afrol News, 7 May - Zimbabwe's new unity government seem to have struck the right keys, with finacing institutions announcing major economic remedying cocktails that could help the country pull out of its economic misery.

Just a few days after the International Monetary Fund announced the partial lifting of major technical assistance restrictions against Zimbabwe, African financial institutions have also announced a US$ 428 million in credit lines.

The country's minister of finance, Tendai Biti announced today that the African Export-Import Bank (Afrexim Bank) provided $250 million to rescue the mining, banking and agricultural sectors, while the Eastern and Southern African Trade and Development Bank has also granted Zimbabwe a $178 million credit line.

Mr Biti told the media conference that the funding will help in Zimbabwe's economic activity, which would also include privatisation of public entreprises.

The state news agency reported today that the continental bank joins the growing list of creditors that have extended a helping hand to Zimbabwe in recent months following similar gestures by the African Development Bank, the Botswana and South African governments, among others.

Zimbabwe had soon after the formation of the unity government, announced an urgent need over $8 billion to realise its economic recovery.

The waring parties had formed the unity government in February after many hurdles in the negotiations, which have left Robert Mugabe still in the presidency with opposition leaders Morgan Tsvangirai and Authur Mutambara taking the premier and deputy portfolios.

The country had slided to the worst economic and humanitarian crisis ever, with the record inflation well above the mark coupled with the Cholera epidemic that affected thousands of people.

By staff writer

© afrol News

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