Zimbabwe turns to U.A.E to help save its economy after being ignored by China and the West

Zimbabwe turns to U.A.E to help save its economy after being ignored by China and the West

- Zimbabwe has turned to the United Arab Emirates for help after being rejected by China and the West

- The country's president, Emmerson Mnangagwa, has revealed that the country is ready to offer a stake in its national oil company for sale

- Zimbabwe is currently experiencing inflation of over 500% and its currency has depreciated more than 90% against the dollar

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Zimbabwe has turned its attention to the United Arab Emirates (UAE), following the decision of China and the Western nations to refuse to offer help.

Zimbabwe’s president, Emmerson Mnangagwa, determined to deal with the collapse of its economy, approached the UAE, hoping to sell a stake in its national oil company.

YEN.com.gh has learned that it is also ready to offer more of its gold for sale to the UAE.

Zimbabwe turns to U.A.E to help save its economy after being ignored by China and the West

Source: africafeeds.com
Source: UGC

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According to Mnangagwa, UAE investors would have the opportunity to build solar plants in their country.

Per a report by fin24.com, UAE’s president, Sheikh Khalifa bin Zayed Al Nahyan, issued a decree in 2019 in line with a plan to open an embassy in Zimbabwe.

UAE also contributed in relief efforts to support Zimbabwe after the country was hit by a cyclone in 2019.

Zimabawe’s inflation is currently running over 500% and its currency has depreciated more than 90% against the dollar.

In other news, YEN.com.gh has learned that the United States of America (USA) and Kenya are ready to announce discussions on a free-trade agreement.

The statement, scheduled to be released in a few days’ time, is set to America’s first deal with a sub-Saharan country.

Information available shows that the Trump-led administration desires the accord to be a model for future deals with other African countries.

Kenya’s principal secretary for foreign affairs, Macharia Kamau, stated that the two countries expect real progress on the agreement by the third quarter of 2020, Bloomberg.com reports.

USA is now focused on examining trade relationships with Africa, the European Union (EU) and the United Kingdom (UK), after signing trade pact with China.

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Source: Yen Newspaper

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