SA approves R900m loan to Zimbabwe
Fin24

SA approves R900m loan to Zimbabwe

2013-04-15 15:27

Harare - South Africa has approved more $100m (R905m) in budgetary support to cash-strapped Zimbabwe, helping plug a gap in its finances ahead of elections expected in the second half of the year, Finance Minister Tendai Biti said on Monday.

Zimbabwe's economy has been on the mend since President Robert Mugabe and Prime Minister Morgan Tsvangirai agreed to share power after disputed 2008 elections but is still suffering a hangover from a decade-long recession widely blamed on Mugabe.

Last year, Biti said Harare had approached regional economic giant South Africa and oil-rich Angola for $150m amid a lack of aid from Western donors who have imposed sanctions on Mugabe and his inner circle over charges of human rights abuses.

"Pursuant to discussions in September 2012, I'm aware the South African cabinet has made a decision and it's a positive decision," Biti told a news conference.

South African officials could not be reached for comment.

Biti said he had also made an additional plea to South Africa and Angola to fund elections expected later this year.

The government borrowed $40m domestically to fund a 16 March constitutional referendum.

"It is self-evident that Treasury has no capacity to fund elections. We're not going to borrow again for the elections," he said, repeating his call for foreign funding for polls which have an initial budget of $132m.

Zimbabwe has also appealed to the United Nations for election funding.

A visit by a UN team to assess Harare's needs has been delayed due to squabbling in the unity government but is now expected to take place soon, he added.

Biti said government revenues remained depressed while expenditure, mainly wages, continued to exceed receipts.

A poor farming season and lower-than-expected diamond revenues from the government's Marange fields continued to weigh on the budget, Biti said.

He added that Zimbabwe expected to harvest 900 000 tons of maize, the staple food, this year, down from just over 1 000 000 tons in 2012 because of a mid-season drought.

Zimbabwe would import 150 000 tons of maize, mostly from Zambia and South Africa, Biti said, but the bulk of purchases would be by private millers and not the government.

Comments
  • Deon Kruger - 2013-04-15 15:31

    Do we get that money back and what interest rate they getting, Why cant South Africa be more like the USA when they lend out cash they get oil back in return

      TinavoMagaisa - 2013-04-15 15:58

      RSA is ripping off Zim platinum that comes here in raw form. There is always a catch

      TinavoMagaisa - 2013-04-15 16:32

      Apparently you do mate coz its all coming here first and you are taxing it heavily

      Ronald - 2013-04-15 19:35

      Tinavo, it is actually sent to SA to have value added during the refining process, which allows the Zim government more taxes on the sale of the platinum. Every time that platinum crosses a border in Southern Africa it earns customs and excise duty for Sadec which is then again shared with Zimbabwe. The company, Zimplats, is also now 51% owned by Zim citizens(read approved government cronies). But then, your lack of economic know-how indicated in your comments shows that you are superbly qualified as Minister Of Finance for any African country that supplies you with work that Zim can't.

      TinavoMagaisa - 2013-04-15 20:44

      @Ronald For the record, the platinum crosses into South Africa, not Southern Africa and South African collects taxes and others charges for adding value to it. This is a bilateral business issue and SADC not involved. SADC does not earn taxes on products send to RSA from Zim. Your economic know how equally shocking mate

      Jason Sole - 2013-04-16 07:35

      Ronald and Tinavo - Allow me to assist both of you. No one gives a damn and everyone is ripping everyone else off in the quest for profits that will never ever filter down to any South African or Zim citizen. China buys Plat in it raw form, Zim probably uses our ports for that and we try our best to rip the zimbos off. Its all just crap, both of you are more knowledgeable than most, be happy while our money is stolen from us. Good Sheep. That is all.

      Gift Ndlovu - 2013-04-16 08:23

      I am still waiting for my RDP house.Why couldn't they built my house with this monies.

      Jacqui Daane Van Rensburg - 2013-04-16 11:27

      Deon Kruger. In the meantime Mugabe has a huge load stashed away in the Virgin Islands. He apparently doesn't believe that charity starts at home.

