After at least two decades of stagnation, several Western countries are reflecting on the effectiveness of isolating Zimbabwe
became one of the few non-African heads of state to visit the isolated southern African country.
The talks have raised hopes in Harare. Some in the West would like to give the country another chance, partly out of resignation and partly because of shifting geopolitics. But the problem remains Zanu-, the ruling party. After an internal coup in 2017 that toppled Robert Mugabe, there were several attempts to offer his successor, Emmerson Mnangagwa, a road map to normal relations. Every time, repression or tales of corruption on a massive scale torpedoed the efforts.
The reality is more eccentric: call it Zimbonomics. The country’s debts are larger than they seem. Thelast year estimated that “unfunded liabilities” amounted to $5.75bn, including $3.25bn in compensation owed to white farmers. Then there is what technocrats call the bank’s “quasi-fiscal operations”: in plainer language, printing money. Some of this goes towards subsidising farmers and gold miners or is used to buy the American dollars needed to repay the few foreign loans it still services.
Zimbonomics is not the only obstacle to improved relations. The other is the need for political reforms. Under the Zimbabwe Democracy and Economic Recovery Act, legislation first passed in 2001 and renewed by Congress in 2018, American support for financial assistance by multilaterals such as the World Bank depends on, among other things, evidence that the government is serious about the rule of law.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Anthony Joshua names the three huge fights he wants before retirementAnthony Joshua has declared that Deontay Wilder, Tyson Fury and Joe Joyce are the three major fights he still wants to have before retiring from boxing. The former two-time unified heavyweight worl…
Weiterlesen »
The Word Biden Wants to Haunt Republicans Like it Does HimPresident Biden asks Congress to pass assault weapons ban: 'Why in God's name do we allow these weapons of war on our streets?'
Weiterlesen »
Washdyke solar farm could power 8,700 homesGreen Switch wants to build the 63-acre (26 hectare) site at Washdyke Farm, near Folkingham.
Weiterlesen »
Brave brain tumour mum speaks out as she shows face left disfigured by surgeryScots survivor Maggie McMartin wants to raise awareness of the condition as she fundraises for research
Weiterlesen »