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‘Cheap finance to Zim in SA’s best interests’

Finance Minister Patrick Chinamasa made the comments to visiting officials from finance institutions.

FILE: 'The Source' news agency says the minister was speaking to visiting officials from South African finance institutions. Picture: WikiCommons.

HARARE - A South African delegation visiting Zimbabwe has been asked to provide cheap finance to help revive the country's industry and infrastructure.

Finance Minister Patrick Chinamasa says it's in South Africa's interest to help develop its neighbour to stem the tide of illegal immigrants crossing the border.

The Source news agency said the minister was speaking to visiting officials from South African finance institutions, which included the Development Bank of South Africa and the Public Investment Corporation.

Chinamasa appealed for loans at similar interest rates to those the institutions charge in South Africa.

He said it was in Pretoria's interest to help Zimbabwe develop.

The finance minister said this would be the only way of stopping illegal immigrants jumping the border and heading into South Africa.

Zimbabwe is staring at a fresh economic crisis as companies close and job losses mount.

Meanwhile, the International Monetary Fund (IMF) on Tuesday ruled out the possibility of giving Harare more money.

President Robert Mugabe won a fifth term in office 14 months ago.

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