  • daniel.day.7503 - 2013-04-15 15:32

    Is there a repayment plan? Or are you just planning on never seeing it again. These are the irresponsible actions that are slowly destroying this country. Why turn it into another zimbabwe. Step down zuma, ley someone who actually knows how to run a country take charge..

      Sandra Rennie - 2013-04-16 10:17

      No daniel.day - we must just give it to them, because expecting a return of the loan is never going to happen ! Didn't we just lend the idiot in Swaziland a couple of million a year or so ago ? Did we get that back ?

  • Michelle Sang - 2013-04-15 15:33

    What a joke! They should be investing that money in South Africa to provide housing, education and decent medical services for the people who voted them into power. Pathetic!

  • Ryan Gunningham - 2013-04-15 15:33

    WTF? more money for Bob to squander??

  • Oscar Blade - 2013-04-15 15:34

    Zim gets some cash....meanwhile back at home....

      TinavoMagaisa - 2013-04-15 16:19

      meanwhile at home you are all always fighting amongst yourselves.

      Oscar Blade - 2013-04-15 16:41

      Yeah, you would say that wouldn't you? Being Zimbabwean and all... Here's an idea...why don't you leave the comfort of your house in Johannesburg, return to Zim and help sort out the problems there before commenting on the ones here? But then again I am talking to a Zanu-PF supporter so that's like talking to cheese,

      TinavoMagaisa - 2013-04-15 17:08

      The truth hurts Oscar. Engage or debate with me a person, not after painting me a brush that suits you. I dont have comfort in Johannesburg, but in my house in Mt Pleasant where I spent 2 weeks every month due to the nature of my work. So the 2 weeks am here i am qualified to comment about whats going on because South Africa belongs to all who live in it. The moment you see South Africans united they will be baying the for the blood of something or someone foreign (African). Thats where South Africans of all races and creed unite.

      Oscar Blade - 2013-04-16 07:29

      And the moment you see Zimbabweans united they self destruct their own economy. Don't pretend that it is such a burden to be in SA... Had your country not gone harakiri on itself over a decade ago I bet you would be spending 4 weeks a month at Mt Pleasant. I have no problems with lending a helping hand to a neighbour in need, however it seems like Zimbabweans are more than happy to let the rot continue back home and live a normal life over here. You can't have your cake and eat it...

      TinavoMagaisa - 2013-04-16 07:33

      Apparently we are, Oscar

      Oscar Blade - 2013-04-16 09:12

      Thank you for saying that Tinavo...you just proved my point.

      Jacqui Daane Van Rensburg - 2013-04-16 11:31

      TinavoMagaisa. Well at least here we are allowed to fight among ourselves. We don't need to be scared that the 'other side' will come and arrest us. That's why we don't have to flee to other people's countries either.

      Antoinette Jordaan - 2013-04-16 13:41

      @tinavomagaisa. So you think this loan was a good call for South Africa? Everything you said here is just knee-jerk comments. From a purely economical stand-point - is it good to "lend" money to a country that has got no ways of paying it back? Especially when our own country has more than enough needs of it's own?

  • Eugene Trollip - 2013-04-15 15:34

    Are there any conditions attached to this money that we will never see again? It will surely help Mugabe to splash out on another birthday bash

  • Nurse Helenk - 2013-04-15 15:34

    More moolah for Bob and his cronies to squirrel away in Swiss bank accounts.

      Maybi Maybi - 2013-04-15 18:52

      it is mdc (finance ministry who got the cash) mugabe gets his from diamonds zanu has 5bln rans to campain for the elections but no money for elections !!!!!! wtf that is zimbabwe

  • Ren - 2013-04-15 15:37

    Biggest F-ing joke The ANC, cause we rich as hell aren't we!!

  • Danie Gerber - 2013-04-15 15:38

    Please tell me in all honesty, what's positive about this decision and loan that Zimbabwe will never be able repay!???? It never rain, but pours!!

