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Beyond Sanctions: Zimbabwe Eyes BRICS Bank
Beyond Sanctions: Zimbabwe Eyes BRICS Bank
Sputnik Africa
The New Development Bank is a BRICS financial institution that finances infrastructure development, economic expansion, and empowerment. As Zimbabwe considers... 04.04.2024, Sputnik Africa
2024-04-04T19:12+0200
2024-04-04T19:12+0200
2024-04-04T19:12+0200
global south pole
economy
zimbabwe
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international monetary fund (imf)
new development bank (ndb)
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Beyond Sanctions: Zimbabwe Eyes BRICS Bank
Sputnik Africa
The New Development Bank is a BRICS financial institution at financing infrastructure development, economic expansion, and empowerment. With Zimbabwe considering membership, on Global South Pole, our guest, a member of the Reserve Bank of Zimbabwe monetary policy committee, shared insights regarding his country's aspirations.
Zimbabwe would benefit from joining the BRICS New Development Bank (NDB), which could help it renew its aspirations of accessing international capital as it seeks to rebuild its economy, Persistence Gwanyanya, an economist and a member of the Reserve Bank of Zimbabwe monetary policy committee, said. The countries that make up the NDB are economically and financially strong, and it is therefore well advised for Zimbabwe to associate with such countries, he stressed.He further explained that Zimbabwe, despite being in a different economic position compared to other countries in the region, has made significant progress, given that Zimbabwe does not receive support from the international financial institutions due to sanctions imposed on the country. Mr. Gwanyanya believes that Zimbabwe has forged ahead despite the US being a "thorn in the flesh." Washington's Zimbabwe Democracy and Economic Recovery Act sanctions have been in place for decades. The US has recently amended the package, despite calls for the sanctions to be lifted altogether.To hear more from our expert, listen to the Global South Pole podcast presented by Sputnik Africa!In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Deezer, Castbox, Pocket Casts, Afripods, Podcast Addict;► Check out all the episodes of Global South Pole.
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Aliyu Bello
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economy, zimbabwe, podcasts, global south, brics, international monetary fund (imf), new development bank (ndb), sanctions, united states (us), sputnik africa, аудио
economy, zimbabwe, podcasts, global south, brics, international monetary fund (imf), new development bank (ndb), sanctions, united states (us), sputnik africa, аудио
Beyond Sanctions: Zimbabwe Eyes BRICS Bank
The New Development Bank is a BRICS financial institution that finances infrastructure development, economic expansion, and empowerment. As Zimbabwe considers membership, our guest on Global South Pole, a member of the Reserve Bank of Zimbabwe's monetary policy committee, shared insights into his country's aspirations.
Zimbabwe would benefit from joining the BRICS New Development Bank (NDB), which could help it renew its aspirations of accessing international capital as it seeks to rebuild its economy, Persistence Gwanyanya, an economist and a member of the Reserve Bank of Zimbabwe monetary policy committee, said. The countries that make up the NDB are economically and financially strong, and it is therefore well advised for Zimbabwe to associate with such countries, he stressed.
"What Zimbabwe seeks today is to climb the value chain to transform the economy from a resource-based economy through widening the manufacturing base and the manufacturing sector into an industrialization-driven economy, which is what all these countries have gone through. So we have got a lot of catch-up to do, and we need friendly countries to deal with," Mr. Gwanyanya noted.
He further explained that Zimbabwe, despite being in a different economic position compared to other countries in the region, has made significant progress, given that Zimbabwe does not receive support from the international financial institutions due to sanctions imposed on the country.
"We have been funding our growth and our infrastructure mainly on our own, on domestic resources, because of this limited access to international capital. Now, the BRICS Development Bank presents an efficient opportunity to address our circumstances the challenges that we face," he stressed.
Mr. Gwanyanya believes that Zimbabwe has forged ahead despite the US being a "thorn in the flesh." Washington's Zimbabwe Democracy and Economic Recovery Act sanctions have been in place for decades. The US has recently amended the package, despite calls for the sanctions to be lifted altogether.
"Even our peers in Africa have condemned these sanctions as harming the ordinary person in the country and contributing to the economic malaise that the country is facing. In whatever form and whatever degree of sanctions, they are condemned in Zimbabwe," the economist noted.
To hear more from our expert, listen to the Global South Pole podcast presented by Sputnik Africa!
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of Global South Pole. 
