industry.jpgEconomists have described the illegal sanctions imposed on Zimbabwe by the West as a deterrent to economic development aimed at discrediting the country’s leadership.

The country’s economy has been reeling under the illegal sanctions that were imposed by the West with the business sector being hard hit as Zimbabwe has been denied lines of credit by western financial institutions.

An Industrialist, Mr. Callisto Jokonya said sanctions are real and have left the country with no working capital, rendering the industrial equipment in the country obsolete as there are no funds to buy spare parts and new machines.

“We are being asked to buy material in cash, there are no credit lines that are opened, we have no working capital because of sanctions which are really hurting industry… they are not targeted they hurt the ordinary man on the street, not politicians,” said Mr. Jokonya. 

An economic analyst, Mr Jonathan Kadzura echoed the same sentiments saying the poor state of infrastructure shows the effects of sanctions.

 

He commended the initiative taken by Head of State of Government and Commander-in-Chief of the Zimbabwe Defence Forces, President Robert Mugabe to launch the National Anti-sanctions Petition Campaign aimed at putting pressure on the international community for the lifting of sanctions.

“Government can’t access credit lines and the parastatals are suffering ….the state of roads in the country is deplorable yet it is one of the enablers of the economy. All the hype to put sanction on the country is to try and disgruntle Zimbabweans and effect regime change,” Mr. Kadzura said.

Zimbabwe’s economic challenges are a direct result of a concerted and systematic campaign to effect regime change through an economic embargo after Zimbabwe embarked on the land reform programme.

The United States and the EU imposed sanctions on Zimbabwe in 2001 and 2002 respectively.

The US sanctions act,  ZIDERA, empowers America to use its voting rights and influence in multilateral lending agencies, such as the IMF, World Bank, and the African Development Bank to veto any applications by Zimbabwe for finance, credit facilities, loan rescheduling, and international debt cancellation.