Zim seeks R3.5 billion from SA

Zimbabwe is seeking 3.25 billion rand in an overdraft and credit facility from South Africa, Finance Minister Tendai Biti said on Wednesday, as the country battles to reverse the effects of a decade-long political and economic crisis.

A power-sharing government set up last year by bitter rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai has stabilised an economy ravaged by hyperinflation, which peaked at 500 billion percent in December 2008.

But the government says it needs at least $10 billion for reconstruction.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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