Cash package for Zim-Asset


Indian ambassador to Zimbabwe Mr Jeitendra Tripathi makes a presentation while from left, French ambassador Mr Laurent Delahousse, South African ambassador Mr Vusi Mavimbela, Chinese ambassador Mr Lin Lin and Brazil ambassador Ms Marcia Maro da Silva listen during the “Zimbabwe Going Forward” International Conference in Harare yesterday. — (Picture by William Mafunga)

Tendai Mugabe Senior Reporter
THE Chinese government is ready to provide a package to fund the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset), the economic blueprint to steer economic revival over the next four years.Funding has been a major hindrance to the implementation of the progressive policy that was crafted to achieve sustainable development and social equity anchored on indigenisation, empowerment and employment creation propelled by the judicious exploitation of the country’s abundant human and natural resources.

Chinese Ambassador to Zimbabwe Mr Lin Lin yesterday said discussions were underway between Harare and Beijing on the provision of a financial package to fund  Zim-Asset.

Zimbabwe needs at least US$10 billion to successfully implement the economic blueprint spanning over five years, 2013 to 2018.

Ambassador Lin said his country was ready to provide lines of credit to that effect and the Chinese embassy in Harare was also facilitating a State visit by President Mugabe to China during the second half of this year.

If the discussions succeed, Zimbabwe would securitise the loan using its vast mineral resources.

Ambassador Lin was responding to questions from stakeholders attending a two day conference organised by the Sapes Trust in Harare on the democratisation process and reinforcing re-engagement with the international community.

“My Government is committed to give our support to Zimbabwe’s economic recovery,” said Ambassador Lin. “What I can say now is that the two sides are carrying out discussions on lines of credit provided by Chinese financial institutions as proposed by Zimbabwean side using your minerals as kind of security.

“We are looking forward to reach a kind of an agreement on that issue and I hope sometime this year.”

Ambassador Lin reiterated his country’s commitment to its bilateral relationship with Zimbabwe.

He said the omission of Zimbabwe on the itenary of Chinese Prime Minister Li Keqiang who is on a four nation tour of Africa, did not mean that relations between the two countries were not sound.

In any case, Ambassador Lin said, the Chinese embassy in Harare was planning a State visit by President Mugabe to China this year.

“I have to say the Chinese leaders have very busy schedules so we could not go for all the 54 African countries on a single trip….
“We are trying to make arrangement for President Mugabe to visit China sometime in the second half of this year so normally we do not have upcoming visits and outgoing visits in the same year.

“There is a possibility for a Chinese leader to pay a visit to Zimbabwe next year or the year after as a return visit to Zimbabwe.”

Ambassador Lin said China did not meddle in the affairs of other countries and respected choices made by other countries when it came to leadership.

He was responding to a question that he was being pushed for him to comment on the leadership renewal in China visa vis the re-election of President Mugabe last year as the Head of State in last year’s elections.

Also contributing at the same forum was the French ambassador to Zimbabwe Laurent Delahousse who denied the existence of the illegal sanctions imposed on the country by the European Union.

He said Zimbabwe should move towards a culture of accountability before blaming the sanctions.

Ambassador Delahousse said Zimbabweans should deal with sanctions they had imposed on themselves first.

He said Zimbabwe should deal with its country risk for it to attract Foreign Direct Investment.

“Stop blaming it on sanctions,” he said. “Sanctions have very small effect on the economy… Move to a culture of accountability. When something goes wrong in the country it is not because of sanctions. When elephants are poisoned at Hwange is it because of sanctions?” he asked.

He said corruption and lack of clarity on the implementation of the indigenisation policy was not the best way of attracting Foreign Direct Investment.

Other ambassadors that attended the dialogue are; Marcia Maro da Silva (Brazil), Vusi Mavimbela (South Africa), Sergy Bakharev (Russia) and Aldo Dell Ariccia (EU).

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  • Tozvireva

    I thought the money was already in Harare ready for disbursement….Oh what a headline

    • idi amin


    • mukwerekwere

      Misleading indeed…….all this means is address the issues that hinder FDI and then we can do business….until then…

      This is not the Chinese Premier’s first visit to Africa…..he only calls into nations that are important to China. This ambassador is trying to sugar coat the situation.

      • grecko

        Inzwa mataurire acho

        “I have to say the Chinese leaders have very busy schedules so we could not go for all the 54 African countries on a single trip….
        “We are trying to make arrangement for President Mugabe to visit China sometime in the second half of this year ……..”

        vakatoonawo kuti pane vasiri busy, zvekungofamba, basa tsvee

        • $21812056

          Wandisetsa aasi ichokwadi panevasiri busy.

