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SA may provide Zimbabwe with more cash

27 Sep 2012

South Africa has agreed to consider extending a line of credit and providing further budget support to Zimbabwe's government‚ after a meeting today between Finance Minister Pravin Gordhan and his Zimbabwean counterpart Tendai Biti.

In a joint statement‚ the ministers said that Zimbabwe continued to face "significant economic constraints" including cash flow challenges arising from revenue collections‚ which were below target‚ a high debt over-hang‚ an uncompetitive business environment‚ infrastructural deficits and limited access to lines of credit for business.

Zimbabwe's reform measures were acknowledged‚ including an increase in fuel taxes‚ closing tax loopholes and slippages‚ strengthening the budget process‚ tightening financial market regulation and restructuring the balance sheet of the Reserve Bank of Zimbabwe.

"The ministers agreed to consider a facilitation of a line of credit and a request for further budget support‚ which will be aligned to South Africa's 2012 budget process‚" the statement said.

Treasury spokesman Jabulani Sikhakhane said that no specific amounts of credit or budget support were being considered at this point in time.

"The discussion hasn't got there yet‚ these are just broad principles‚" he told I-Net Bridge.

The Treasury will release its medium-term budget on October 24.

Source: I-Net Bridge

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