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Ramaphosa, Mnangagwa discuss increasing SA’s credit facility in Zimbabwe

Earlier on Tuesday, President Cyril Ramaphosa said South Africa stood willing to support Zimbabwe, but only within its means.

President Cyril Ramaphosa and Zimbabwean President Emmerson Mnangagwa during Bi-National Commission held in Harare. Picture: Dirco.

HARARE - The presidents of Zimbabwe and South Africa have committed to looking at increasing a South African credit facility to Zimbabwe.

President Cyril Ramaphosa and his counterpart Emmerson Mnangagwa wrapped up tier binational commission meeting in Harare.

This isn’t a financial bailout by any means.

After Tuesday’s commission, a communique said the two governments are looking at increasing a R100 million credit facility to Zimbabwe from South Africa’s central bank.

Another option to be considered is a loan facility from South African private banks to Zimbabwe’s private sector, guaranteed by both governments.

Zimbabwe is desperate for capital inflows. In January, it emerged that the South African Reserve Bank had turned down a request from Harare for a billion-dollar loan.

Earlier on Tuesday, President Ramaphosa said South Africa stood willing to support Zimbabwe, but only within its means.

WATCH: Ramaphosa & Mnangagwa get down to business at binational commission