Zimbabwe’s Cash Crisis Will Be Resolved When US Sanctions Are Removed: Minister

Responding to a question on when the cash crisis would be resolved at a currency dialogue series hosted by the Econometer Global Capital, Finance deputy minister Terence Mukupe said that the situation will improve once the United States removes the Zimbabwe Democracy and Economic Recovery Act (Zidera).

Said Mukupe:

No one can be able to put timelines on it. I know what the problem is. You know the solutions that we are trying to put in place to address that. So for you to ask us to give you a specific time as to when this is going to happen, no one is able to do that. You saw the presentations that were being done by some of our colleagues that sanctions will be in place until elections are held. You know for a fact that as long as Zidera is there, there is no way we are going to have a proper banking system in Zimbabwe because we need those lines of credit.

Section 4(2)(c) of Zidera stipulates that until the US President makes certification, the Secretary of the Treasury shall instruct the US executive director to each international financial institution to oppose and vote against any extension by the respective institution of any loan, credit or guarantee to the government of Zimbabwe.

More: NewsDay

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