industry.jpgAn economist at the US Embassy in Harare has admitted that illegal sanctions imposed on Zimbabwe by Western nations have impacted negatively on the operations of local companies.

Briefing journalists in the capital on Zimbabwe’s re-engagement with multilateral lenders, an economist at the US Embassy Mr. James Garry chose to be diplomatic on the effects of illegal economic sanctions on the country’s economy and failure to access funding from multilateral institutions.

Garry said the Zimbabwe Democracy and Economic Recovery Act (ZIDERA) if repealed will not change anything to the country’s economic performance as well as economic ties between the two countries.

On the international monetary fund’s decision to restore Zimbabwe’s voting rights, Garry said the development has opened the door for closer cooperation with the IMF hence the need for fiscal authorities to work towards clearing its arrears.

Zimbabwe’s IMF voting rights were restored last Friday with 24 directors unanimously calling for the restoration of the voting rights as requested by Zimbabwe’s fiscal authorities.