      Tyrone Van Der Merwe - 2013-04-15 15:51

      sounds exactly like out goverment official and their personnal loans from our tax moneys

      Maybi Maybi - 2013-04-15 18:54

      that money is in rands they will use it to buy suplies from sa and still pay the loan at worst if tey dont pay sa phamacuticals,agriculturer suppliers get 900mln woth of business

      Danie Gerber - 2013-04-15 20:13

      Maybe Maybe, it's quite obvious that you don't know anything about the economy. What you try to illustrate is that you can make a loan at the bank and support business and don't have to repay the loan! You are a moron...stupid studge!!

      Joexxi - 2013-04-16 20:47

      Maybi open your eyes. Your corrupt freedom fighting ANC GAVE the Zimmers the money. There will be no pay back.

  • Carl Erler - 2013-04-15 15:40

    And South Africans go hungry homeless without TEXT books or basic sanitation ..... Well done cANCer. When will people see through this ???

  • Brad Smith - 2013-04-15 15:40

    WHAAAAAT THHHHEEEEE FUUUUUUUUUUUCKKK!!!

  • Barbara Volkwyn - 2013-04-15 15:41

    In the case of Zim, I assume this is a gift, not a loan.

  • Nic Schwartz - 2013-04-15 15:42

    Did voters agree to that ??? What has Zimbabwe ever done for us?? They get our fuel at a discount and Escom power cheaper than us!!! This money is just going into Bob's pocket for his elections...seriously aren't taxpayers paying enough already?????

      Craig Harley Rodger - 2013-04-15 18:57

      ... and yes, the elections will be free and fair.

  • Kearabetswe Letlhatlhe - 2013-04-15 15:42

    That is a Skhothane move for real. We aint getting that money back that is for sure!

      TinavoMagaisa - 2013-04-15 15:56

      @ Kearabetswe Letlhatlhe Zimbawe exports to South Africa for the eight months to August 31 2012 were worth US$2.165bn, while imports amounted to $1.865bn. This means Zimbabwe has a trade surplus with SA of about $300m. So you can be paid back. No need for emotions, strictly business

      Justin Rose - 2013-04-15 16:09

      Next week, you will read Bob and Wife in Hong Kong for Shoe Shopping

      renier.lubbe.7 - 2013-04-15 18:57

      @TinavoMagaisa: That is the value of the imports/exports and it does not belong to the respective governments. This type of money/goods cannot be confiscated to pay for governmental debts.

      Sean Rossouw - 2013-04-15 19:00

      If the trade surplus was a reason to assume our money would be paid back, that same trade surplus should have prevented them from ever needing the loan in the first place.

      TinavoMagaisa - 2013-04-15 19:18

      @Riner it show there is some economic activity and if there is a bilateral agreement, RSA could collect the taxes to recover the money and @Sean, its a balance of budget support. Even some of the best countries get balance of support from friendly countries if there is a need for a special project out of the budget or if the budgetary allocation is not enough. Its like an overdraft based on cashflow available. Am sure you guys know all this

      renier.lubbe.7 - 2013-04-15 19:40

      @TinavoMagaisa: Fact remains that for a loan(overdraft) one normally needs collateral and Zim does not have any. Bilateral agreement or not if the Zim government cannot pay there is nothing SA can take or tax.

      TinavoMagaisa - 2013-04-15 20:16

      Are you privy to the exact details of the loan Renier or its the usual bash the Zimbo routine?

      renier.lubbe.7 - 2013-04-15 21:08

      Zim does not have money to pay back this "loan". It is a fact not bashing. The needs of the people in our country should be above the needs of any other country.

      TinavoMagaisa - 2013-04-15 21:13

      Then its unfortunate because your country doesnt seem to have your line of thinking

      Joexxi - 2013-04-16 20:50

      Where did u get that fact TinavoMagaisa, of a trade surplus from Zim. You are a liar we export more to Zim. We are in surplus not them. They can't pay, don't lie like your stupid ANC government.

  • Lee Brand - 2013-04-15 15:43

    Insanity. One thief sharing the loot with another!

  • Ian Golombick - 2013-04-15 15:43

    Considering that the tax payer is paying this money I would like to see the agreement and terms this is just not right what about OUR people here?????

      Maybi Maybi - 2013-04-15 18:57

      good point unlike most people just runting against anc without offering proper solutions

      Francois Conradie - 2013-04-16 06:11

      Maybi Maybi proper solution is STOP VOTING FOR cANCer!

