Zimbabwe has lost US$150 billion through frozen assets: VP Chiwenga

Vice President Constantino Chiwenga on Wednesday claimed that Zimbabwe has lost over US$150 billion due to targeted sanctions imposed by Western countries, led by the United Kingdom, the European Union and the United States of America (USA) through the Zimbabwe Democracy and Economic Recovery Act (ZIDERA) in 2001.

Today (Wednesday 25 October) marks 22 years since the imposition of the sanctions.

Led by Permanent Secretaries of government ministries, hundreds of frogmarched civil servants trooped into the Harare CBD “demonstrating” against the targeted sanctions.

Addressing the protesters at Africa Unity Square in Harare, Chiwenga said the economic challenges Zimbabwe is facing are as a result of sanctions. He added that the country has lost or missed over US$150 billion.

“Since 2001, we estimate that Zimbabwe has lost or missed over 150 billion United States dollars through frozen assets, trade embargoes, export and investment restrictions, from potential bilateral donor support, development loans, IMF and World Bank balance of payment support and commercial loans.

“This has forced our Gross Domestic Product to contract drastically in the two decades that followed the imposition of sanctions.

“The restrictive measures are also a direct attack on Zimbabwe’s currency which is our sovereign currency of choice, hence our motherland remains subdued by, United States dollar,” the VP said.

Jacqueline Sande, a prominent lawyer and political activist said while sanctions need to be removed, Zimbabwe must institute economic measures that ensure their lifting. She added that the regime must also release political prisoners and allow exiled politicians to come back home and live safely.

“The anti-sanctions march is a non-event and at most an abuse of civil servants who should be in their offices serving the public.

“Whilst sanctions must be removed, they will certainly not be removed through pointless marches across the CBD, this is a sheer waste of public funds.

“Government should instead expend its energies towards introducing economic policies that work for ordinary Zimbabweans, building new schools, hospitals and other public facilities whilst renovating and re-equipping old ones.

“All political prisoners should be released and the democratic space freed and everyone should be free to participate in political and governance matters without fear of victimisation. Elections should be free and fair.

“Above all, no Zimbabwean should ever be forced to live in exile or seek asylum for fear of political persecution,” she said.

The Southern African Development Community (SADC) in 2021 declared 25 October “Anti-Sanctions Day” in solidarity with Zimbabwe, which is under targeted Western sanctions.