South Africa says it declined Zimbabwe's US$1.2 Billion Loan Request » ZOOM Zimbabwe News

South Africa says it declined Zimbabwe’s US$1.2 Billion Loan Request

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SOUTH Africa says it refused to give broke neighbour Zimbabwe a loan of more than $US1.2 billion to help its depleted economy.

Zimbabwe made the request for a rescue package in December, Jabulani Sikhakhane, a spokesman for the Pretoria-based Treasury, told Bloomberg by phone Monday.

“South Africa doesn’t have the money to provide that kind of assistance,” Sikhakhane said.

Hopes of an economic revival in Zimbabwe lie in tatters 14 months after President Emmerson Mnangagwa took office, as the nation reels from foreign-exchange and fuel shortages, strikes and a dearth of political leadership.

“South Africa doesn’t have that kind of money,” National Treasury spokesman Jabulani Sikhakhane said.

Zimbabwe was rocked by anti-government protests last week after a rise in fuel prices stoked anger about the country’s creaking economy. — Bloomberg

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