Cash-strapped Zimbabwe in a move to plug a gap in its
finances ahead of elections expected in the second half of the year, gas
approached South Africa for a budgetary support of $100 million.
South Africa has approved the request according to Zimbabwe Finance Minister, Tendai Biti on Monday.
Last year, Biti disclosed that Harare had approached regional economic giant South Africa and oil-rich Angola for $150 millon amid a lack of aid from Western donors who have imposed sanctions on Zimbabwe’s President, Mugabe over charges of human rights abuse.
“We are already under pressure. We are being suffocated even before we include the elections of 2013,” Biti said.
He said the government received no revenue from diamond mines in January and February and only $5 million in March against a target of $15 million.
“If there was honesty from diamond revenue we would not be asking for money from anyone for the elections,” the minister said.
Prime Minister Tsvangirai’s camp has accused Mugabe’s ZANU-PF of pocketing diamond revenue.
“It is self-evident that Treasury has no capacity to fund elections. We’re not going to borrow again for the elections,” he said, repeating his call for foreign funding for polls which have an initial budget of $132 million.
Zimbabwe has also appealed to the United Nations for election funding. A visit by a U. N. team to access Harare’s needs has been delayed due to squabbling in the unity government but is now expected to take place soon, he added.
Biti said government revenues remained depressed while expenditure, mainly wages, continued to exceed receipts.
South Africa has approved the request according to Zimbabwe Finance Minister, Tendai Biti on Monday.
Last year, Biti disclosed that Harare had approached regional economic giant South Africa and oil-rich Angola for $150 millon amid a lack of aid from Western donors who have imposed sanctions on Zimbabwe’s President, Mugabe over charges of human rights abuse.
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| Zimbabwe Finance Minister Tendai Biti |
“Pursuant to discussions in September 2012, I’m aware the
South African cabinet has made a decision and it’s a positive decision,” Biti
told a news conference.
“We are already under pressure. We are being suffocated even before we include the elections of 2013,” Biti said.
He said the government received no revenue from diamond mines in January and February and only $5 million in March against a target of $15 million.
“If there was honesty from diamond revenue we would not be asking for money from anyone for the elections,” the minister said.
Prime Minister Tsvangirai’s camp has accused Mugabe’s ZANU-PF of pocketing diamond revenue.
Biti said he had also made an additional plea to South
Africa and Angola to fund elections expected later this year. The government
borrowed $40 million domestically to fund a March 16 constitutional referendum.
“It is self-evident that Treasury has no capacity to fund elections. We’re not going to borrow again for the elections,” he said, repeating his call for foreign funding for polls which have an initial budget of $132 million.
Zimbabwe has also appealed to the United Nations for election funding. A visit by a U. N. team to access Harare’s needs has been delayed due to squabbling in the unity government but is now expected to take place soon, he added.
Biti said government revenues remained depressed while expenditure, mainly wages, continued to exceed receipts.
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