Faith Nyasuguta
Zimbabwe’s deputy president Constantino Chiwenga has revealed that the country wants to join the expanded BRICS Plus group.
This comes after the bloc of emerging economies announced six new members to its cluster.
The nations include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Their memberships will take full effect from 1 January 2024.
Both Egypt and Ethiopia will now join South Africa in advocating for the continent’s increased participation in the global economy.
Speaking at the BRICS Africa outreach programme in Sandton last week, Chiwenga told delegates that he believes Zimbabwe should also have a seat at the table.
“As a country, Zimbabwe perceives how BRICS represents a formidable alliance that fosters a multipolar and inclusive world order. Joining this alliance will provide Zimbabwe with a unique opportunity to collaborate with like-minded nations and harness the benefits of collective strength.”
Currently, Zimbabwe is facing a deepening economic crisis as well as persisting political instability.
Chiwenga said Zim also stands to gain from the resolutions taken during the mega-economic summit.
Zimbabwe has formally applied to join the BRICS Bank also known as New Development Bank. It has applied to join the bank at a time President Mnangagwa has championed rapid economic growth in the country anchored on infrastructure development and private sector led growth.
“As a country, Zimbabwe applauds the establishment of the new Development Bank and the proposal to use local currencies between member states in the BRICS and other countries in the south.”
“ Like other countries in the south, Zimbabwe hopes to benefit from the new Development Bank as an alternative source of funding for developmental projects.”
Market watchers believe the move by Zimbabwe is aimed at neutralizing an insatiable appetite for the US$ among its citizens, a development which authorities blame for continued economic shocks.
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