Chinamasa to meet foreign banks heads - Zimbabwe Situation

Chinamasa to meet foreign banks heads

via Chinamasa to meet foreign banks heads 01/03/2014 by Bloomberg News NewZimbabwe

FINANCE Minister Patrick Chinamasa said he wants to meet with the heads of Barclays Plc (BARC) and Standard Chartered Plc (STAN) after the country’s lines of credit were cut by about 95 percent to $40 million a year.

“I would like to see your bosses for explanations for the climb down to say are you arranging an exit strategy so that we can ask the right questions,” Chinamasa said at a mining conference in the northern resort town of Victoria Falls today.

Chinamasa didn’t say which of the U.K. lenders had cut lending to Zimbabwe, or give details of when the credit lines were tightened except that they used to be about $800 million.

Calls to the local unit of Barclays in the capital, Harare, weren’t answered, while the switchboard at Standard Chartered there said nobody was around to take a call.

Zimbabwe has been trying to get banks to help revive the nation’s economy since the government abandoned the Zimbabwe dollar in 2009 to curb inflation that had risen to as much as 500 billion percent, according to International Monetary Fund estimates.

Lenders, including Barclays and Standard Chartered, agreed 13 months ago to cap their interest margins as the central bank tried to lower lending rates.

Chinamasa said South African “financiers” had offered loans at a “country premium.” “They are saying they are prepared to assist us with funding, but at an 8 percent premium, that’s expensive,” he said.

 

COMMENTS

WORDPRESS: 9
  • comment-avatar
    roving ambassador. 4 years

    Poor Chin, they will make him run around like a headless chicken till he drops dead. At the end of it all is it really worth it, protecting and looking for more money for the mafia to throw away. A new philosophy and simple wisdom is needed. I cannot believe a small clique will destroy a nation so the Chinese can benefit. Lets wake up aim, we are being taken for a ride. Think, Think, do not rush in where fools fear to tread. Do not attend these Zanu meetings to appease these idiots. There is a better aim for all of us, the potential to a great nation is massive without these idiots in power.
    iF ITS CORRUPT MONEY THEY WANT LET THEM GET IT FROM THEIR CHINESE MASTERS. The treasonous bunch.
    Vapambipfumi.
    Vatengesi.

    Open your eyes and see.

  • comment-avatar
    John Thomas 4 years

    He may be able to bully the local managers, but out in the world he is a very small boy with a very bad reputation. He is far, so very far, below the power and influence of the managers of major international banks. He might consider himself very luck to get a short meeting.

    There will be no meaningful financial inflows until this indigenisation rubbish is dropped and ZANU stops stealing other people’s property. This is as it should be. Honest people do not like thieves and give them a wide birth.

  • comment-avatar
    LUCY 4 years

    “I would like to see your bosses for explanations for the climb down to say are you arranging an exit strategy so that we can ask the right questions,”

    Says the man with no teeth. One toothless bulldog pretending to have some clout

  • comment-avatar
    Agog 4 years

    Why imagine or pretend that you are running a significant entity, Mr. China?
    Berkshire Hathaway announced profits of $19 billion on annual revenues of over $320 billion. That is one company.
    The budget that the mayor of Bloemfontein has at his disposal is larger than Zim’s.
    Keep things in perspective. A tiny fish in a shrinking pond must sing a different tune.

  • comment-avatar

    They think they are running a country whn they are running a place smaller than South Africa’s Kzn province.these guys are a joke

  • comment-avatar
    CHINDUNDUMA 4 years

    THESE ZANU PF LUNATICS HAVE GOT NO LIMIT TO THEIR SENSE OF IRRESPONSIBILITY. THESE IDIOTS WANT TO DESTROY THE LAST TWO FINANCIAL INSTITUTIONS JUST AS THEY DID TO THE PARASTATALS. MUGABE WHY CANT YOU JUSG GO?

  • comment-avatar
    NBS 4 years

    The spirit of death is upon ZPF. Everything they touch dies. I do not say this lightly. This has huge spiritual implications for the nation. No repentance! No restoration!

  • comment-avatar
    Nyoni 4 years

    NBS how true you are. Zanu has the Medusa touch. Nothing good comes out from them. The parasites.

  • comment-avatar
    DL 4 years

    Hahahahahaha! That’s funny! Does he really think that bluster will cause bankers to open their wallets? He’s as much of an idiot as his boss, which isn’t saying much, since Mugabe has now admitted that he has the mind of a 9 year old..