Patience Rashai

Applied Economist, Professor Steve Hanke has called on the lifting of sanctions against Zimbabwe saying that it was impending the country’s economic development and history has proven that sanctions do not work.

Speaking at an event at the Cato Institute, economics professor Steve Hanke said that sanctions were a worst of time and called upon the international community to drop any sanctions on Zimbabwe.

“Sanctions should be dropped immediately, sanctions are for losers. The history of economic sanctions is one failure after another, with the production of all kinds of negative unintended sanctions, drop sanctions,” he said.

“Step one should be for the US and the international community to unilaterally drop sanctions against Zimbabwe. Sanctions are like a war, it’s like a siege and as far as I know, a siege is against international law,” added Prof Hanke

Instead, he also called on the Zimbabwean Government to adopt the  ‘Singapore Strategy’ which encompasses reforming the currency, refusal of foreign aid, a cut taxes, observation of individual rights and for the country to have a small, competent civil service.

This call comes amid calls by other neighbouring African countries such as South Africa for the US and its allies to consider removal of sanctions from the country as this was impending Zimbabwe’s economic recovery.