Zimbabwe: SADC to Help Raise $8,5 Billion for Zimbabwe Bail-Out

31 March, 2009 in SADC, Zimbabwe

source: allAfrica
Business Day (Johannesburg)
Dumisani Muleya
31 March 2009

Johannesburg — SOUTHERN African Development Community (Sadc) leaders promised yesterday to help Zimbabwe raise $8,5bn over the next two to three years to help revitalise its ruined economy.

Zimbabwean Finance Minister Tendai Biti presented a short-term recovery plan to the summit meeting at a venue near Mbabane in Swaziland. He said the new unity government urgently needed $2bn in the next two weeks in lines of credit and budget support to service its debts and for other obligations.

Biti told journalists that while most Sadc members said they would consult their finance ministers before saying if or how they could help, SA was the only country to offer a rescue package immediately.

Pretoria would provide a R500m line of credit, which would operate as a revolving fund and be topped up depending on how it was used.

Another R300m would be provided for [continue reading]

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