World Bank feels the weight of the fury; abandons plan to prop up Robert Mugabe

Harare – The World Bank has denied media reports that it is about to resume lending to cash-strapped Zimbabwe.

Widely-circulated reports this week suggested that the World Bank was working on a bail-out package for Zimbabwe that could see it handing over 400 million US to President Robert Mugabe’s government starting next year.

The claims elicited howls of protest from opponents of the 92-year-old leader. A leaked document appeared to show that the World Bank had ignored the government’s unpopular decision to print its own banknotes and turned a blind eye to recent reports of rights violations during a wave of anti-government protests.

But now the global lender says the leaked document the reports were based on was “an unofficial draft document that has not been approved.”

“The World Bank will only resume direct lending to Zimbabwe when the issue of arrears is resolved,” a statement from them added.

Zimbabwe owes the World Bank 1.1 billion US, according to the central bank governor John Mangudya.

A mid-term fiscal policy review presented by the finance minister Patrick Chinamasa this week showed the dire straits that troubled Zimbabwe is in financially. The minister admitted that the wage bill for civil servants ate up 96.8 percent of revenue — and that the authorities might be unable to meet that bill by the end of the year. -News24

Related Posts
Succession battles: Mnangagwa’s ally finds live bullet in hotel room
Fear has reportedly gripped Zanu PF after the discovery of a live bullet in Sport and Recreation minister Makhosini Hlongwane’s hotel room on Monday night in an incident reportedly linked ...
READ MORE
Mandelson called to explain to Parliament attempts to help Mugabe secure $1.1 billion
LONDON - Former British Business Secretary and senior Labour Party leader Lord Mandelson will be called to explain his visit to Zimbabwe to help Robert Mugabe secure funding; a cross-party ...
READ MORE
Bikita West MP Dr Kereke jailed 14 years for rape
HARARE - Zanu PF Bikita West MP Munyaradzi Kereke has been sentenced to jail for 14 years for the 2010 rape of a minor. Regional magistrate Noel Mupeiwa however, suspended four ...
READ MORE
Mugabe’s mounting health woes cause fear for national security
PRESIDENT Robert Mugabe’s failure to appoint a successor could throw Zimbabwe into turmoil if he dies in power or is incapacitated, a think-tank has warned, with observers saying First Lady ...
READ MORE
New succession plots rattle Mugabe
PRESIDENT Robert Mugabe’s factionalism rants at his party’s national Youth League assembly meeting last Saturday suggest the ageing leader does not want anyone to succeed him indicating a thickening plot ...
READ MORE
A bar and unspoken words at ZANU-PF’s indaba
THERE was no need to guess why Brown Sugar Bar in Victoria Falls was a hit with delegates to the 15th ZANU-PF annual conference held in the resort town last ...
READ MORE
‘We Are Not Your Students Mr Speaker Sir’ – Chamisa
Harare,– Kuwadzana MP Nelson Chamisa was Wednesday ejected from the House after he had confronted National Assembly Speaker Jacob Mudenda accusing him of treating MPs like students. This is after the ...
READ MORE
Zimbabwe's Army commander General Constantine Chiwenga (L) chats with commander of the Zimbabwe National Army, Lieutenant-General Phillip Valerio Sibanda, during the countries 28 years Independence celebration in Harare on April 18, 2008.            AFP PHOTO / Alexander JOE (Photo credit should read ALEXANDER JOE/AFP/Getty Images)
ORGANISERS of Friday’s planned anti-government protests yesterday claimed they were summoned by securocrats for a briefing, amid reports government feared the demonstration could turn into another orgy of looting and ...
READ MORE
Removal of Zimbabwe US Targeted Sanctions Dependent on President, Congress – Ambassador
WASHINGTON — United States Ambassador to Zimbabwe Harry K. Thomas Jr. says Washington is willing to engage with Harare though his country will continue to push for reforms that Zimbabweans ...
READ MORE
Social unrest rises against Robert Mugabe in Zimbabwe
HARARE, Zimbabwe — President Robert Mugabe has faced down opposition before, but with the Zimbabwean economy tanking, his party divided and security forces unpaid, a new cadre of protesters is ...
READ MORE
Succession battles: Mnangagwa’s ally finds live bullet in
Mandelson called to explain to Parliament attempts to
Bikita West MP Dr Kereke jailed 14 years
Mugabe’s mounting health woes cause fear for national
New succession plots rattle Mugabe
A bar and unspoken words at ZANU-PF’s indaba
‘We Are Not Your Students Mr Speaker Sir’
Zimbabwe military generals summons opposition parties
Removal of Zimbabwe US Targeted Sanctions Dependent on
Social unrest rises against Robert Mugabe in Zimbabwe

Arts & Entertainment