world bank logo 04.11.10.jpgThe latest visit by a World Bank team to assess the local economy’s performance has raised suspicion among stakeholders who argue that the Bretton Woods institution should show its commitment to the revival of the local economy by providing funding.

Concern is being raised over the failure by the World Bank to provide funding for the revival of the local economy despite continued visits to the country by the institution’ s teams of experts.
Stakeholders say instead of just offering advice, the World Bank should instead provide funding to stimulate economic growth.

An economic and political commentator, Mr.  Godfrey Dupwa says the assessment meetings by the World Bank have proved meaningless to Zimbabwe as the institution is not wiling to release funds for key economic sectors.

“Such meetings or visits are becoming meaningless because nothing is materialising and we hope for the better in the future,” said Mr. Dupwa.

Currently, a World Bank team is in the country for a two week review of economic policies and will hold meetings with key Government ministries and the private sector.

Given the fact that the International Monetary  Fund’s  Economic  Structural  Adjustment  Programmes  (ESAP) in the early 1990’s failed to create economic prosperity, an economist  Mr. Brains Muchemwa says while Zimbabwe remains committed to strengthening ties with multilateral funding institutions, the failure by the World Bank to provide credit lines and infrastructural developments has raised more questions than answers.

“We are really worried that such teams are not yielding any benefits to us and this should come to an end,” Mr. Muchemwa said.

Industry has urged government to shift reliance on  external financiers such as the World Bank and the  IMF  as official statistics show that Finance Minister  Tendai  Biti’s  efforts to mobilise US$800 million from external institutions  under the US$2,2 billion 2010 budget  failed to materialise.

Less than US$200 million was generated through the vote of credit.