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(NEWZIMBABWE, NEWSDAY SA) Biti hits out at Zuma over credit, trade

Biti hits out at Zuma over credit, trade
06/05/2012 00:00:00
by Wonai Masvingise I NewsDay

SOUTH Africa is not keen on fulfilling a R1,5 billion line of credit facility promised by former President Thabo Mbeki, Finance Minister Tendai Biti has said. Biti, who is also MDC-T secretary-general, also accused the neighbouring country of putting up barriers and hindering Zimbabwe from joining the rand monetary union (RMU).

He said Pretoria had become hostile to Zimbabwe after President Jacob Zuma’s ascendancy to power. The finance minister also said South Africa’s trade policy had become hostile to Zimbabwe after Zuma’s rise to power.

“The bottom line is they do not want to see us,” Biti said. “Have you asked yourself what Zuma has done for this country since he got into power? Nothing!

"In March 2009 we were promised R500 million, but we have not been given that money. If you speak to (Industry and Commerce minister) Welshman Ncube he will tell you more on this.”

But Ncube said South Africa had only promised R60 million split equally into a grant and lines of credit.

“As I recall, there were two tranches, one was a R30 million line of credit and the other was a R30 million grant,” he said.

“I know the R30 million grant was paid, but I am not sure how far the Finance ministry has gone with the line of credit.”

The MDC leader also dismissed Biti’s assertion that South Africa’s trade policy towards Zimbabwe had changed during Zuma’s tenure.

“There is no change,” Ncube said. “The policy framework has not changed from the time that Mbeki was there to now.”

Biti also hit back at critics accusing him of delaying the adoption of the rand as Zimbabwe’s currency.

He said Zimbabwe did not meet the criteria required for a country to join the RMU.

The RMU is a monetary union made up of South Africa, Lesotho, Swaziland and Namibia.

“South Africa right now has put up barriers and we cannot join the rand monetary union,” he said. “Zuma has yet to consent to that. There are certain requirements that a country needs to meet before it can join the monetary union.

“Sadc protocol requires that inflation must be below 7% and in this regard we are fine, but the problem comes in on our debts and that is where we are not in compliance,” Biti added.

Labels: JACOB ZUMA, TENDAI BITI

posted by MrK @ 12:35 AM