Zimbabwe Gets Major Money Infusion from China

ewiley — Fri, 03 Jul 2009 12:26:58 +0000

Zimbabwe got a whopping $950 million line of credit from China, a move seen as a major step toward the southern Africa nation’s much-needed recovery. Zimbabwe’s astronomical inflation and overall shaky economy has made its outreach for funds a top priority. During his three-week visit to Europe and the United States, Zimbabwean Prime Minister Morgan Tsvangirai met with heads of state in London, Washington, Berlin, Stockholm, Brussels and Paris to appeal for assistance. He called the tour an “overwhelming success,” saying he was able to re-connect Zimbabwe with foreign donors and that the first formal engagement in seven years with the European Union had led to a commitment of 150 million dollars. “While I was away, government through Finance Minister Tendai Biti also secured lines of credit from China totalling 950 million dollars (672 million euros),” said Tsvangirai, who returned to Harare at the weekend from a three-week tour to Europe and the United States. “The EU committed itself to availing us with transitional and humanitarian support to the tune of more than 150 million dollars.” Leaders had expressed reservations about the delays in full implementation of the deal underpinning the unity government with Tsvangirai’s former arch rival President Robert Mugabe, he said. “They asked, why, after almost five months, had fundamental obligations undertaken by the respective political parties not been implemented.”

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Zimbabwe Gets Major Money Infusion from China