Andrew Bloomberry Foreign Correspondent
After decades of economic isolation, the Zimbabwe Government, led by the Minister of Finance and Economic Development Patrick Chinamasa, Minister of Foreign Affairs and International trade, Dr Sibusiso Moyo and Reserve Bank of Zimbabwe Governor Dr John Mangudya had their inaugural non deal investor roadshow in New York City on Monday to update Wall St investors on the situation in Zimbabwe since the new Government came into power and also highlight investment opportunities in the country.
Accompanying the Zimbabwe delegation were the Zimbabwe ambassadors to US: Ambassador Fredrick Shava and Ambassador Ammon Mutembwa.
At the meeting, which was hosted by Exotix Capital, a specialist emerging markets investment banking firm with offices in New York, London, Dubai, Lagos and Nairobi, Dr Mangudya said that Zimbabwe would clear its debt arrears by September with the aim to tap international capital markets by the end of the year, though that timeline would be “very fast-tracked”.
Repayment would unlock more cash from the AfDB and is necessary to tap other sources of development financing.
“We need to clear the ADB and World Bank before we’re able to go into a programme with the IMF,” said John Mangudya, governor of the Reserve Bank of Zimbabwe, at a press event following the investors’ meeting.
“What we need is a bridge financing from the likes of these investors,” he said. The timeline for the arrears payment and the added funding “is possible, but it would be very fast-tracked,” said Dean Tyler, head of fixed income at Exotix Capital.
Investors who attended the inaugural wall street Zimbabwe investor forum in New York include Goldman Sachs, Lazard Asset Management, JP Morgan, Morgan Stanley, TIAA, Alliance Bernstein and Greensledge Capital.
The Zimbabwe delegation followed up with hosting a press briefing with business media which included Wall Street Journal, AFP, BBC, Voice of America, Financial Times, Global Finance and Thomson Reuters.
After the non-deal investor roadshow in New York, the Zimbabwe delegation proceeded to the International Monetary Fund (IMF) spring meetings in Washington DC. – Additional reporting from Reuters.