Monday, July 13, 2020

The International World Bank has funded Zimbabwe with $7 million to help aid its people after finance minister, Mthuli Ncube wrote a letter for help to the bank.

Despite being in arrears with the Washington-based lender, the World Bank has stretched its hand to help Zimbabwe fight the coronavirus pandemic with large sums of money.

The World Bank realises that the struggle is for everyone and it is also part of their mandate to care for countries in need even if they owe them. With this in mind, $5 million will be mobilised by the lender from its Global Financing Facility Trust Fund to support the nation’s health response.

A World Bank spokesperson spoke in an emailed response to questions that $2million will also be mobilised to Zimbabwe’s on-going Idai Recovery Project to support affected communities.

The lender also highlighted that Zimbabwe still owes the World Bank large sums of money therefore the support to the country would not come directly from the Bank but from the banks trust funds and also partners.

”Zimbabwe isn’t current on its debt-service obligations with the institution and therefore can’t access funds through its regular financing channels. We recognize this is a global crisis that impacts every country and we cannot leave anyone behind,” said the lender.

Many organisations have now focused on supporting the government’s emergency-response efforts as it fights against the pandemic. Of the organisations helping also includes its existing multi-donor Zimbabwe Reconstruction Fund technical assistance program.

Mthuli Ncube finally accepted the financial crisis that the country had already been in before the pandemic and asked for help. He therefore wrote a letter to multilateral lenders including the International Monetary Fund, seeking assistance. In his letter he stated that more than half of the population needs food aid and the country’s health services are in tatters.

The World Bank responded financially upon receiving the minister’s letter. The Bank mentioned that it was heart breaking how some other countries have to cope with dilapidated economies during this pandemic therefore it is within them to help.

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