Cablegate: Media Report Imf and Zimbabwe; Harare

This record is a partial extract of the original cable. The full text of the original cable is not available.

121355Z Jun 03




E.O. 12958: N/A

1. Under headline "Embrace the devil" the independent
weekly "The Financial Gazette" dedicated its June 12
editorial to encouraging the government of Zimbabwe
"to seek rapprochement and mend fences" with the
International Monetary Fund (IMF) "for the good of
the nation." The call comes hard on the heels of
the suspension of Zimbabwe's voting rights in the
IMF. Excerpts follow:

2. ". . .A wide cross-section of Zimbabweans greeted news
of the suspension of the country's voting rights with
collective trepidation because they know only too well what
this means and its implications - Zimbabwe's credit rating.
. .has been reduced to junk status, a red flag which will
not escape the attention of the international financier
community. With the IMF funding on ice, Zimbabwe is now in
a very deep hole because no matter how far the country
passes the hat, no international financier will twitch.
The decision by the IMF to suspend Zimbabwe will now set
the stage for the stiffening of the hands of the other
international institutions that have been sitting on the
sidelines waiting to take the cue on Zimbabwe from the IMF.
What the IMF has done will only help to convince the world
that Zimbabwe has its needle well and truly stuck, so to
speak. . .To these financiers the IMF's move on Zimbabwe is
a wake-up call: they will not touch Zimbabwe even with a
barge pole. . .Be that as it may, with the economy having
collapsed into a recessionary heap we do not have much of a
choice. . .We feel that we have no option but to
seek rapprochement and mend fences with the IMF.
Whether we like it or not we have to bite the bullet
and knuckle down to the IMF demands for the good of
the nation. Given our predicament, the IMF is a
necessary evil that, if it comes back to Zimbabwe,
could trigger a massive inflow of external funds
into the country and help us stabilize our
finances. . . ."


© Scoop Media

World Headlines


Myanmar: Military Must Stop Murdering And Jailing Protestors – Bachelet

UN High Commissioner for Human Rights Michelle Bachelet on Thursday said security forces in Myanmar must “halt their vicious crackdown on peaceful protestors,” following another day of deadly violence across the country on Wednesday... More>>

Syria: Economic Decline, Rising Hunger And Surging Humanitarian Needs

Syria’s fragile economy has “suffered multiple shocks” over the past 18 months, with its currency plummeting and joblessness swelling as people struggle to cover their basic needs, the UN Emergency Relief Coordinator told the Security Council ... More>>

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>

Focus On: UN SDGs

UNFCCC: Greater Climate Ambition Urged As Initial NDC Synthesis Report Is Published

UN Climate Change today published the Initial NDC Synthesis Report, showing nations must redouble efforts and submit stronger, more ambitious national climate action plans in 2021 if they’re to achieve the Paris Agreement goal of limiting global temperature rise by 2°C—ideally 1.5°C—by the end of the century... More>>

2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>

Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>