        • Hi5

          There is a difference between a visit and a State Visit. The Chinese never said it was a State visit, which would be reserved for a leader of one of the neighboring states or a significant global power. Pres Mugabe, on the other hand, would be offered tea and a biscuit with some underling. State visit, my foot!

    • Jotham

      You have just wasted your time by opening your dirty mouth. Stinky

      • muzukuru

        What do you say about the French ambassador’s comments?

      • anon

        Jotham, do you actually own a computer?

    • john banda

      Indeed Tozvireva, this is a shame on You Herald. Also we are now told we need $10 billion yet all along it has been $27 billion. You think readers are fools??????????????????

      • Sarudzai

        They will not get even $1Billion a Ambassador is like a munyayi when u are paying roora, they are sweet in talking just to make you happy, China knows the money will be looted remember the Ambassador reads every single Zimbabwean paper every day that is part of his job, hence he knows it all from Temba Mliswa to the diesel n’anga.

    • gutu chitovah

      obviously a 10billion dollar package to a small country can not be as fast tracked as we would want it to be. efforts under way are however emulated. our only worry is the heads of corruption in zimbabwe must first be chopped if we are to whitness any meaningful development in Zim. i concur with ambasador Delahouse on the as[ect that our bigest sacntion is what we have installed on our own. Corruption is disastrous and more dangerous when combined with unclear sensitive policies like indeginisation. its just disasterous.

    • Progressive Zimbabwean

      Yesterday I made a complaint on this platform that the Chinese are not supporting us in this greatest hour of need and I was attacked by one Jotham for being very general. The point though was that we need help and our Cdes whom we have entrusted with key ministries of Finance and Foreign Affair went to China with a bowl and came back empty handed, which to me was a serious cause for concern especially considering the fact that we have so much hope in them. It is for this reason that I suggested we tone down our expectations and focus on managing what we have as efficiently and as judiciously as possible.

    • Disaster

      The Chinese are not stupid and like most people, can see through the ZanuPF lies. The first step in getting help is being honest about the situation in the country. Billions of dollars have been looted from public accounts and noone has ever been brought to account. How can anyone lend or trust us with their money considering this pathetic situation? Even if we can get the tangible collateral the Chinese are asking for, it is very unlikely they will provide any meaningful assistance.
      There is only one way of doing things and that is the right way. For years the govt has been spending recklessly and insulting anyone who asked them to be accountable to the people. The Chinese have never held an election in their history but they are smart enough to know how to keep their populace happy. The billions being spent on water, roads, electricity and housing create jobs for millions but our govt here does not comprehend this. Instead, the govt spends virtually all its time and resources fighting the opposition when these scarce resources could be chanelled to more productive matters.

  • zulu

    Ko muFrench uyo is he part of BRICS aidei ipapo stupid yemunhu. Kna masanction ane small effect vaigomaiisirei? We have always known the West to want power so why a weak move.Nxa asi corruption and lack of clarity ngaigadziriswe. 10bn ichiuya toda kunzwa kuti mari yese yafamba sei uye yaitei?

    • anon263

      If you are not stupid, you must be ZANU. It is people like you who have a case of acute tunnel-vision who are letting us down. The fact that France is not part of the BRICS does not mean they cannot participate in fora which articulate visions for a better globe. May i emphasise brother/sister ‘zulu’ that instead of wagging your tongue at the French, you ask why Zimbabwe is not part of the said bloc of emerging economies. Perhaps that’s too tough. Ask yourself why Zimbabwe is among the uncelebrated bloc of shambolic economies. To hazard your knee-jerk response which cites ‘sanctions’ and all the nonsense we have become accustomed to, consider that countries such as China (to whom we now extend our begging bowl) were in a precarious position circa 1980. Only they solved their problems without finding blame in external agents. When ZANU finally settles on accepting blame and amicably seeking redress, maybe then, we will have hope for a better Zimbabwe.

  • strand

    taura hako Tozvireva,

    • twas

      Sure our leaders should change the way they handling zimbambwe,I m sure that there will be no helper will come to pool zimbabwe out of this confusion of corruption.

