SA Considering Options On Availing Funds For Zim Businesses

President Cyril Ramaphosa said on Tuesday South Africa was ready to help Zimbabwe revive its economy but within its means.

The two neighbours will also consider options that could see Harare receiving some financial assistance.

In a joint communique released after a meeting on Tuesday, the two countries said:

The two sides agreed to consider options for expanding the standing facility agreement between the respective central banks.

Other financing options beyond this are also being explored, for example, a facility from South African private banks to the Zimbabwe private sector and guaranteed by the South African Government, with an appropriate counter-guarantee from the Zimbabwe government.

There was little hope going into the meetings that the South African government will offer Zimbabwe a bailout package, having refused to do so in 2009 during the Inclusive government’s tenure.

The South Africans also reportedly turned down another request by Zimbabwe for a US$1.2 billion loan in January this year.

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More: NewZwire, IOL News

Harare

Harare formerly Salisbury is the capital of Zimbabwe. It is the seat of Government, the industrial hub and commercial centre for Zimbabwe. The city was founded by the Cecil John Rhodes-led Pioneer Column in 1890 and named Salisbury. The name was only changed to Harare... Read More About Harare

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