ZimEye Feeds!

World Bank to assist Zimbabwe Blessing Chapwati 22-09-08 1900

World Bank Headquarters in Washington DC. Flicker PIC   The World Bank has pledged to assist Zimbabwe following the recently signed power-sharing agreement between President Robert Mugabe and the opposition.

The bank said in its first public statement released over the weekend.

"We look forward to the completion of work on other details of the agreement," it said.

The bank's director for Angola, Malawi, Mozambique, Zambia and Zimbabwe, Michel Baxter further said the deal is a potential opportunity for Zimbabwe to begin to deal with its mounting economic, social and governance problems.

"As concrete progress is made on the ground, we would be ready to join other development partners in exploring an appropriate program of technical and, as appropriate, financial assistance", Baxter said.

The World Bank and other international financial institutions cut credit lines to Zimbabwe since 2000 when government embarked on a controversial land reform program, which saw the acquisition of mostly white owned commercial farms.

Lack of credit lines has adversely affected Zimbabwe's economy that has recorded annual inflation rate of over 11 million percent, world's highest with production falling to below 20 percent.

The international community has been shying away from Zimbabwe sighting President Mugabe's governance and policies while Mugabe has in turn blamed western sanctions for the economic meltdown.

The power-sharing deal is expected to end a crisis that has destroyed the economy, saddling the once-prosperous country and sending millions of refugees into neighbouring countries. ZimEye/Agencies