Zim asks SA for rescue package

2011-06-17 14:18

Zimbabwe has asked South Africa for a $50 million (about R343 million) rescue package for struggling companies in Bulawayo, The Herald in Harare reported today.

It said the matter was raised in a meeting between Zimbabwean President Robert Mugabe and his South African counterpart Jacob Zuma in Johannesburg last Friday.

Zimbabwean presidential spokesman George Charamba confirmed the request, saying Zuma had agreed to look into ways his government could assist.

Charamba said a figure of $50 million had been mentioned as a possible rescue package for ailing companies in Bulawayo, Zimbabwe’s industrial hub.

The firms were failing to access cheap finance for recapitalisation, causing many of them to close down or scale down operations.

As a result, thousands of workers were losing their jobs.

Mugabe told Zuma some of the firms required as little as $500 000 to revive operations, Charamba told The Herald.

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