Rebuild confidence in banks, US tells Zim

HARARE - The United States says Zimbabwe must rebuild confidence in its vulnerable banking sector to enable the country to attract foreign investment.

Bruce Wharton, the US ambassador to Zimbabwe, said foreign investors prefer investment destinations with a solid banking system and clear economic policies.

“Zimbabwe must… rebuild confidence in the nation’s economic and banking systems,” he told a Zimbabwe International Trade Fair conference this week.

This comes as the country’s banks have remained fragile since the 2007/8 financial crisis, which led to loss of trust and subsequent collapse of several indigenous institutions.

Wharton said Zimbabwe must also “develop and implement transparent, consistent and fiscally responsible policies”.

“The elements of these policies are not mysterious. They are what the governments of Zimbabwe’s neighbours do to attract investors, protect national interests, and grow the economy,” he added.

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