Home Economy Zimbabwe lost US$98 billion due to sanctions

Zimbabwe lost US$98 billion due to sanctions

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Zimbabwe’s Information, Publicity and Broadcasting Services minister, Monica Mutsvangwa on Wednesday announced that the total amount of revenue lost by the country as a result of sanctions imposed by the west was in excess of approximately $98 billion.

The minister who spoke during a post-cabinet media briefing said, “Zimbabwe had lost at least US$42 billion in revenue over the past 18 years due to the sanctions.”

It was also reported that since 2001, the country lost bilateral donor support of nearly $4,5 billion annually.

“A total of US$12 billion in loans from the IMF, the World Bank and African Development Bank as well as commercial loans worth US$18 billion were also lost on account of the sanctions.”

It is also believed that the sanctions also bought a Gross Domestic Product (GDP) reduction of $21 billion.

The report follows after the SADC region has agreed to make October 25 a day to protest against sanctions imposed on Zimbabwe.

Foreign Minister General SB Moyo said they are currently compiling a report about sanctions on Zimbabwe and they are going to publicise it within the region.

The US maintains the sanctions are not against Zimbabwe but against 65 individuals and 56 companies.

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