Maravi

SADC finance ministers meet over Zim package

SADC finance ministers meet over Zim package
Written by Kingsley Kaswende in Harare
Wednesday, February 25, 2009 3:27:30 AM

SADC ministers of finance are today expected to come up with a rescue financial package for Zimbabwe at their meeting in Cape Town, South Africa. The meeting follows appeals last week by Zimbabwe's Prime Minister Morgan Tsvangirai for a financial package that will help jump-start the country's troubled economy.

Finance minister Tendai Biti will lead the Zimbabwean team that will include officials from his ministry and representatives from the Reserve Bank of Zimbabwe (RBZ).

The meeting is being held ahead of the SADC Council of Ministers' conference, which begins tomorrow.

South African President Kgalema Motlanthe, who is also Southern Africa Development Community (SADC) chair, last week said he had called for the special meeting to develop a plan to help Zimbabwe.

Biti said in a statement yesterday that Zimbabwe was optimistic the region would come to its assistance in terms of budgetary financing and credit lines.

"These are our neighbours, our comrades and our friends, so we will say to them please help this house that is about to collapse. We will present our plans on the way forward in respect of sustainability, stability and in respect of credible policies. It will be a saleable presentation," Biti said.

The Ministry of Finance is currently working on a short-term economic stabilisation programme which, if approved by Cabinet at its meeting yesterday, would be presented at the finance ministers' meeting.

Biti said going by indications so far, Zimbabwe would get a golden handshake from its peers in the region.

He said it would be a contradiction for SADC, having invested so much to facilitate the formation of the inclusive government, to then falter in terms of assisting its survival.

"The logical conclusion of SADC's commitment as planted from the first extraordinary meeting held on March 29 2007, would be to ensure that this government is propped up so that it does not prematurely collapse," said Biti.

Last week, Prime Minister Tsvangirai said Zimbabwe would need US$5 billion in the long-term to stabilise the economy.

Labels: SADC, TENDAI BITI

posted by MrK @ 3:27 AM