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The former finance minister of Zimbabwe, <a href="https://www.pindula.co.zw/Tendai_Biti/">Tendai Biti</a>, has cautioned President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa/">Emmerson Mnangagwa</a>‘s administration against abandoning the US dollar for an alternative currency as they consider joining BRICS. Biti warns that de-dollarisation could have negative consequences for the country.
BRICS is a bloc of emerging economies including Brazil, Russia, India, China, and South Africa. Zimbabwe has applied for BRICS membership, which recently accepted six oil-producing nations.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/08/25/zimbabwe-reiterates-willingness-to-join-brics/">Zimbabwe Reiterates Willingness To Join BRICS</a></li>
<li><a href="https://www.pindula.co.zw/2023/08/24/brics-add-6-more-countries-to-the-bloc/">BRICS Add 6 More Countries To The Bloc</a></li>
<li><a href="https://www.pindula.co.zw/2023/03/17/zimbabwe-wants-to-become-a-brics-member/">Zimbabwe Wants To Become A BRICS Member</a></li>
</ul>
Biti argues that Zimbabwe lacks the necessary conditions to transition away from the US dollar and warns that such a move could lead to economic disaster. BRICS aims to challenge the dominance of the US dollar by introducing a gold-backed international reserve currency. Biti said:
<blockquote>
The regime is intent on de-dollarization. This move will be an absolute disaster and will cost workers and pensioners.
Conditions for de-dollarisation don’t exist.
Move is a zany attempt to follow the global de-dollarization agenda being pursued by BRICS and other new world order advocates.
</blockquote>
Zimbabwe currently relies on a multi-currency system, with the US dollar being the preferred choice due to a fragile and volatile domestic currency. The Zimbabwean dollar has faced challenges such as inflation, corruption, and a lack of investor confidence in the ZANU PF-led administration. Financial analysts anticipate a significant depreciation of the local currency, both in the official exchange rate and on the black market, when the government releases its outstanding payments to contractors. This is expected to have an immediate impact on the value of the Zimbabwean dollar.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Biti Warns Zimbabwe Against Abandoning US Dollar For BRICS' Proposed Alternative Currency

During the XV BRICS Summit held in Johannesburg, South African President Cyril Ramaphosa announced that the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has made the decision to extend invitations to six countries to join the bloc as new members. These countries are Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates. This expansion of the BRICS organization is part of its strategic plan for growth.
At the summit, the BRICS leaders adopted the Johannesburg II Declaration, which outlines their shared vision and commitments. Effective January 2024, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been formally admitted as members of the BRICS bloc.
The topic of expanding the BRICS bloc has been a prominent issue on the summit’s agenda, with discussions held over the course of the three-day event in Johannesburg. While all BRICS members have expressed public support for the expansion, differences among the leaders have arisen regarding the extent and pace of the enlargement process.
In June of this year, President Emmerson Mnangagwa announced that Zimbabwe had submitted a request to join the BRICS New Development Bank (NDB) and anticipated receiving support from Russia. The President made this statement during a bilateral meeting with Russian President Vladimir Putin in St. Petersburg, Russia, as part of his attendance at the second Russia-Africa Economic and Humanitarian Forum. The NDB, established in 2015 by the BRICS countries serves as a multilateral financial institution aimed at financing infrastructure and sustainable development projects in BRICS nations, as well as other emerging market economies and developing countries.
This is happening when Zimbabwe’s access to credit has significantly reduced in the past twenty years, leaving the country with limited financial flexibility. International financial institutions such as the IMF and the World Bank, which are part of the Breton Woods institutions, halted lending to Zimbabwe in the early 2000s due to its substantial debt. Despite Zimbabwe’s repayment to the IMF, the institution declined to provide further financial assistance, stating that the country still had outstanding debts with other financial institutions. As a result, Zimbabwe’s options for obtaining credit have been severely constrained, putting significant pressure on its fiscal capabilities.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

