Mutsvangwa says CIO squandered US$70 million on a failed tractor project


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Deputy Foreign Affairs Minister Christopher Mutsvangwa today said the Central Intelligence Organisation borrowed US$70 million from China to start a tractor project with locals but it never took off after the directors of the company squandered all the money. The debt has now been passed on to the government to be paid back by taxpayers. He said Zimbabwe had no good credit rating with China which should be our friends. Zimbabwe should learn to repay its international loans and not ask for debt forgiveness because this was credit suicide as this meant that you were denying yourself access to capital. Mutsvangwa said Zimbabwe should mend its relations with China because it was now a global giant and western nations were thronging to Beijing for financial support.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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