Zimbabwe Government is taking advantage of statements made by the United Nations Secretary-General Antonio Guterres and the High Commissioner for Human Rights Michelle Bachelet calling for the rolling back of international embargoes against countries as an essential part of global efforts to contain COVID-19.
Foreign Affairs Minister Sibusiso Moyo, yesterday said such a call has always been Zimbabwe’s SADC and the AU’s message.
“The Government welcomes the UN observation that sanctions have a debilitating impact on the health sector and that, in the context of a global pandemic, impeding medical efforts in one country heightens the risk for all of us,” he said.
“There has long been consensus among many in the international community that sanctions are contrary to the Chapter of the UN and stand in opposition to the principle of the sovereign equality of states.”
The Minister also said Zimbabwe’s access to international credit markets was blocked effectively after the enactment of the American act that authorises sanctions, ZIDERA.
“The country’s economy was greatly affected as the Government cannot borrow even in times of dire need,” said Moyo.
“This unfavourable development in the external sector has worsened the country’s creditworthiness as the country’s risk profile was heightened.”
“Zimbabwe’s ongoing watershed reforms meant to turn around the fortunes of the country, after decades of decline, are taking place in this most unsupportive environment. This has led to the drying up traditional sources of external finance from the donor community.”
Countries that imposed sanctions including the European Union and the United States of America have always argued that sanctions are not the reason why Zimbabwe is failing economically, and put blame on corruption.
The US government says it stands with the people of Zimbabwe and has already donated US$470 000 towards COVID-19.
Moyo, however, said Zimbabwe’s private sector is not spared from sanctions.
“Zimbabwean companies are finding it extremely difficult to access offshore lines of credit because of the perceived country risk. If ever they manage to secure offshore financing, it is usually at punitive interest rates,” he said.
