Africa: Mboweni - South Africa Plans to Help Bail Out Zimbabwe

South Africa is planning to extend short-term credit to Zimbabwe and also to help it write off its US$7.4-billion external debt, to prevent its neighbour spiralling out of control. Critics say this will be a waste of money unless it can pressure Zanu-PF to make political reforms.

Finance Minister Tito Mboweni disclosed the plan in an interview with Daily Maverick as Zimbabwe slipped closer to the brink after a massive fuel price hike on January 12 sparked a general strike and then widespread street protests, many of which were violently suppressed by state security forces.

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