Zim wants R3bn loan from SA

source: Fin24
Sep 08 2010 21:05
Sapa

Harare – Zimbabwe is negotiating R3.25bn in credit from South Africa in an effort to revive the country’s economy, the finance minister said Wednesday.

“There are two facilities that we are negotiating. One is a line of credit of R500m, one is a revival of an old overdraft facility of R2.75bn,” Tendai Biti told business leaders in the capital.

“We are also talking to private capital, the banks,” he said.

Mugabe and his longtime rival Prime Minister Morgan Tsvangirai formed a unity government in February last year, hoping to end a decade of political and economic crisis.

The unity government has appealed for $10bn for reconstruction, but major Western donors have demanded more political reforms before offering direct [continue reading]

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