  • Brandon Stephenson - 2013-04-15 15:43

    How in the hell are they going to pay it back ? Out of which budget is this going to come from ? We can't even house , school , keep safe or create jobs for our own people but we are just handing over R900 Million to Bob and his "Fat Cats" so they can continue to terrorize the people of Zimbabwe and run it further into the ground ????? EISH !!!!!!!!!!

  • Vaughan - 2013-04-15 15:44

    South Africa has to introduce eTolls to be able to afford to maintain the roads but can bail Zimbabwe out.

  • William Killeen - 2013-04-15 15:44

    Why do we have the money , we blow it !!

  • kosmonooit - 2013-04-15 15:45

    Propping up a deluded despot and his cronies with South African public funds? the end is nigh ....

  • Wesley Fick - 2013-04-15 15:46

    We will never ever, never ever, never ever, ever...get that money back! And guess what guys? It comes from you, the tax payer and South African civilian.

      TinavoMagaisa - 2013-04-15 16:10

      @Wesley this is how Zim can pay you back. Already pumped $4,5bn cash in 2012 into South Africa. Zimbabwe’s overall import bill amounts to $4.58bn, while its total export tally is $2.97bn. This leaves the country with an overall trade deficit of $1.61bn. Zimbabwe’s overall exports were skewed towards minerals with industrial diamonds at $468.37m, nickel Matte amounting to $307.25m and nickel ores and concentrates of $210.77m. Semi-manufactured gold stood at $409.04m, monetary gold at $54.098m, platinum unwrought at $101.196m and ferro-chrome at $97.533.

      Justin Rose - 2013-04-15 16:27

      Just remember this next time you fill in your tax return. Direct it at legal tax avoidance, don't get angry get even 10X

      Wesley Fick - 2013-04-15 20:02

      Seriously? You expect raw minerals back? We're giving money to a destructive and dominating dictator who does not give a crap about his country or the people in it. Zimbabwe used to produce mountains of money from their crop exports because the land there used to be a farmer's paradise. Compared to the state it's in now, it's almost less than nothing. All that's happening here is paying off a friend (Mugabe) because none of the other African countries will help one that's been driven to the ground. If this money came from the BRICS bank then I'd understand, but China already owns Zimbabwe in more ways than one, why do we have to pump nearly a billion Rand into it at the same time?

      TinavoMagaisa - 2013-04-15 20:19

      Your hatred for Mugabe and or Zimbabwe is clouding your judgement Wes. Why are South African companies expanding their operations more in Zim than RSA? Here is why http://www.cato.org/publications/policy-analysis/zimbabwe-why-one-worlds-least-free-economies-growing-so-fast

  • Paul Lanterme - 2013-04-15 15:47

    How many R D P houses could R900 million build ?

      TinavoMagaisa - 2013-04-15 16:11

      Like you really care about RDP houses.

      Justin Rose - 2013-04-15 16:19

      Only 4 :-) R900m/R200m +/- Seriously, it could build many

      Robert Burroughs - 2013-04-15 16:35

      @Tina-Maggie, If they have such a good surplus why are they borrowing from us????????

      TinavoMagaisa - 2013-04-15 16:46

      @Robert, its budgetary support we need. Here is a definition of budgetary support and even some best run countries may ask for such from others as and when required...........Budget support is funding channelled directly to a country’s budget, to be disbursed according to its own allocation, procurement and accounting systems. General budget support is untied funding given in support of a national development strategy, while sectoral or targeted budget support is earmarked for a particular sector or purpose

      Steven Herselman - 2013-04-16 09:10

      @TinavoMagaisa, do you pay income tax in south africa?

      TinavoMagaisa - 2013-04-16 09:58

      @Steven. r15 560,87 thats my monthly income tax since i am working here legally. I hold a scarce skill permit before you ask

  • Stefan Roets - 2013-04-15 15:47

    And yet Eskom, Sanral and the GFIP desperately need money.

