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news - Long While Before Bilateral Aid: Zimbabwe Finance Minister

september 16th, 2009

More text from the article folllows below, accompanied by links to further articles regarding the status of the Zimbabwean economy.

"Zimbabwe's Finance Minister Tendai Biti said on Wednesday it would be a 'long while' before the country, struggling to pull itself out of an economic crisis, received bilateral assistance.

Biti also told a mining conference Zimbabwe could not return to using the local dollar--abandoned at the start of the year after hyperinflation rendered it worthless--until the economy could support the currency.

Zimbabwe says it needs $10 billion in foreign aid to rebuild the country, grappling with a dilapidated infrastructure, hyperinflation and unemployment of over 90 percent.

But Western nations who suspended aid over policy differences with veteran President Robert Mugabe are reluctant to release cash without further political and economic reform under a unity government he formed with rival Morgan Tsvangirai, now Prime Minister.

'It's going to be a long while before bilateral assistance comes to Zimbabwe...so we are having to look at foreign direct investment,' said Biti, a minister from Tsvangirai's MDC party."

MORE: "Long while before bilateral aid: Zimbabwe Finance Minister" (Reuters)

FURTHER READING: "Zimbawe inflation eases further" (BBC)

FURTHER READING: "Zimbabwe Won't Restore Currency, Plans Simpler Taxes" (Bloomberg)

FURTHER READING: "Zimbabwe to use IMF cash 'to rebuild infrastructure" (AFP)

FURTHER READING: "Zimbabwe to establish mining exploration firm" (Reuters)

FURTHER READING: "President Mugabe calls for investment in Zimbabwe" (AP)

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