BRICS Add 6 More Countries To The Bloc

ZANU PF spokesperson, Ambassador <a href="https://www.pindula.co.zw/Christopher_Mutsvangwa/">Christopher Mutsvangwa</a>, has praised the BRICS (Brazil, Russia, India, China, and South Africa) bloc for its diplomatic and political support, which he said enabled Zimbabwe to overcome long-standing “illegal sanctions”.
Mutsvangwa emphasised the significant economic benefits that BRICS brings to Africa, particularly in terms of affordable markets, capital sources, and cutting-edge technologies that promote information and financial inclusivity globally.
According to Mutsvangwa, the BRICS alliance has played a pivotal role in rescuing Zimbabwe from the fate suffered by other nations, such as Iraq, Libya, and Afghanistan. He credited BRICS nations for their critical 2008 United Nations Security Council veto against comprehensive sanctions on Zimbabwe.
Highlighting Zimbabwe’s potential as Africa’s fastest-growing economy, Mutsvangwa noted the influx of investments from BRICS entrepreneurs into the country’s resource-rich sectors. He made the remarks at the BRICS Media Forum, hosted by Xinhua News Agency with the support of the Chinese Communist Party (CPC). The forum preceded the BRICS Summit, which is scheduled for August 22-24. The forum aimed to strengthen media dialogue for a shared and unbiased future, under the theme “BRICS and Africa.” He said:
<blockquote>
Africa, a continent with a youthful and growing population of 1.2 billion is suddenly in the glowing limelight of international attention. Africa has to render gratitude to the economic resurgence of the BRICS and other emergent economies. The BRICS fraternity is increasingly offering new and exciting and affordable markets for goods and services, new sources of capital doing away with regimented imperialist dictates to economic development and advanced and even leapfrogging technologies that promote information and financial inclusivity in a global village.
As we speak, Zimbabwe is poised to become Africa’s fastest growing economy. We have an influx of world-class entrepreneurs from the BRICS fraternity pouring investment into our resource-rich nation. Our well-educated and easily skill-able labour force is ever keen and ready to turn invested capital to profits. 
BRICS saved us from the fate that befell Sadam’s Iraq, Gaddafi’s Libya, and Afghanistan among others. I salute Pretoria, Tshwane, Moscow and Beijing for the 2008 United Nations Security Council veto on comprehensive sanctions against Zimbabwe.
Both me and my wife are candidates for the Senate seats. By the way, our marriage goes back to our wartime comradeship. We are a liberation struggle foot-soldier couple. Our bond is entangled in the political soul of Africa’s liberation. We are committed to anything that spells a redemptive course to the continent’s enduring aspirations. Me and Monica are surrogates of the Soweto and Samora Machel revolutionary spirit. 
We are here even as we are in the final lap of our elections. All because we put premium to the work of the mirror as the image of BRICS at work. We owe our imminent electoral good fortunes to the BRICS. 
There are huge lithium processing plants for New Energy Electric Vehicles. More work is witnessed in requisite energy generation and transmission. Water storage, pipe systems, building of a new port in nearby Beira, the second city of Mozambique, railway, road and accompanying logistics are the hallmark of the beckoning transformation for Zimbabwe.
</blockquote>
He also praised Zimbabwe’s educated and adaptable workforce, ready to convert invested capital into profits.
Furthermore, Mutsvangwa urged BRICS nations to dispatch reporters to Zimbabwe to document the mouth-watering multi-billion-dollar investments, including projects related to steel blast furnaces, lithium processing plants, energy generation, water storage, transportation infrastructure, and more.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

ZANU PF Praises BRICS For Supporting Zimbabwe In Overcoming Long-Standing "Illegal Sanctions"

The South African government has agreed to execute the International Criminal Court (ICC) arrest warrant against Russian President Vladimir Putin if he ever sets foot in the country. The Department of Justice has also agreed to pay the costs of the legal application launched by the DA to compel the government to arrest Putin if he were to attend the BRICS summit in Johannesburg.
This decision comes after the government announced that Putin would not physically attend the summit and would participate virtually. The Presidency’s statement confirmed that by mutual agreement, Putin would not attend and that the Russian Federation will be represented by Foreign Minister Sergey Lavrov. Reads the Presidency’s statement:
<blockquote>
By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the summit but the Russian Federation will be represented by Foreign Minister Mr Sergey Lavrov.
</blockquote>
The International Criminal Court issued a warrant of arrest for Putin for alleged war crimes in his invasion of Ukraine. By law, South Africa would have had to arrest him if he entered the country.
The Democratic Alliance (DA), a South African political party, went to the Gauteng High Court to force the government to commit to arresting Putin. As a result, the government has agreed to execute the ICC arrest warrant against Putin if he ever sets foot in South Africa.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

