No free Chinese money

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.

Zhanda said government was struggling to raise the required deposit and if need be would resort to storing the grain in tents temporarily.

“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

WORDPRESS: 9
  • comment-avatar
    Roving Ambassador 10 years ago

    That is sick money for Bob.he can tip you with that.

    • comment-avatar

      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!

  • comment-avatar
    Mlimo 10 years ago

    Ask bob maybe he has some change left over from his party basjh

  • comment-avatar
    John Thomas 10 years ago

    This is how it goes when you do not behave like adults

  • comment-avatar

    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.

  • comment-avatar
    Chaka 10 years ago

    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.

  • comment-avatar

    “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!

  • comment-avatar
    Rudadiso 10 years ago

    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.

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    Mena Bona 10 years ago

    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.