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Zimbabwe: Govt Pays U.S. $700 Million to AfDB
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The Zimbabwe Guardian (London)
13 May 2008
Posted to the web 13 May 2008
Samantha Chidzero
Editor's Note: The African Development Bank stated in a press release today, "the Zimbabwean government last month paid part of its arrears to the African Development Bank (AfDB) Group."
"On April 14, 2008, the country paid US$ 500,000 to the African Development Bank and US$150,000 to the African Development Fund. Zimbabwe has, in all, paid US$ 650,000 to the Bank Group despite numerous economic challenges currently facing the country, both globally and locally.
According to Mr. Abdirrahmene Beileh, AfDB acting Director in charge of Southern African countries, "Zimbabwe is still owing the Bank large amounts of money in arrears."
The original story from The Zimbabwe Guardian reads as follows:
ZIMBABWE has paid US$700 million to the African Development Bank (AfDB) to reduce its foreign debt, the bank said Monday.
AfDB said in a statement that Zimbabwe had been in arrears and made the repayment last month despite the deepening foreign exchange shortages facing the embattled southern African nation.
"Zimbabwe has, in all, paid 700 million dollars to the bank group despite numerous economic challenges currently facing the country, both globally and locally," the bank said on the eve of its annual meeting in Maputo.
Zimbabwe made a 500-million-dollar repayment to AfDB and an additional 200 million dollars to the bank's subsidiary lender, African Development Fund, on April 14, two weeks after Zimbabwe's harmonized elections.
According to the statement, the payments made were "testimony of the government's determination to live up to its international financial obligations," said the bank.
The bank said these payments were made despite an absence of balance of payments support, declining capital inflows, recurrent droughts and rising oil prices, which had severely undermined productivity and led most industries to operate below 30% capacity.
The bank did not disclose Zimbabwe's total debt, but last month the World bank estimated that Zimbabwe's arrears to the World Bank, International Monetary Fund and the African Development Bank stood at $1,1 billion.
ADB President Donald Kaberuka told Reuters in an interview last month that the bank stood ready to help Zimbabwe once sanctions are lifted, saying in such circumstances the whole international community should be prepared to move in to help stabilize the economy.
Food crisis on the continent
Meanwhile, a report, which was launched by African Development Bank chief economist Louis Kasekende in Maputo, noted that there was a need for urgent action to stem what it termed the food crisis on the continent.
"Besides the rising price of crude oil, in the three months since January 2008, prices of some major food crops have nearly doubled," the report stated.
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The African Development Bank holds its summit in Mozambique from May 14 to 15.
If anyone would like to check the AfDB website the figure is in total US $650000. You couldn't buy my house for that. What an economic powerhouse the illustrious leader has created if thats all the country has to spare.
This is very suspicious. Where did this money come from? How can there be no money for the run-off election yet they can pay back this huge amount? Massive fuel shortages in the country yet a massive pile of cash to repay debts?
Something's very wrong with this picture!
Mindpower, about May 14th 2008 or so, Gideon Gono purchased $6 quadrillion value of shares from the People's Own Savings Bank(POSB),the value of which is 75% of the bank's balance sheet. This bank as you know, caters mainly for low income depositors and is now at the brink of collapse. He threatened to fire anyone who resisted so he got his way. When confronted he said he was acting on behalf of a powerful politician aligned to Robert Mugabe.Most people know that that politician is himself and are not fools. I tell you, people's money is being stolen left right... [Read Full Text]
kjrs120, how is purchasing shares stealing money? Businesses issues shares to raise capital. If what you claim is true, Gono actually injected cash into the People's Own Savings Bank - the literal and mathematical opposite to what your comment has suggested.
It's stealing when someone purchases your shares but you don't want to sell them. Pretty obvious really. Back to business pre-school for you Kuba.
Don't be so silly. Shares are bought and sold in public markets. It's not possibly to steal something you've paid for in a market. As for business school, don't even bother attending; it's patently not your strong point.
So if I take away your TV but I give you five cents for it, that's not stealing because I've paid for it? Don't be ridiculous! Anyway, Gono didn't buy the shares from shareholders willing to sell he SEIZED them.
I notice you didn't deny that you are Kubatana6. So tell us Kuba, why post under so many different names? Is it because you have been exposed as a joke so now you think you can gain some level of credibility by a change of name?
PS, try reading the article before you give us another clueless reply.
http://allafrica.com/stories/200805141015.html
Selector, yes under NORMAL circumstances, businesses offer shares to raise capital etc. But as Mindpower has so clearly explained to you, this was a seizure by Gideon Gono. In case you do not understand what seizure means - this was not a willing buyer and willing seller transaction. This was an "I want it, I will take it, and I will fire you if you resist" take. One man owning 75% of the Bank's balance sheet - who do you think will monopolize and manipulate? It's a 'Reserve Bank of Zimbabwe' governor we are talking about with every... [Read Full Text]
mindpower, I replied to a message from kjrs in this thread that said, "Gideon Gono purchased $6 quadrillion value of shares from the People's Own Savings Bank..." - To present additional, though unsubstantiated, information suggesting "seizure" is one thing, but to blame or accuse a poster/contributor on the matter is ridiculous. kjrs' post did not mention siezure so there was no seizure to be argued against; this has been introduced later in the thread by you when you say "Gono didn't buy the shares (as the poster had originally said) from shareholders willing to sell he SEIZED them".
"So if... [Read Full Text]
LOL, Kuba I see you like to employ political tactics. You still haven't given a direct answer to the question of whether you are both Selector and Kuba. Instead you point an accusing finger at me hoping to divert attention from this. I notice you didn't deny any of the same claims by others. Why not?
I posted a link to the story on AllAfrica about the seizures, which is obviously what I was basing my statement on. Either you didn't bother to read it or you make out like I'm accusing kjrs120 of something in a lame attempt to... [Read Full Text]
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