  • Trevor Pietersen - 2013-04-15 15:47

    And then...THEY write it off...from OUR money..ZIM can never pay it back

  • Justin Rose - 2013-04-15 15:47

    It should read SOUTH AFRICA "gives" Zimbabwe $100m. SA govt is an enabler of autocracies in Sub-Saharan Africa. I am sure that some Cadres will be getting their facilitation fee back through a diamond licensing deal or whatever you know what I mean

  • Sipho Dinge - 2013-04-15 15:48

    One wonders whether they had a look at Zimbabwe's sovereign risk grading. Their political and economic situation now and after the impending elections. Of course the interest charged would then have to be linked to their risk profile. Who looked at this application? What kick backs are they getting in approving this finance. Seriously one wonders. R905m! To Zimbabwe? What does SA get in return? What security did we take as collateral? If any.,

      Justin Rose - 2013-04-15 16:23

      Maybe ratings agencies should say that we give implicit support of XYZ thru these actions on Zimabwe, Would we do like wise for Namibia, Lesotho, Swaziland etc. Then model the potential drag on our fiscal situation. Ratings agancies are not my favourite, but then Pravin gets all pssed when they put us on negative watch - he still scratchin his head, Does the Lefthand knwo what the Righthand is doing in the National Treasury

      Tyrone Van Der Merwe - 2013-04-15 17:40

      brilliant, all the same checks we would have done on us for personnal and home loans. Yet we are south africans with work and colateral

  • Johan Botha - 2013-04-15 15:49

    1. We all know it is not going to paid back 2. Can SA send a 1000 monitors over there for the election to make sure is fair and mugabe doesn't make sure he wins again. O ja wait I know whatever he does it is fair according to our government 3. And I am of those people that will only lend money if my family is taken care off. So can we assume that SA has enough money to pay for all infrastructure in the future? haha didn't think so!

      paul.kershaw.18 - 2013-04-15 15:58

      Johan, those 1000 "monitors" will turn into lounge suite lizards and ecxpect to live in the Sheraton all bills paid for a month. Add another 200 million or so to that 900 mil already thrown away.

  • Tyrone Van Der Merwe - 2013-04-15 15:49

    brilliant, another 900 million for the Mugabe regime to make sure they stay in power. Even though the MDC will win the next ellection again we support the minority. MDC supporters will not see a cent of this money and as per usual mugabe will be able to fill his food cupboard again with flights to south africa for his wife to come and do there shopping. What a joke

      Maybi Maybi - 2013-04-15 19:07

      dont just speak of shiat u know nothing of yes mugabe and zanu thiefs but they got their hands full with 3bln from diamons sale this money went to mdc finance ministry so gabe will not have hands on it

  • Quenton Crafford - 2013-04-15 15:49

    Guessing our taxes will increase again, petrol will be put higher, electricity will rise, Scamral will up their prices, to pay back this money and zuma the tit doesnt have to fork anything out!!

  • jacqui.millin - 2013-04-15 15:51

    Charity begins at home!

      Maybi Maybi - 2013-04-15 19:07

      yes home sadc hahahahahahaha

  • Lee Rm - 2013-04-15 15:51

    Happx are those from mashonaland the matebelelend will remain poor

  • Justin Rose - 2013-04-15 15:51

    I wonder how South African companies getting the DUREX SHAFT, in ZIM, feel about their tax money getting used to prop this affair up THE IRONY

  • Gregg Van Der Westhuizen - 2013-04-15 15:53

    Cheese and rice. Lets just throw our money away. Why doesnt Bob sell some of his blood diamonds to settle his debt?

  • Mordikaai Speak - 2013-04-15 15:53

    We are all bending under the pressure and our government gives away money. Yes gives away China already owns the mineral wealth for at least the next 20 years so exactly how will Zimbabwe repay this loan?

      Maybi Maybi - 2013-04-15 19:10

      china does not own zim minerals in zim all mining companies ave 51% local share holding and as it stands zim gvt is still the largest holder of mining rights in zim thru zmdc zim regected the 3bln dollars from china for mining rights

  • Tebogo Sam Maifala - 2013-04-15 15:53

    Can people stop posting their emotional comments here and think rationally for a second. What happened here is an economic move South Africa stands to benefit more on Zimbabwe's prosperity so its best we help them, as long as they keep in mind a loan needs to be repaid back with interest

      Brad Smith - 2013-04-15 16:02

      Lemme guess...you put your cross next to Showerhead's face in 2009?