  • Judas Iscariot

    This French ambassador is very cheeky,he is on Zimbabwean soil telling our regime like it is, he said put your house in order before rushing to blame sanctions.The culture of accountability indeed does not exist in this country,we like the blame game,Everything that goes wrong its a combination of MDC T,EU and the US.I wonder what the govt,s response is going to be for being told they are imposing sanctions on their own pple? If there is such thing as illegal sanctions thats what the regime has imposed on us we haven,t done anything wrong to deserve sanctions.

  • Judas Iscariot

    I remember being told the diamond miners had put together a $50mill package for Marange communities and they are still waiting.

  • valembe

    Anyone who believes this crap is probably out hunting bigfoot..

    • iwe wakumberi

      lol..kkkkkk ayas

  • Simbs

    Please don’t mortgage our resources to the Chinese as failure to pay back the loan will affect future generations. If they are our genuine friends they should not try to use their billions to secure trillions worth of resources. No no, let us not become a colony again. Even the west would give us a better deal than that.

  • Cde Mzvinavhu(Prof)

    The FRENCH Ambassador should not pretend to be ignorant of the effects of ZEDERA on the international financial system with respect to Zim getting credit rating and credit lines. He is aware of the sanctions imposed on our diamond mining companies via ZEDERA. Even if EU completely removes individual targeted sanctions , the pervasive negative effects of ZEDERA are crucial in our fight for economic recovery! Any weaknesses in our govt system cannot seen as sole cause for our economic suffering. Other countries have simillar weaknessses too.but are not subjected to neo colonial illegal sanctions. Even the French Jewish lady ( Head )of IMF understands the negatives of ZEDERA! We are being punished for taking back our land. God will provided economic friends to Zim for our recovery! Aluta continua!

    • succuba

      Can you please explain “the effects of ZEDERA” on Zimbabwe please (prof)

      Awaiting your reply

      • Cde Mzvinavhu(Prof)

        The new RBZ governor has alluded also to the negative effects of ZDERA on our economy(see today Herald report). Even the MDC leaders who lobbied for the US statute understand how it negatively affects our economy! Upto this day MDCT is for sanctions against Zimbabweans.

        • succuba

          Still nothing from you then….. did you not understand the question, all you give here is papertalk.

          I will ask you again (prof)… can YOU please explain “the effects of ZEDERA” on Zimbabwe.

          Please reply else people here will just think you are an empty vessel, and we all know what empty vessels do best.

    • anon

      Cde, until you learn to write “ZDERA” correctly, perhaps you should leave the discussion to others better informed. Have you any idea how many times ZDERA has been used since 2001 when it came into law? I’ll tell you: never. It was never used because it was never needed. We could not get new credit from from global institutions because had not paid back our previous loans and investors had no confidence in our policies. As you see, Cde, nothing has changed. ZimAsset is just the latest pile of junk that nobody wants to touch with a long stick.

      • Cde Mzvinavhu(Prof)

        Thanks for corrrection on the acronym! I am surprised about your ignorance about the satanic effects of the illegal sanctions, not imposed via UN! Yes Zim may not be elligible for loans from the IMF/WB, but the law has been used to influence or control the US banks to effect sanctions on our diamond mining companies, thereby disrupting our diamond trade despite KIMBERLY approval. May I remind you that Biti as a Fin Minister wrote to the US govt imploring them to remove sanctions on our diamond trade after he discovered that diamond revenue was being blocked in US banks becoz of ZDERA . That is when he had underpinned the 2011 budget on diamond revenue. Our govt policies can be adjusted to meet investor accomodation and we will get those who understand that our economy is suffering becoz of the land issue , not mismanagement! Please read the RBZ governor`s reference to ZDERA too , in today`s Herald ! That should stand you on your uninformed head!

  • Chikonzi

    At least US10 billion required? More like double that is necessary, of which a large part would go to paying past debts, which could eventually open up further international loans?
    What will our children and grandchildren say to having to continuously pay for Chinese loans over their mortgaged and hypothetical unexplored mineral assets long into the future, when Zanu-PF no longer exists and has already squandered whatever cash and benefits the loans were supposed to procure.

  • Bathing Problem

    Wishful thinking form the writer of this story. If one keeps lying to him/herself, one starts beleiving the lies to an extent of ignoring the truth at his/her peril.

  • murehwa

    Tendai Mugabe, the Chinese are singing from the same book as the Europeans, though they use different words. We need to remove our self imposed sanctions first.
    You correctly pointed out that there is new leadership in China, and the Chinese way of doing business has changed. The Chinese are dealing with corruption in their country and we are not doing anything, hence they will not let their money avoid corruption in China and be sunk by corruption in Zimbabwe. That will never happen!!! The question you should be asking the president is when he will be ready to sacrifice his own to clear the government’s name and move the country forward.