South Africa Agrees To Execute ICC Warrant Of Arrest Against Putin

Russian President Vladimir Putin will not attend the summit of the BRICS group of nations in South Africa next month.
Putin will be represented at the summit by Russia’s Foreign Minister, Sergey Lavrov.
In a statement issued on Wednesday, Vincent Magwenya, a spokesman for President Cyril Ramaphosa, said:
<blockquote>
By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the Summit but the Russian Federation will be represented by Foreign Minister, Mr Sergey Lavrov.
</blockquote>
Russian media quoted Kremlin spokesperson Dmitry Peskov as saying Putin will participate in the conference – an acronym for Brazil, Russia, India, China and South Africa (BRICS) by video link.
The International Criminal Court (ICC) issued an arrest warrant for Putin in March for alleged war crimes committed in Ukraine, and South Africa would theoretically be required to arrest him if he were to attend.
South Africa will host the 15th BRICS summit at Sandton Convention Centre, Johannesburg, from 22-24 August 2023.
The group was formed by Brazil, Russia, India and China in 2019 as BRIC. South Africa joined the following year after an invitation from China, expanding the group.
Ethiopia, Iran and Argentina have also applied to join the bloc.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Putin To Skip BRICS Summit In South Africa After Arrest Warrant

South Africa has granted diplomatic immunity to attendees of the upcoming BRICS summit which Russian President Vladimir Putin is expected to attend, according to <a href="https://businesstech.co.za/news/government/692287/south-africa-declares-diplomatic-immunity-for-attendees-of-brics-summit-but-its-no-silver-bullet/">Businesstech</a>.
South Africa’s Department of International Relations and Cooperation (Dirco) has gazetted a declaration recognizing two meetings that will be covered by diplomatic immunity under the Diplomatic Immunities and Privileges Act. The first meeting is the BRICS Ministerial Meeting to be held in Cape Town on 1 and 2 June 2023, and the second is the 15th BRICS Summit to be held in Johannesburg from 22 to 24 August 2023.
The immunities and privileges granted under the United Nations Convention grant immunity from personal arrest or detention. However, no immunities are given under the Rome Statutes, and Article 98 of the Statutes does not apply to South Africa as a member nation.
The planned attendance of Russian President Vladimir Putin at the summit has created a difficult situation for South Africa, which has an outstanding <a href="https://news.pindula.co.zw/2023/04/28/western-cape-premier-threatens-to-arrest-vladimir-putin/">warrant for his arrest</a> from the International Criminal Court for war crimes related to the Ukraine invasion. As a signatory to the Rome Statutes and the ICC, South Africa is obliged to act on the court’s arrest warrants. 
The Department of International Relations and Cooperation (Dirco) declared:
<blockquote>
It is hereby published for general information that the Minister of International Relations and Cooperation, in terms of section 6(2) of the Diplomatic Immunities and Privileges Act 2001, has recognised (the meetings).
In accordance with section 6(1)(a) of the said Act, the immunities and privileges to be accorded to the participants of (the meetings) are those provided for in the 1946 Convention on the Privileges and Immunities of the United Nations and the 1947 Convention on the Privileges and Immunities of Specialised Agencies, as may be applicable and for their effective participation in the Ministerial Meeting and the Summit.
</blockquote>
According to international law expert Dr. Hannah Woolaver, South Africa has limited options regarding Putin’s arrest warrant, and this situation is a significant test for international law.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

BRICS Attendees, Including Putin, Granted Diplomatic Immunity By South Africa

Chinese experts predict that efforts by countries to replace the US dollar in international trade will intensify as BRICS nations discuss the feasibility of introducing a common currency at a summit in South Africa later this year.
The BRICS group of nations, comprising Brazil, Russia, India, China, and South Africa, accounts for one-third of global economic output, and their combined output is larger than that of the Group of Seven economies. The move is seen as an attempt to offer better accessibility and fairer treatment in international trade, as the US dollar has caused uncertainty for the world economy by enabling US international hegemony.
According to Zhou Yu, director of the Research Centre of International Finance at the Shanghai Academy of Social Sciences, creating a unified currency for a group of countries is a challenging task but not entirely impossible. Zhou noted that such an effort requires years of cooperation and the phasing out of local currencies, citing the birth of the euro as an example. Despite the difficulties, the BRICS nations’ discussion on introducing a common currency could be the start of a long-term goal towards a currency unit. He said:
<blockquote>
However, currently the effort by BRICS nations seems to be focused on devising a currency unit used specifically to settle cross-border trade, rather than a currency unit to replace other local currencies, which reduces the difficulty of such efforts and increases its plausibility.
</blockquote>
BRICS countries and other emerging economies are seeking to reduce their reliance on the US dollar. This is due to the impact of US interest rate hikes and geopolitical conflicts on global trade prices in dollars. The freezing of Russian assets by the US and EU has also prompted countries to explore alternatives to using the dollar as a reserve currency. Currently, around 80% of global trade is settled in US dollars.
Brazilian President Luiz Inácio Lula da Silva has supported creating a currency for trading among BRICS countries, questioning the necessity of tying trade to the dollar. Experts warn that the US’s monetary policy has made the dollar increasingly risky.
According to experts, the de-dollarisation trend around the world will accelerate as the US Federal Reserve ends its rate hikes and the US dollar weakens. The BRICS countries have made progress in reducing the dominance of the dollar in trade settlement by increasing their efforts to settle trade in other currencies, exemplified by the fast internationalisation of the yuan. 
Local currency settlement is seen as a major development in this trend, with over 70% of China-Russia trade already settled in local currencies. Experts point out that the Chinese government is responsible for the issuance of the yuan, unlike the excessive issuance of dollars by the US, making local currency settlements a fairer and more reliable trend for trade between member countries.
More than 30 countries, including Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe, have applied to join the BRICS economic alliance.
South Africa’s top diplomat to BRICS, Ambassador Anil Sooklal, has suggested that the alliance is set to expand this year, with a decision to be made at the BRICS summit in August. The potential expansion and the introduction of a new currency would weaken the GDPs of Western nations and the US dollar’s dominance in international trade.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Experts: BRICS May Introduce A Common Currency, Reducing US Dollar Dominance

