Zimbabwe Still Far Short of U.S. $10 Billion in Aid
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Johannesburg — ZIMBABWE, which is looking for $10bn to finance its economic recovery plan and urgently needs $2bn of that sum, has to date secured only $400m from African states.
The Southern African Development Community (SADC) had undertaken to raise the $2bn by now, with SA and Botswana pledging credit lines and budget support of $800m and $70m respectively.
The funding to date, which includes $200m from SADC and another $200m from the Common Market for Eastern and Southern Africa, is intended to meet urgent working capital requirements for local companies, but is a drop in the ocean of need.
Industry and Commerce Minister Welshman Ncube has said African countries had committed to providing the credit lines to companies in Zimbabwe.
SADC's self-imposed deadline to raise $2bn in emergency funding for Zimbabwe, which was decided on at a recent summit in Swaziland, expired two weeks ago.
Credits: AP
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