    Secondly we need to provide a clear debt clearance regime for all the outstanding debts that we owe otherwise, how can you go to the same person you owe money without a clearance plan for the outstanding monies asking for more? Its just shows signs of mental problems on the part of the borrower. you cannot keep sinking your resources in a bottomless pit. The Chinese are currently giving loans to the rich west, to Angola and Nigeria in Africa but giving nothing to us, and this is a clear statement of intent by the Chinese, we need to wake up and smell the coffee!!!

    • Kewkwe326

      Very well put, murehwa, and I couldn’t agree more

  • Danmanyika

    Surprising to see critical but true comments from French Ambassador Delahousse published in the Herald, but he’s simply repeating similar comments made by the Chinese in other media.
    Any long term loans agreed to by current leaders, but finally under the responsibility of future generations long after loan decision makers have disappeared, must be transparent and open to widespread public and national scrutiny.
    When the entire Nation is concerned, NO to any more secret and murky deals for the benefit of a few corrupt Zanu-PF apparatchiks!

  • kay

    are we not selling our country to the chinese?

  • truthsayer

    divertin attention, as always….zanu has no clue as to how to resolve the economic imparse. companies closing everyday. and if u think this zim asset bulls**t is the way out, u deserve whats comin at u. for all of u zanu faithfuls prepare yoselves for another 2008

  • Shumba1

    Even the Chinese do not see the impact of Sanctions- pure corruption, lack of business intelligence and management has been the downfall of Zimbabwe. Its hard to quote Rhodesia, but they managed under sanctions, South Africa grew stronger under sanctions. Even with this China deal, Minister of finance be very careful to not to sell the country, the next generation will never recover. To attract FDI, the country itself should be open to business, stop harassing investors, the informal sector should be aligned to a formal authority, the so called farmers should pay tax from their proceeds or trade.

  • zvichapera

    matanga kutengesa nyika nerweseri…

  • s shumba

    At long last, the Herald has cottoned up on what the people want – truthful reporting.
    The last 3 paragraphs of the story are key indicators

  • Kewkwe326

    This is completely misleading report on the Sapes conference and readers should take it with a pinch of salt. The Chinese have not agreed on any package to fund ZimAsset: all they have done is repeat the principle that credit lines may be offered against mineral rights, a principle that they have been following for a while now (that is how we have new defence college, for example). There will be no special funding for ZimAsset.

    What Tendai Mugabe won’t tell you is that there was broad agreement among participants that until Zimbabwe can demonstrate good governance, democratic accountability, action against corruption and clarity on the populist, yet ruinous, indigenisation policy, there will be no serious FDI. Oh, and stop using sanctions as an excuse: nobody is buying that song any more.

  • Zimbo

    zvototengesa nyika yedu nezvicherwa zvedu for 10 billion mazhing zhang akaoma akomana

  • Sarudzai

    The Chinese trade with Zimbabwe is number 38 out of 54 African Countries according to trade, hence Zimbabwe is not so important for the Chinese its us Zimbabweans who need them.

  • wezaka

    hakuna mari inouya ambassodor uyu wangaava kungowawatawo hake.poor policies in zimbabwe sometime unoshaya kuti vanhu ava vakaenda kuchikoro here maone

  • Harare

    look east morelike look to the grave

  • Murehwa

    Izvi ndizvo zviroto manje, $10 billion from the Chinese, forget…

  • UnBanked

    A certain MP was asked on ZiFM how the Rhodesian Government survived sanctions and he responded by saying through support from the Apathied Government and Zimasset was geared on enabling sustainability through other regional governments. The truth is Zimasset is what has kept us hopeful in the face of a political dispensation that has no clue on how to solve our current challenges. Smile on guys – brace for worse. We will still be sourcing for funding come 2018.

  • ginger brown

    headline of the century by heralllllllllllllllllldddddddddd

  • Patriotic Zimbo

    Please stop mortgaging our country’s resources, we are so tired of this.

  • jack

    Its high time zimbabweans took control of their own destiny, right now we heading for a crash

  • Aliphelithemba

    The Survey results on how the ruling party deals with corruption clearly reflects the mood on the ground, Quick win 1.May we get action time lines from the O.P.C. on action to bring to book culprits or else people start desponding as 2018 is not that far.