SA cabinet approves Zimbabwe loan – Biti

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By Zimbabwe Investor on April 15, 2013. No Comments

Zimbabwe has employed a multi-currency system since 2009

Zimbabwe has employed a multi-currency system since 2009

HARARE (Zimbabwe Investor) – South Africa has approved a loan of US$100 million in budgetary support to Zimbabwe, Finance Minister Tendai Biti has said.

Minister Biti confirmed this at a news conference this afternoon.

“Pursuant to discussions in September 2012, the South African cabinet has made a decision and it’s a positive decision”, said Biti

Cash-strapped Zimbabwe is faced with a general election which comes soon after a new constitution referendum which was funded by borrowing from the private sector.

“We raped the country to fund the referendum”, said Biti adding that the government would not be doing the same again for the elections.

Zimbabwe has appealed for election funds from the international community through the United Nations. Denmark has said they are prepared to fund Zimbabwe’s polls but political players in the southern African country insist that any funding should be unconditional.