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Zimbabwe-born billionaire Strive Masiyiwa has called on global lenders from the International Monetary Fund and the World Bank to establish a special-purpose fund to help Zimbabwe and Sudan respond to the coronavirus pandemic.
Econet founder Masiyiwa argued that, unlike many other developing countries, Zimbabwe and Sudan have struggled to access funds from global lenders and the G20 due to the sanctions.
Masiyiwa says he fled Zimbabwe 20 years ago “due to persecution” and has not returned since then. He is “deeply concerned about the possible loss of life if international aid does not come quickly, especially to address the needs of this pandemic,” he added.
“For the avoidance of doubt, this is not a call to lift sanctions.
“I am not a politician, just an entrepreneur who works day and night to create wealth and jobs in many African nations,” said Masiyiwa.
In a statement released Monday, Masiyiwa proposed the creation of a Special Purpose Trust Vehicle, under the leadership of independent people, including global humanitarianists.
“I would like to appeal to the World Bank, the IMF and other multilateral institutions to create humanitarian trusts for each country, which are managed by third parties, along the lines of the Global Fund,” he said.
He added that similar interventions have already set a precedent, at the level of the United Nations, the IMF, the World Bank, the European Union, “or even the United States government itself.”
Strive Masiyiwa (AFP)
Masiyiwa said global lenders should consider planting trusts with at least $ 500 million and inviting others, including private philanthropists, to participate.
“The money would be used to provide urgently needed medical supplies, training, and compensation for health workers.
“We can also provide urgently needed repairs to rural hospitals and clinics across the country,” he said.
The United States imposed sanctions on Sudan after accusing the country of harboring terrorists, which the Sudanese government has denied. The United States previously imposed sanctions against Zimbabwe in the early 2000s. Since then, sanctions have been extended, and the United States argued that President Emmerson Mnangagwa failed to implement reforms after former leader Robert Mugabe was ousted.
President Cyril Ramaphosa, in his capacity as President of the African Union, recently called for the economic bans on Zimbabwe and Sudan to be lifted as the continent faces the pandemic, News24 reported.
