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‘Engage multilateral financial institutions’

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GOVERNMENT should make frantic efforts to engage multilateral financial institutions for it to be re-integrated into the mainstream economy, a cabinet minister has said.
Speaking to journalists after meeting a Swiss delegation in Harare yesterday, Finance and Economic Development Minister Patrick Chinamasa said Zimbabwe needs to get into the mainstream economy soon rather than later.

“It is through those multilateral financial institutions like World Bank and IMF that Zimbabwe will regain its position into the mainstream of the world economy. The country has to be in the mainstream of the world economy and the Swiss are here to assist us re-integrate,” said Minister Chinamasa.

He said Government is about to conclude a memorandum of understanding with the Swiss Government on ways to raise developmental capital for Zimbabwe.
The Swiss Government has been providing development assistance in health and agriculture sectors and in December last year, Government received a Swiss delegation that wanted to review some of its development projects.

Minister Chinamasa said the purpose of the meeting is to continue the discussions that were done last year on re-engagement.
“We have agreed to start step-by -step negotiations of a memorandum of understanding on economic corporation between the Swiss Government and ourselves.

“The MOU comes on the basis of the Paris Declaration whose essential elements encourage direct contact between a development partner and the recipient country such as we are,” he said.

Minister Chinamasa said the MOU will help support to build the country’s institutional capacity to handle any development assistance that may be provided.
Basically this move will encourage transparency, accountability and minimise duplication of efforts in terms of aid.

“This is dovetailing with our aid co-ordination architecture and I have taken the opportunity to advice the delegation of our new aid co-ordination committee which is supported by the Permanent Secretary of Finance and Economic Development as well as the Deputy Secretary in the Office of the President and Cabinet,” he said.

He said the idea of the meeting with the Swiss delegation was to conclude an MOU that will make Government commit to direct contact and provision of development assistance.

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