Zimbabwe gets $600m loan from Botswana to settle crisis

The recent crisis in  Zimbabwe might be nearing it’s end,after the nation was granted  a loan of $600m to help ease its economic crisis, Harare’s state-owned daily The Herald reported Tuesday.

According to reports, the loans will be offered to Zimbabwe’s private sector and the diamond industry said the report.

Zimbabwe’s secretary for foreign affairs, James Manzou, unveiled the offer ahead of a visit to Harare by Botswanan President Mokgweetsi Masisi.

“Zimbabwe welcomes with much appreciation that Botswana proposed a 1 billion Botswana Pula ($94.5 million, 83.15 million euro) credit facility, in support of the Zimbabwe private sector,” Manzou told the paper.

“Zimbabwe is also appreciative of the US$500 million diamond facility offered to it by Botswana,” he said.

Read Also:  Riot erupts in Zimbabwe over increase in fuel price

Manzou said the loans are expected to “support our economic recovery”.

Zimbabwe descended into economic ruin during the 37-year rule of Robert Mugabe who was forced out in 2017.

His successor Emmerson Mnangagwa has failed to solve the crisis with the country running desperately short of foreign currency.

Source: ChannelsTV


Check Also

Finally!!! UK Parliament Approves Brexit Deal

The United Kingdom parliament Thursday  finally approved Brexit, allowing it to become the first country …