Biti seeks South Africa credit

Finance Minister Tendai Biti today said Zimbabwe was seeking R3.25 billion in an overdraft and credit facility from South Africa. “There are two facilities that we are negotiating; one is a line of credit of R500 million, one is a revival of an old overdraft facility of R2.75 billion,” Biti said. “We are also talking to private capital, the banks, and the general understanding is that now that the South African and Zimbabwean BIPPA has been ratified by the South African parliament there should be movement and traction on that.”

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