China shows Zimbabwe business is business


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China, which has described itself as an all-weather friend of Zimbabwe, today showed Harare that business is business. Chinese ambassador to Zimbabwe Lin Lin said Beijing is prepared to arrange a financial package for Zimbabwe’s economic recovery programme but will need collateral in the form of Zimbabwe’s mineral resources. “My government is committed to give our support to Zimbabwe’s economic recovery. What I can say now is that the two sides are carrying out discussions on lines of credit provided by Chinese financial institutions as proposed by Zimbabwean side using your minerals as kind of security. We are looking forward to reach a kind of an agreement on that issue and I hope sometime this year.” Zimbabwe, on the other hand, has indicated that it will continue to sell its diamonds through the Dubai Diamond Exchange though proceeds from the March sale have not yet been remitted. Less than half the nearly US$30 million realised from the auction has so far been paid.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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