      Janine Olivier Scorer - 2013-04-15 16:17

      Sorry to say the money wont go to where it should go Mugabe's track record shows this, if it would Help I would not mind so much but it wont instead our poor go without yet again

      Johan van Heerden - 2013-04-15 16:30

      The only benefit will be to Zuma and his cronies who will now also feed in Uncle Bob's mines in the DRC

      Ann Padoa - 2013-04-15 16:59

      You can't educate the brainless, no matter how hard we try.

      Michael Wilson - 2013-04-15 20:09

      Sorry about that tebogo, didn't realise that you actually weren't allowed to express an opinion other people disagreed with without being insulted.

      alan.gernet - 2013-04-16 11:06

      nah - SA should help when zanu-pf gets the boot. Not a cent before then, otherwise we are just propping ub a corrupt dictatorship. Soort soek sort

  • Madome Koti Malale - 2013-04-15 15:53

    How is it called a loan if we know it won't be paid back. And how does South Africa afford that.

      TinavoMagaisa - 2013-04-15 16:04

      Do you know all the loans the RSA has dished out? or you are just going with the wind?

      alan.gernet - 2013-04-16 11:07

      do you pay taxes Tina,,,????

      TinavoMagaisa - 2013-04-16 11:54

      I do Allan, do you?

  • Leonore Engelbrecht - 2013-04-15 15:55

    NO! NO! NO!!!! what about using that money on SA! this ridiculous! anc must not get away with this!

  • Eric Fana Moloi - 2013-04-15 15:56

    Hw cn u help out useless goverment of Mugabe knowing tht is gone forever?those who approved it were under a spell

  • Henk Venter - 2013-04-15 15:57

    this is the second loan to zim in three years time, that exclude all the free electricity and petrol we supply to mug aap!! TAKE NOTE MAJORITY OF SA -- THIS ANC CANT LOOK AFTER ITS OWN PEOPLE (THAT IS YOU) IN SA -- BUT THEY CAN GIVE 900 MILLION AWAY TO MUGABE!!!!!!!!

      Maybi Maybi - 2013-04-15 19:14

      stop lying zim does not get free fuel from anyone zim imports 5bln worth of fuel a yr so if they get it for free from sa then it would not have been news that they got 900mln

  • Andrew Crawford - 2013-04-15 15:57

    Sies!

  • Magda Henning - 2013-04-15 15:57

    It will be paid back in Zuma's bank account.

  • Barney Dino - 2013-04-15 15:59

    Zimbabwe is a good example of what SA will be in the near future.....

      alan.gernet - 2013-04-16 11:07

      er - Zim is a bad example of what SA will soon be....

  • Akash Singh - 2013-04-15 16:00

    Proof that Zim's policies do not work.

      TinavoMagaisa - 2013-04-15 16:14

      Why, because it got a loan? Even America, Portugal and Spain had to borrow from the Chinese. Nothing perculiar about this. Zimbabwe spent $4,5bn cash in 2012 alone and how come you didnt complain? This is business, even the best run companies can borrow

      TinavoMagaisa - 2013-04-15 16:36

      Twakkie, point of correction, there was a point when Zim printed money and that was 5 years ago. Greece doesnt even have $4,5bn to spent on anything.

      TinavoMagaisa - 2013-04-15 17:14

      No Twakkie, he didnt say "cashflow" he said the amount left after expenses because the Zim economy is a cash economy. http://www.bbc.co.uk/news/world-africa-21257765

      Akash Singh - 2013-04-15 19:24

      Compare the infrastructure and other services that the US provides to its citizens, to what Zim provides. The US has over extended itself, probably more so than Zim however at least they have something to show for it. I do not think corruption in Zim is worse than SA however their policies are not encouraging investment.

