Chronicle Editor
Sikhulekelani Moyo, Business Reporter
THE imposition of illegal sanctions on Zimbabwe continues to negatively affect industry and commerce as local businesses are being excluded from accessing lines of credit and benefiting from the global financial system.
Adding her voice on the anti-sanction campaign, which is being supported by the entire Sadc region and Africa at large, Industry and Commerce Minister, Dr Sekai Nzenza, said the business sector stands in solidarity with the Government in calling for the immediate and unconditional removal of sanctions on Zimbabwe.
Sanctions are a huge impediment and an economic threat to the business and manufacturing sector in Zimbabwe, said Minister Nzenza in a statement.
“The imposition of sanctions on Zimbabwe has resulted in industry and commerce failing to access foreign currency, excluded in some programmes that benefit industries in some other countries and failing to access lines of credit,” said Dr Nzenza.
She said foreign companies were relucant to do business with local companies because the country is
under sanctions.
“Companies are having their foreign receipts intercepted by the Office of Foreign Assets Control (OFAC), which affects their viability and is causing foreign companies to shun doing business with local companies,” said Dr Nzenza.
Zimbabwe, she said, is being classified as high risk and any loans extended to local businesses are coming at a premium.
Dr Nzenza said because of sanctions, Zimbabwe has over the years witnessed its companies relocating to other regional destinations with no perceived negative country risk profile.
“Therefore, the removal of sanctions will witness the country resuming fair trade globally, enhancing import and export trade relations thereby cushioning the livelihoods of our people,” said Nzenza.
Economic experts concur that the two decades of bi-lateral sanctions by Britain, US and their Western allies have ravaged the economy and caused untold suffering of ordinary citizens.
At the 2019 Sadc meeting in Dar es Salam, Tanzania, regional leaders proclaimed October 25 as a day of solidarity with the Zimbabwean people against sanctions. On the day, Sadc countries engage in different activities to show their opposition to the illegal embargo as they push for their unconditional removal. – @SikhulekelaniM1
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