News Before It's News
About us | Ocnus? |

Front Page 
 Dark Side
 Defence & Arms
 Light Side

Africa Last Updated: Mar 16, 2019 - 1:05:46 PM

Zimbabwe turn to African banks for assistance as crisis deepens
By Emmanuel Chilamphuma, Exchange, March 13, 2019
Mar 13, 2019 - 3:19:43 PM

Email this article
 Printer friendly page

It is understood that the Reserve Bank of Zimbabwe has borrowed a total of $958 million from several African banks.

The central bank intends to purchase fuel and other essentials as the country’s shortage crisis worsens.

According to RBZ governor, John Mangudya the central bank has borrowed $25 million from the Mozambican central bank, $641 million from multilateral lender Afreximbank and, $152 million from the Eastern and Southern African Trade and Development Bank. The loans have a tenure of three to five years and RBZ expects to repay the loans through future gold earnings.

“These loans are well structured facilities contracted last year. They will be paid from future export receivables” Mangudya said.

Gold is Zimbabwe’s top foreign currency earner and the government predicts production will increase this year. Currently, the country is unable to receive any funding from international lenders due to outstanding arrears. As a result, the southern African state has turned to lenders within the continent.

Source:Ocnus.net 2019

Top of Page

Latest Headlines
Mali: The Things That Really Matter
Mali : l’attaque du camp militaire de Dioura fait 21 morts
Algeria’s Future and The Return of the Civilian Hidjâb to Algerian Politics
New dictionary provides nuanced insights into the language of African politics
What will Kabila do next?
Zimbabwe turn to African banks for assistance as crisis deepens
More than just oil and gold informing Russia decision to back Bashir
Libyan Elections: Are The Abu Dhabi Meetings A Turning Point?
SSA, Zuma and Mbeki
Sudan: Khartoum Chaos