‘Sanctions Hamper Access to Capital’

30 SEP, 2020 - 00:09 

Herald Reporter

Zimbabwe’s efforts to implement sustainable development and its capacity to revive the economy from the impact of Covid-19 pandemic are hampered by the illegal sanctions denying access to capital, President Mnangagwa has told the United Nations, while appealing for more debt relief for developing countries.

During a high-level virtual meeting of Heads of State and Government as part of the ongoing opening session of United Nations General Assembly he said the pandemic and illegal sanctions had derailed Zimbabwe’s efforts to achieve the 2030 Agenda for sustainable development.

“Efforts towards practical and real time solutions to the sustainable debt burden that constitutes risk to long lasting recovery for most developing countries must be vigorously pursued. The efforts must enable debtor countries to channel more resources towards developmental programmes for Zimbabwe,” President Mnangagwa said.

“The illegal economic sanctions are undermining the implementation of the sustainable development goals agenda and constraining our ability to shield the economy from the negative impact of the novel coronavirus.

“Sanctions severely undermine our efforts to access capital from the international markets hence Zimbabwe appeals to the UN General Assembly to unequivocally call for the removal of these sanctions. Zimbabwe stands ready to work with the international community to strengthen multilateralism for the realisation of our shared goal of creating a better world for all.”

He said the Covid-19 pandemic had affected economies and had attendant human costs and urged the world to build a recovery path anchored on resilient, adaptable and financially inclusive economies.

“The decade of action must remain alive and on course even in the face of this novel coronavirus which has become a global health catastrophe. The pandemic has brought with it severe human costs exerting pressure on budgets and non-monitory resources. It has also resulted in trade-investment and supply-chain disruptions.

“Unemployment is soaring, debt and poverty are mounting. It is imperative therefore that we build a recovery path anchored on resilient adaptable and financially inclusive economies over and above proposals relating to financing. Zimbabwe supports the recommendation on socio protection investment in ICT, building resilient inclusive health systems and mechanisms to absorb the shocks of Covid-19,” he said.

The co-conveners of the session, Canadian Prime Minister Justin Trudeau and Jamaican Prime Minister Andrew Holness as well as United Nations Secretary-General Antonio Gutteres participated in the virtual session.

Outcomes of the meeting are expected to feed into and mobilise action at high-level meetings such as the World Bank and International Monetary Fund annual conferences and the G20 Leaders’ Summit slated for October and November this year.