Zimbabwe Govt set to dump USD

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PRESIDENT Mnangagwa has said the country is agreeable to the use of alternative forms of payment for various transactions as opposed to the sole use of the United States dollar.

Yesterday during a bilateral meeting with Russian President Vladimir Putin at the ongoing Russia-Africa Economic and Humanitarian Summit in St Petersburg, the President also appealed to his host to consider Zimbabwe’s request to join the BRICS New Development Bank.

This comes as many nations, such as Russia, China and India have been dumping the use of the US dollar with more nations, fed up by the US unilateralism and coercive approach to international relations, now seeking a new inclusive democratic order.

“In view of the sanctions imposed on both our countries and subsequent challenges in undertaking US-dollar denominated transactions, Zimbabwe is agreeable to pursue alternative autonomous solutions and the use of alternative forms of payment for various transactions, I am happy that the Russian Federation has already accomplished this as a result of the sanctions imposed on your Republic.

“May I highlight that Zimbabwe intends to bid for a non-permanent seat in the United Nations Security Council for the period 2027-28, we appeal for the support of the Russian Federation. Similarly, Zimbabwe submitted a request to you Your Excellency to join the BRICS New Development Bank; we equally count on support of Your Excellency in this endeavour,” said President Mnangagwa.

The President said long-standing relations between Zimbabwe and Russia remain very solid and excellent, rooted in both countries firm belief in the sovereign right of the countries to determine their own destinies.

He said Russia has been a steadfast friend for Zimbabwe in both good and bad times, and that he is confident that those relations will continue to grow and strengthen. With Zimbabwe and Russia relations stronger—the President said he expects high level visits and exchanges between the two countries.

“On economic cooperation, as we forge ahead it is important for our two sides to work harder to further deepen bilateral trade and commercial exchanges,” he said.

He also acknowledged investments made by Alrosa, the world biggest diamond company, in Zimbabwe saying it has contributed to economic growth.

Zimbabwe recently took delivery of helicopters from Russia that have been distributed among other sectors to health delivery and policing, another batch is on its way.

President Mnangagwa also invited Russian companies to take advantage of the investor friendly policies of Zimbabwe and invest in lithium mining, agro industry and infrastructure development.