South Africa Approves $100 Million Loan to Zimbabwe

LazyLion

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http://www.timeslive.co.za/africa/2013/04/15/south-africa-approves-100-million-zimbabwe-loan-biti

South Africa has approved $100 million in budgetary support to cash-strapped Zimbabwe, which is due to hold elections in the second half of the year, Finance Minister Tendai Biti said on Monday.

Zimbabwe's economy has been on the mend since President Robert Mugabe and Prime Minister Morgan Tsvangirai agreed to share power after disputed 2008 elections but is still suffering a hangover from a decade-long recession widely blamed on Mugabe.

Last year, Biti said Harare had approached regional economic giant South Africa and oil-rich Angola for $150 million amid a lack of aid from Western donors who have imposed sanctions on Mugabe and his inner circle over charges of human rights abuses.

"Pursuant to discussions in September 2012, I'm aware the South African cabinet has made a decision and it's a positive decision," Biti told a news conference.

South African officials could not be reached for comment.

Biti said he had also made an additional plea to South Africa and Angola to fund elections expected later this year. The government borrowed $40 million domestically to fund a March 16 constitutional referendum.

"It is self-evident that Treasury has no capacity to fund elections. We're not going to borrow again for the elections," he said, repeating his call for foreign funding for polls which have an initial budget of $132 million.

Zimbabwe has also appealed to the United Nations for election funding. A visit by a U.N. team to assess Harare's needs has been delayed due to squabbling in the unity government but is now expected to take place soon, he added.

Biti said government revenues remained depressed while expenditure, mainly wages, continued to exceed receipts.

A poor farming season and lower-than-expected diamond revenues from the government's Marange fields continued to weigh on the budget, Biti said.

He added that Zimbabwe expected to harvest 900,000 tonnes of maize, the staple food, this year, down from just over 1 million tonnes in 2012 because of a mid-season drought.

Zimbabwe would import 150,000 tonnes of maize, mostly from Zambia and South Africa, Biti said, but the bulk of purchases would be by private millers and not the government.
 

marine1

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More money for Mugabe and his cronies, well done ANC you fing pricks
 

lucifir

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a loan implies it will be paid back .... I highly doubt that will ever happen
I do not see why bob cannot foot the bill for his country ... he has enough stashed away by now surely?

Also, bob has major chinese support ... he should go begging to them... as we do not have money to be dished out anywhere but here
 
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Mila

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But we do not have money to pay for roads.

Screw you ANC and your etolls.
 

marine1

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This gvt uses money that we give them as their own private bank account.
 

marine1

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Was this any different when NP was in their position? I'm really curious...

Were the roads, police, medical, military, crime, electricity, water and whatever else you want to add as bad as it is now?
 

DreamKing

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Were the roads, police, medical, military, crime, electricity, water and whatever else you want to add as bad as it is now?

relax, think about the money will "disappear with no reason", then think about "loan to zim".

is that better now? :)
 

Necuno

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Were the roads, police, medical, military, crime, electricity, water and whatever else you want to add as bad as it is now?

Asking, because from my point of view it seems you know more than I do from that time. Hence curiosity.
 

Necuno

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Can we proof otherwise?

Question stems from a comment I've heard a while back that the government did what they wanted to do, but this was overlooked because they still did what was expected.
 

Flanders

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Question stems from a comment I've heard a while back that the government did what they wanted to do, but this was overlooked because they still did what was expected.

As it most likely would be now if they did what they were expected to. But instead it's 'here's fifty for me and fifty for you. hehe...these stupid taxpayers!'
 

Necuno

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I was in Tygerberg hospital in the early 1980.s when it was a world class facility.

I was there 2 years ago to visit a friend and couldn't believe my eyes.
Place is absolutely disgusting, looks like a slum.
Felt so sorry for the people in there. :(

Reminded me of the Black Mesa lab from Half -Life after the explosion.

And yeah, we didn't have to send students to Cuba for medical training...

Kalafong, Verwoerd... list goes on. Those two were also quite good from what I remember.
 

Mila

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Question stems from a comment I've heard a while back that the government did what they wanted to do, but this was overlooked because they still did what was expected.

I just want to know why the investigation is ałways stopped. We know they were Bastids. Seems like we will never know how big.
 

Creag

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Amongst the abysmal financial decisions this government has made, this ranks as one of the worst.

Gordhan was quite explicit about the many conditions it put down for a "loan" to Swaziland. Where are the conditions in this "loan"? Where is the guarantee that this isn't going to be fleeced by Mugabe? And finally, what are the terms of repayment? I think we as taxpayers all have a right to know!

Else this is nothing better than a donation as "listenup" correctly called it ... or a flush down the great white porcelain express as I call it.
 
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