Zim pursues SA, Botswana loans
HARARE - Zimbabwe is still pursuing the multi-million dollar loans pledged by Botswana and South Africa (SA) following establishment of the country’s coalition government nearly four years ago, Finance minister Tendai Biti said. In 2009, the regional countries, including Angola, promised to lend broke Zimbabwe nearly $200 million to help restart the country’s economy — battered by a decade-long recession — but the funds are yet to be released. Last Thursday, Biti said government had fulfilled all conditions precedent to receive the Botswana P500 million loan — concluded in 2012 — aimed at financing productive sectors.
Biti noted that South African and Zimbabwean governments are negotiating the implementation framework of the $100 million facility promised by the former to fund industry revival. This comes as the SA loan caused a stir last April with the country’s legislators questioning South African Reserve Bank governor Gill Marcus over its disbursement.
This is a government to government discussion. Should there be any agreement on terms and conditions, whatever they are, they would be sorted out at government level.
I thus cannot answer your questions about the conditions,” she has been quoted as saying. The Treasury chief said Zimbabwe is also finalising frameworks of cooperation with Angola and Brazil, which promised to advance to the country $50 million and $98,6 million respectively.
The prime objective of the plan is to provide significant trade finance support for imports and exports across the vital economic sectors in Zimbabwe and the continent.... Read the full, comprehensive news article and discuss at Daily News