Zimbabwe has not rejected loan assistance from South Africa, the country’s Herald Online reported on Tuesday.
It quoted Reserve Bank of Zimbabwe Governor Gideon Gono as saying talks on the matter between the two countries are continuing.
”As the central bank, we are looking forward to the conclusion of the negotiations that will replenish our coffers accordingly,” Gono said.
”The assistance from South Africa is in the form of a loan which will have to be repaid at some stage in the future from our mineral, agricultural, tourism and manufacturing exports.”
Gono revealed that most of Zimbabwe’s payment of $120-million (R768-million) to the International Monetary Fund (IMF) came from banks in New York and London.
The funds had been sourced from export proceeds, free funds and foreign-currency liquidations, he said.
The revelation comes after reports that the IMF intended to verify the source of the money in response to allegations that the money may have been expropriated.
Gono gave details of the sources of the funds to IMF directors in Washington on the eve of the September 9 executive board meeting to decide on Zimbabwe’s fate.
Of the funds, $90-million (R576-million) was paid through the Federal Reserve Bank of New York, with the balance being transacted through Absa bank of South Africa.
Zimbabwe reduced its arrears with the IMF to $175-million (R1,1-billion) after the payment last month. This swayed the majority of the IMF’s executive directors to vote against its expulsion.
As a result, Zimbabwe earned a six-month reprieve.
Gono said it is unfortunate that some quarters feel offended by Zimbabwe’s ability to pay part of its arrears from its own resources.
”The fact that we surprised everyone with the payment should not in itself cast doubt on our creativity and ability as the central bank and, indeed, the nation’s resolve to take sacrificial measures in the wake of threats to national interests.”
Gono made an undertaking to clear the arrears by November next year. — Sapa