      TinavoMagaisa - 2013-04-15 19:30

      @Akash, seriously comparing a country that thrives on looting of other countries' resources and a country that had its resources and people raped for over a century is not fair pal. Zimbabwe has this to deal with http://en.wikipedia.org/wiki/Zimbabwe_Democracy_and_Economic_Recovery_Act_of_2001 and http://www.mtholyoke.edu/~kmori/zimbabwe/The%20Land%20Apportionment%20Act.html and also thishttp://en.wikipedia.org/wiki/Lancaster_House_Agreement

      Akash Singh - 2013-04-15 20:01

      Yes, Zim's problems are everyone else's fault except Zim. At least Greece, Spain, US, etc do not blame others for their messes - they have to deal with it - and so does Zim. Although Zim initially improved after colonialism, it has been spiralling downwards over the recent past.

      Akash Singh - 2013-04-15 20:02

      The US are entrepreuners - look at the worlds most famous brands.

      TinavoMagaisa - 2013-04-15 20:26

      How long did it take for USA to grow after its independence? What were the terms of its independence? For the record, Zimbabwean economy never grew after independence. The black government was given an economy riddled with debt from Ian Smith's UDI but it was all covered because of the so-called aid and borrowing from the Bretton Wood Institutions as per the agreements signed in 1979. Zimbabwe should not be compared to USA by any sane person. China and Japan are enterpreners, Americans are empire builders so dont let you biased admiration for USA cloud facts.

      Jacqui Daane Van Rensburg - 2013-04-16 11:50

      TinavoMagaisa. Portugal and Spain borrows from the Europeans and the IMF. The latter has some Chinese input. Tell me why are you here?.

      TinavoMagaisa - 2013-04-16 11:57

      You seem to have answered yourself, those countries borrow from fellow Europeans and Zimbabwe borrows from fellow Africans

  • Coen Venter - 2013-04-15 16:00

    we must pay toll fees to support bob mogabe

  • Waldo Strydom - 2013-04-15 16:01

    Is there no end to this blatant waist of tax payers money from our local government wile the people of South Africa are bleeding from bankruptcy and dying of hunger. I thought charity starts at home? But yes, keep on voting for the same people and leave them in power. My only wish in life is for the masses to open their eyes and see what they are allowing. Everyone wanting a house, your beloved government just gave it to Zimbabwe who will never be able to pay this money back. Shame on you all for allowing this. Between our troops in Africa and now our tax money helping a country known for murder and racism, the ANC is really cementing their place in Africa. The only problem with writing this comment is that the people who are suppose to hear this will never.....

  • Putco Lebepe - 2013-04-15 16:01

    Biblically and politically, if you neighbour is stranded, you are duty bound to help. However, Pres Mugabe has been peculiar, one is interested to know the conditions attached to this loan and duration of reimbursement.....

      Justin Rose - 2013-04-15 16:06

      The way to help would be to facilitate the exit of the shtbag govt controlled by Zanu pf. Even when Mbeki was around,apathetic to real change. That's how a called Herr Hitler came to power. 6m Jews later the world woke up - since the ANC like referencing the Holocaust

  • Lindy Jeffery - 2013-04-15 16:07

    Disgusting!

  • Badger - 2013-04-15 16:09

    They should just have asked Bob for the money, he has millions and millions of US dollars stashed in overseas accounts. The African Way. Mark my words, years down the line when the current rulers have stolen us blind, we are going to be in the same situation......

      Crystal Gooding - 2013-04-16 09:13

      we will forever be a poor bread basket case as is most of the african continent. Our moral fibre has gone a few elections ago and has been replaced by a snatch and run attitude of those who some of you elected into power. It's the blind leading the stupid and the ill informed that hold the future of this country in there hands.... why cant you you see what your vote has gotten you... nothing but heart ache and poverty... is it not time for a rethink of morals

  • Elvis Brown - 2013-04-15 16:09

    AU,UN

  • Justin Pretorius - 2013-04-15 16:10

    So what they are telling us is that Zim is our Cyprus? I doubt Zim will ever pay us back one cent

      TinavoMagaisa - 2013-04-15 16:24

      How come Zim managed to spent $4,5bn cash into South Africa in 2012? Its not about your doubts mate