Mnangagwa Heads For China

President Emmerson Mnangagwa is set to travel to China on Sunday after the county’s President Xi Jinping invited him in January this year.

Mnangagwa’s visit comes after Finance Minister Patrick Chinamasa and Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya visit to look for funding. Addressing journalists the Chinese Ambassador to Zimbabwe said Mnangagwa and Xi Jinping are expected to sign a series of cooperation agreements that further promote trade and investment, enhance practical cooperation and push bilateral cooperation to new heights.

However, reports suggest China is tightening its purse strings as Harare is struggling to repay outstanding loans amounting to US$160 million ahead of Mnangagwa’s visit to the Asian country. The Zimbabwe Independent reported last week that the China Export and Import Bank is said to be reluctant to extend further concessional funding to Zimbabwe before the country clears its debt. Sinosure also wants arrears paid back before new finance could be guaranteed and extended to Zimbabwe. Both institutions have, however, committed to extending further loans to Zimbabwe once a solution to the problem has been found.