Zim secures $300mil in budget support

Wednesday, April 29, 2009

Pretoria - Zimbabwe's new power-sharing government has secured $300 million in budget support from its neighbours to revive the country's economy.

"This grant is aimed at assisting Zimbabwe in some of the critical sectors that require assistance," said Foreign Affairs Director-General Ayanda Ntsaluba, on Tuesday.

He said negotiations between the countries, including South Africa and Botswana, had been wrapped up and now all that was left was for the legal process to be concluded. Botswana alone donated $70 million.

Mr Ntsaluba said the southern Africa region was also finalising the discussions around the credit lines for the country. "It is only a matter of days before it is finalised," he said, declining to divulge how much the credit line would be.

Last week, a delegation from Zimbabwe's unity government visited Washington for meetings aimed at securing funds for the country's reconstruction.

Britain has pledged more than $21 million in humanitarian aid to Zimbabwe, which is estimated to benefit three million people by way of food, seeds and fertilizer.