SA, Zim discussing state-guaranteed bank loan

The facility is among a range of options the two nations’ presidents discussed at a bilateral meeting Tuesday in the Zimbabwean capital, Harare, Foreign Minister Sibusiso Busi Moyo said.The talks come almost three months after South Africa rejected Zimbabwe’s request to borrow $1.2 billion.

The leaders agreed to “consider options for expanding the standing facility arrangement between the respective central banks,” Moyo said. “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.”

Zimbabwe is struggling to revive an economy hobbled by decades of mismanagement under former President Robert Mugabe, with a shortage of foreign exchange causing shortages of food and fuel spawning the highest inflation rate in a decade. The government is unable to borrow from foreign creditors because it’s yet to clear arrears on debt to lenders including the African Development Bank and the World Bank.

The two nations also agreed to:Expand trade and investment, co-operate on helping Zimbabwe re-engage with international creditors, reiterate their calls for foreign sanctions on Zimbabwe to be removed.

Source: Loan Digest (loandigest.net)

Fin24 how can SA guarantee a bank loan with money they don't have. Time to rob south Africans again it's what the ANC do best

Fin24 He'll no

Fin24 So we loan money from China to loan it to Zim coz no one in their right mind would loan bankruptcy money

Fin24 Repayment of loan to Zim will be found under the pile of rocks on the bank note

Fin24 Like there’s any spare money lying around after 25 years of the ANC

Fin24 Still a dictatorship that needs to be kept under sanctions.

Fin24 Hell no. And then people still vote for this ANC. The blind leading the blind. Zim allowed and chose to let Robbert destroy the country. Let them fix it. Go take his billions and fix your own shit. We are as bankrupt as you are.

Fin24 We don’t have money. Go beg somewhere else and close our borders

Fin24 Which state bank would that be ? Will it’s guarantee be worth the paper on which it will be written ? In the event of a default, will RSA repossess Zimbabwe ?

Fin24

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