Zimbabwe intends to join the New Development Bank (NDB), the multilateral bank set up by the BRICS states, to expand the country’s sources of capital for infrastructure development.
This was revealed by Finance and Economic Development Minister Mthuli Ncube in the United Kingdom (UK) during an interview with CGTN Africa.
CGTN Africa is the African division of China Global Television Network, the English-language news channel run by Chinese State broadcaster China Central Television (CCTV).
Zimbabwe is failing to access funding from some multilateral financial institutions such as the International Monetary Fund (IMF) due to its huge external debt.
The external debt, expected to be roughly US$17.5 billion including arrears, according to <a href="https://www.businessweekly.co.zw/zim-turns-to-brics-bank-for-funding/">Business Weekly</a>, has resulted in foreign investors shunning Zimbabwe due to its high-risk profile. Said Ncube:
<blockquote>
We have made contact with the management; we have made contact with the current shareholders for us to progress that initiative.
We look forward one day to then being accepted into the BRICS bank. We are trying to expand sources of capital, we are trying to expand various platforms where we can source additional capital for development.
What we want to achieve is just (an) additional source of capital for infrastructure development and for the development agenda; to move the country forward.
We recognise that we have to keep expanding sources of capital and the BRICS bank is one such source of capital.
</blockquote>
The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.
It was established to mobilise funds for infrastructure in emerging markets and the developing world.
The NDB originally served the five BRICS countries — Brazil, Russia, India, China and South Africa — and has now added Bangladesh, the United Arab Emirates and Egypt.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Turns To New Development Bank For Funding

A senior member of South Africa’s main opposition party, the Democratic Alliance, has threatened to arrest Russian President Vladimir Putin if comes to South Africa.
Western Cape Premier, Alan Winde, said he will arrest Putin if he “sets foot in the Western Cape” and is prepared to face whatever consequences for his stance.
In a statement issued on Thursday, Winde said if Putin does come to South Africa for the BRICS summit in August, the Western Cape will set its law enforcement officers on him. He said:
<blockquote>
If the Russian leader sets foot in the Western Cape, we, as the provincial government, will have him arrested by our own Western Cape Government-funded Law Enforcement Advancement Plan (LEAP) officers. If the South African Police Service is not instructed to act, we will.
</blockquote>
Winde said the Western Cape will arrest Putin in solidarity with the people of Ukraine.
Putin ordered the invasion of Ukraine in February 2022 and millions of Ukrainians have fled the country and are now refugees in several European countries.
Tens of thousands of students who were attending universities in Ukraine were also forced to flee amid the chaos and blaring air raids warning sirens.
The International Criminal Court (ICC) last month issued an arrest warrant against Putin for alleged war crimes committed in Ukraine.
Kremlin is accused of unlawfully deporting Ukrainian children and separating them from their families.
The warrant against Putin in March means Pretoria, due to host the BRICS (Brazil, Russia, India, China and South Africa) bloc summit this year, would have to detain him on arrival.
The South African government has not said whether it will arrest Putin if he comes to the August summit.
In an interview with Newzroom Afrika on Thursday, Winde criticised the Government of President Cyril Ramaphosa for not stating what will happen to Putin if he comes to South Africa. He said:
<blockquote>
I am very happy to make it quite clear in this province, that if Vladimir Putin comes into this province later in the year, I will do whatever is necessary, and we will follow through and make sure that he is arrested and faces his day in court with the ICC.
</blockquote>
OHCHR has estimated the number of deaths of civilians, or non-armed individuals, in Ukraine at over 8 500 thousand since the start of the war on 24 February 2022.
The International Criminal Court (ICC) is a judicial body whose mandate is to prosecute individuals for genocide, crimes against humanity, war crimes, and the crime of aggression.
The ICC only has jurisdiction over these crimes when they are committed by individuals who are nationals of or whose crimes occurred on the territory of a state party to the Rome Statute, or if the United Nations Security Council refers a case to the ICC.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Western Cape Premier Threatens To Arrest Vladimir Putin

