SA explores financial assistance to Zimbabwe

HARARE, (CAJ News) – SOUTH Africa is considering financial packages to economically-struggling neighbour, Zimbabwe.

South African president Cyril Ramaphosa and his host Zimbabwean counterpart Emmerson Mnangagwa

This emerged following a meeting between South African President Cyril Ramaphosa, and Zimbabwe counterpart, Emmerson Mnangagwa, in Harare.

According to a communiqué issued at the end of the third session of the Bi-National Commission (BNC), relevant ministries agreed to consider options for expanding the standing facility arrangement between the respective Central Banks.

Other financing options beyond this are also being explored.

This includes a facility from South African private banks to the Zimbabwe private sector and guaranteed by the South African Government, with an appropriate counter-guarantee from the Zimbabwe Government, the communiqué read.

The third BNC was preceded by the meetings of relevant ministers on Monday before signing of agreements on Tuesday.

The two Heads of State (Ramaphosa and Mnangagwa) held discussions with a view to further strengthening and deepening bonds of friendship and cooperation between Zimbabwe and South Africa.

The two sides emphasised the importance of expanding trade and investment to drive the strategic engagement forward.

Ramaphosa invited Mnangagwa to attend the fourth session of the BNC, to be hosted by South Africa in 2020.

– CAJ News

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