The BBC reports that the World Bank has decided to resume aid to Zimbabwe – the Bank has not lent the cash-strapped African country any money since 2000. Sad though is the fact that most of the money will probably go to clearance of Zim’s arrears to the WB and the African Development Bank (Zimbabwe owes $1 b). But the WB director, Toga Gayewea McIntosh, who is in charge of the group of African countries that include Zimbabwe promised that more grants will follow soon.
According to the Finance Ministry, Zimbabwe needs $8.3 billion for full recovery to be achieved any time soon after years of ruinous economic policies under the strongman Robert Mugabe.
Morgan Tsvangirai (a man who many believe ought to be Zimbabwe’s president) was sworn in Thursday as Zimbabwe’s Prime Minister. This marks the beginning of a compromise power sharing arrangement in Zimbabwe which forces the aging Robert Mugabe, 85 to share power with Tsvangirai’s MDC. Tendayi Biti, another MDC stalwart, will be Finance Minister.
This raises the question of whether Zimbabwe can bounce back some time soon. Millions have fled the country. Millions depend on food aid. 3000 have died of cholera and many more remain at risk and the economy has virtually collapsed, with 9 in 10 people out of employment. I am a proud owner of a 100 billion Zimbabwe note. In short, a lot needs to be done and MDC will have it mostly uphill for a long time to come. But will they succeed? If the recent developments in Kenya are any indicators, Zimababweans should be warned that things will get worse before they get better. The same people who while in opposition were screaming about corruption have been coopted into the same shady deals they once fought against (the maize, oil and tourism scandals are testament to this). And the lack of a credible opposition has given the government some immunity against censure in parliament. Zimbabwe may find itself in the same position, unless they actively avoid it.
May be Tsvangirai and his MDC will do things differently. I wish them well.