source: allAfrica
Business Daily (Nairobi)
14 May 2008
Posted to the web 14 May 2008
Kitsepile Nyathi
Mystery surrounds Zimbabwe’s surprise $700 million loan repayment to the African Development Bank at a time when President Robert Mugabe’s government says it cannot organise a presidential election run-off within the stipulated period because it is broke.
The pan-African bank announced that the country, whose economy is caving in under the weight of economic sanctions imposed by Western countries, reduced its arrears to $250 million following the huge payment.
But the state-run Zimbabwe Electoral Commission (ZEC) says it is waiting for the government to allocate it $60 million before it announces the date for the presidential election run-off between Mr Mugabe and Movement for Democratic Change (MDC) leader, Morgan Tsvangirai.
The announcement, which came ahead of the bank’s meeting in [continue reading]
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