken Inn says ready for Dynamos
A riposte to President Mnangagwa’s NYT ‘lies’
Glimmer of sunshine in Zimbabwe
Unpacking Mugabe’s Khupe overtures
UK immigration: Nursing, teaching jobs
Finance tempers expectations as World Bank’s IFC makes rare visit
11/06/2015 00:00:00
by The Source
Nothing is going to happen overnight ... Patrick Chinamasa
Biti to govt: Reform or face upheaval
ZimAsset flop: MDCs back tax boss
Tax chief blasts vendor economy, ZimAsset
Govt borrowings rise to $340 mln, RBZ

FINANCE minister Patrick Chinamasa has tempered expectations of immediate financial assistance to the country’s private sector by the International Finance Corporation (IFC), the World Bank’s private sector lending arm which is making its first visit to the country since 2001.

An IFC delegation arrived in the country on Wednesday evening for a series of meetings with government, business leaders and the bankers association, as the country seeks long-term, inexpensive funding for its undercapitalised firms.

Failure to access concessional funding has resulted in local companies struggling to retool, becoming uncompetitive on the global market.

“This is a long process; there is nothing that is going to happen overnight,” Chinamasa told journalists.

“It’s a small step towards full engagement and naturally we would not want to raise any unnecessary expectations. Don’t think anything will happen tomorrow, this year or next year.

“This is just a small step towards eventually the IFC starting to engage and support our private sector.”

Visiting IFC director Cheik Oumar Seydi said the institution will explore opportunities in finance, infrastructure and agribusiness during its three-day visit and urged Zimbabwe to clear its arrears with multilateral lenders which he said would send a signal that the country was ready to reengage with the international community.

Zimbabwe owes $9 billion to the International Monetary Fund, World Bank, African Development Bank and the Paris Club, a group of Western creditors.

The country has, since 2009, re-engaged the Bretton Woods institutions after nearly a decade of frosty ties, during which Zimbabwe’s economy shrunk by as much as 40 percent according to official data.

The World Bank’s country manager Camille Nuamah said discussions on Zimbabwe arrears clearance were progressing.

“We are in discussions on the arrears clearance and we are making reasonably good progress, so we hope that this also factors into the future of IFC here in Zimbabwe,” she said.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker