South Africa is to extend support to Zimbabwe to help write off its $7.4 billion dollar external debt in the wake of recent economic turmoil.
South Africa’s Finance Minister Tito Mboweni who confirmed the report says talks between the two countries are ongoing.
The talks will focus on clearing the debt owed the International Monetary Fund and the Paris Club.
The Paris Club is an informal group of official creditors who try to find sustainable and coordinated solutions to payment problems that debtor countries experience.
Zimbabwe is witnessing widespread protest following an increase in fuel prices announced by the government.
The latest increment which makes Zimbabwe’s fuel the most expensive in the world. Protests have continued for days now resulting in deaths and arrests.
Prior to that labour unions in the country had also embarked on protest over pay rise.
Security Crackdown
Over 600 people including four politicians from the opposition have so far been arrested in relations to alleged public order offences.
The government has also shut down access to social media including Facebook, Twitter and WhatsApp.
President Emmerson Mnangagwa on Sunday cut short his foreign trip to return home. He had been criticized for traveling during the agitations.
In light of the economic situation, I will be returning home after a highly productive week of bilateral trade and investment meetings. We will be ably represented in Davos by Minister of Finance, Mthuli Ncube. The first priority is to get Zimbabwe calm, stable and working again.
— President of Zimbabwe (@edmnangagwa) January 20, 2019
Source: Africafeeds.com
