via No free Chinese money | The Zimbabwean 26.03.14 by Nelson Sibanda
China has demanded a $7 million upfront deposit and bankable guarantees before releasing the $50 million loan needed for the rehabilitation of Zimbabwe’s grain silos, Deputy Minister for Agriculture (livestock), Paddy Zhanda, told Parliament recently.
“The Chinese want suitable bankable guarantees and a cash deposit upfront,” Zhanda said.
Zanu (PF) MP for Mutasa South, Irene Zindi, expressed worry at the fate of this season’s harvest if government failed to secure the loan in time. “If farmers deliver maize to GMB now before the silos are rehabilitated, will the grain not go to waste?” she asked.
Permanent Secretary for Agriculture Rinson Chitsiko recently told the parliamentary committee for agriculture, that GMB silos needed urgent repair.
Zhanda said government would pay farmers for grain delivered to GMB through a facility the Commercial Bank of Zimbabwe.
According to GMB general manager, Albert Mandizha, government needs $1.5 million to pay farmers for grain supplied last season, plus $8.5 million to pay transporters for distribution of the grain loan scheme.
COMMENTS
That is sick money for Bob.he can tip you with that.
He could but he won’t. He’s burning the place to the ground and wouldn’t even contribute a cent buying fuel for the fire engines ha ha!
Ask bob maybe he has some change left over from his party basjh
This is how it goes when you do not behave like adults
If you steal all the money then nothing gets maintained and soon falls over….duh! – just goes to show how well the infrastructure was built that it has lasted this long.
Not a surprise. Normal borrowing always requires such deposits. Did gvt not know that Even $7m is nothing compared to birthday n royal wedding costs.
“Bugger you Western countries.We’ll Look East! “He said. But even the Chinese don’t write blank cheques coz they know where those’ll end up ha ha ha!
Why is everything urgent with this government? Is there no planning that happens?
The solution lies in liberalizing so farmers can deliver their maize straight to millers. Surely even this dumb government can realise that it would cost them nothing? For goodness sake, they are not even able to pay for the maize yet they insist that farmers continue to deliver to them. Idiots.
Free Chinese money?? What a joke. Money from China will be the most expensive money Zimbabwe or any other African country will ever receive. They don’t want interest on their money! They want ALL your resources and countries in return. Any African country that has not realized this is blind, on the Chinese payroll, stupid our they just don’t care.