Repay US$1,5bn, China tells Zimbabwe

NEW details are emerging from Vice-President Emmerson Mnangagwa’s recent trip to China amid revelations the Chinese will not give Zimbabwe the much-needed financial bailout unless it provides a payment plan for loans totalling US$1,5 billion accessed from the Asian economic giant over the past few years.

Elias Mambo

It has emerged that part of the reason for Mnangagwa’s visit to Beijing between July 5 and 10 was to seek an emergency rescue package for the country, which is facing a severe liquidity crunch. During his visit Mnangagwa met several officials from the Communist Party of China (CPC), including Vice-President Li Yuanchao, in need of help.

Government has failed to implement its ambitious economic blue-print, ZimAsset, which it claims is the panacea to the country’s economic woes, partly because of lack of funds.