Zimbabwe scrambles to resolve cash crunch busrep
JOHANNESBURG - Zimbabwe is trying to clear its arrears with the World Bank and African Development Bank so it can unlock fresh credit lines to offset a liquidity and foreign exchange crunch.
Sifelani Jabangwe of the Confederation of Zimbabwe Industries has stressed that forex sellers “are not on the market but buyers are there in abundance”, which is constricting fund flows. Zimbabwe exports mainly minerals, agricultural products, horticultural and some manufactured products. It imports just about every other finished product as local manufacturers struggle to sustain operations.
Meanwhile, Zimbabwe’s treasury is pursuing funding facilities from South Africa, China, Botswana and the UK. “We are looking at other credit lines through South Africa, China and Botswana. I have been working on a structure to raise money from the UK for agriculture. We have lost 80 credit lines because we have not cleared our arrears,” Ncube said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nothing would be gained by nationalising the Reserve Bank - Thabo Mbeki | IOL NewsFormer president ThaboMbeki has warned about the ANC’s call for the nationalisation of the SA Reserve Bank, saying it would not result in any material achievement.
Read more »
'Paying' Jacob Zuma gets reprieve from VBSMonthly repayments are continuing on former president Jacob Zuma's R7.8m loan from VBS Mutual Bank, meaning he will avoid legal action by the bank's liquidators.
Read more »
'Paying' Jacob Zuma gets reprieve from VBSMonthly repayments are continuing on former president Jacob Zuma's R7.8m loan from VBS Mutual Bank, meaning he will avoid legal action by the bank's liquidators.
Read more »
Bank accounts attached as Mandela women fail to pay R1m legal feesHouse of Mandela Beverages (HOM), owned by the late statesman's daughter Makaziwe Mandela and granddaughter Tukwini Mandela, has had its bank accounts attached after it failed to pay more than R1.3m in legal fees.
Read more »
Deutsche Bank merger talks with Commerzbank collapseGerman hopes of creating a national banking champion dashed
Read more »
Deutsche Bank merger talks with Commerzbank collapseGerman hopes of creating a national banking champion dashed
Read more »
Freedom Day in SA – a reminder of unfinished businessSouth Africans can still not celebrate freedom from want. They are painfully aware that one cannot eat democracy.
Read more »
Bank of Japan pledges to keep rates super-low for another yearBut one economist says the fact that the BOJ has not ramped up asset purchases shows it is aware of the growing side-effects of prolonged easing
Read more »
No benefit in nationalising Reserve Bank, says Lesetja KganyagoANC’s resolution to nationalise the Bank is based on a misunderstanding of what it does, says the governor
Read more »
No benefit in nationalising Reserve Bank, says Lesetja KganyagoANC’s resolution to nationalise the Bank is based on a misunderstanding of what it does, says the governor
Read more »