The Minister of Foreign Affairs and International Trade, Sibusiso Moyo told the 32nd Cabinet meeting held on Tuesday in the capital that Zimbabwe had lost about US$42 billion in revenue over the past 18 years due to sanctions.
Zimbabwe has since the turn of the millennium been under sanctions imposed by Western states including the European Union, the USA and the UK.
Moyo tabled in Cabinet a paper indicating how the sanctions had adversely affected Zimbabwe and the SADC region. His presentation also suggested that the country lost bilateral donor support estimated at US$4,5 billion annually, and a total of US$12 billion in loans from the IMF, the World Bank and African Development Bank as well as commercial loans worth US$18 billion since 2001.
The minister also said that as a result of sanctions, the country registered a reduction in the Gross Domestic Product to the tune of US$21 billion.
Moyo added that contrary to claims by Westerncommunities who imposed sanctions on Zimbabwe, the sanctions were actually inflicting severe pain on the ordinary citizen particularly women and children.
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