Zimbabwe has said it would like to become a member of the BRICS economic bloc, which consists of Brazil, Russia, India, China and South Africa.
<a href="https://www.pindula.co.zw/Christopher_Mutsvangwa">Christopher Mutsvangwa</a>, the speaker of the ruling party ZANU-PF, told Russia’s RIA Novosti news agency on Wednesday that the move is strategic. He is cited as saying:
<blockquote>
We made it clear that we would like to become a member of the BRICS.
</blockquote>
Mutsvangwa added that Zimbabwe is interested in developing alternatives to the Western-dominated SWIFT payment network and becoming a member of BRICS could contribute to that. 
SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. Although SWIFT has become a crucial part of global financial infrastructure, it is not a financial institution itself: SWIFT does not hold or transfer assets, according to Investopedia.
Mutsvangwa described BRICS as a new force in international relations and said he hopes its growth and expansion will continue.
The five BRICS nations account for more than 40% of the world’s population and nearly a quarter of the global GDP.
Earlier this year, Russian Foreign Minister Sergey Lavrov said that “more than a dozen” nations have expressed an interest in entering the BRICS alliance.
They include Algeria, Argentina, Bahrain, Bangladesh, Indonesia, Iran, Egypt, Mexico, Nigeria, Pakistan, Sudan, Syria, Türkiye, the United Arab Emirates, Venezuela and Zimbabwe.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Wants To Become A BRICS Member

Exiled former Information minister, Jonathan Moyo, has said the United States and NATO days of dominance on the geopolitics arena are over. 
The Political Science Professor made the remarks while responding to a Twitter post by the United States Economics expert, Professor Steve Hanke which indicated that Russia and China signed deals days before Kremlin attacked neighbouring Ukraine on 24 February 2022. Reads Hanke’s post:
<blockquote>
Days before the Ukraine invasion, China made Russia its no. 1 supplier of oil. This comes in addition to China’s 1yr deal to buy 100M tons of coal from Russia. There will probably be more deals. Birds of a feather flock together. 
</blockquote>
Six days before the military campaign began, Russia announced a yearslong deal to sell 100 million tons of coal to China — a contract worth more than $20 billion. And hours before Russia began bombing Ukraine, China agreed to buy Russian wheat despite concerns about plant diseases.
In response to Professor Hanke’s post, Professor Moyo said:
<blockquote>
Finally a new world order beckons; following the collapse of the USSR which precipitated a unipolar world order badly dominated by the US. Watch the BRICS, especially Russia, China and India. The @UN Security must be dismantled and reformed. The US and NATO belong to the past!
</blockquote>
Union of Soviet Socialist Republics (USSR) was a socialist state that spanned Eurasia during its existence from 1922 to 1991.
BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa. The platform was created to promote partnerships within Global South countries.
Meanwhile, some believe that BRICS lacks coherence as indicated by China-India border disputes and South Africa’s recent rebuke of Russia following the invasion of Ukraine. 
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

The US And NATO Belong To The Past! - Professor Jonathan Moyo

President Emmerson Mnangagwa is in neighbouring South Africa to attend an outreach meeting organised for African leaders by the BRICS group.
BRICS is an acronym for the five major emerging economies which make up the group, Brazil, Russia, India, China and South Africa.
Mnangagwa’s South Africa visit was confirmed by the country’s department of international relations and cooperation (DIRCO), which released a picture of Mnangagwa and the neighbouring country’s President Cyril Ramaphosa late Thursday afternoon.
<h4>More: <a href="https://www.newzimbabwe.com/president-mnangagwa-in-south-africa/">NewZimbabwe.com</a></h4>

Mnangagwa In SA For BRICS Meeting

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