{"id":65021,"date":"2022-08-26T17:44:55","date_gmt":"2022-08-26T15:44:55","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan"},"modified":"2022-08-26T20:31:33","modified_gmt":"2022-08-26T18:31:33","slug":"biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan","title":{"rendered":"Biti Asks Finance Minister About Zimbabwe\u2019s Payment Of US$52 Billion To China To Repay US$200 Million Loan"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Harare East Member of Parliament, Tendai Biti has quizzed Finance and Economic Development Minister, Professor Mthuli Ncube about how Zimbabwe is paying \u201cUS$52 billion to China\u201d to repay a US$500 million loan.<\/p>\n

The loan was acquired in October 2006 to purchase farm and agricultural equipment. Ncube said the loan was collateralised with mining rights to the tune of 26 million ounces of platinum resources in Selous which were owned by the Government through the Zimbabwe Mining Development (ZMDC).<\/p>\n

He added that the loan is currently in arrears amounting to US$172 million. But Biti, a former Minister of Finance during the Government of National Unity (GNU) suggested that the money could be more. He said on Wednesday:<\/p>\n

i). An ounce is equivalent to 28 grams.<\/p>\n

ii). The price of platinum today is around US$900 an ounce, so the collateral is actually worth about US$23.5 Billion, which is still a huge amount for a $200m loan.<\/p>\n

iii). Zimbabwe\u2019s national budget is around US$4 billion which means the country would take about 6 years to raise the money, without using it if it has to repay the loan.<\/p>\n

iv). Collateral should be above loan value and possibly loan value plus interest. But by how much?<\/p>\n

v). Zimbabwe is a high risk borrower, known for defaulting payment of debts, and that takes away its bargaining power during collateral negotiations. We don\u2019t know to what extent.<\/p>\n

There have been concerns over the government\u2019s \u201cmega deals\u201d and \u201cfree gifts\u201d from foreign governments, which critics say are being bought by the country\u2019s natural resources such as land, gold, platinum, diamonds and lithium.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Harare East Member of Parliament, Tendai Biti has quizzed Finance and Economic Development Minister, Professor Mthuli Ncube about how Zimbabwe is paying \u201cUS$52 billion to China\u201d to repay a US$500 million loan. The loan was acquired in October 2006 to purchase farm and agricultural equipment. Ncube said the loan was collateralised with […]<\/p>\n","protected":false},"author":84,"featured_media":65020,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,15],"tags":[1493,2189,11515,807,1119,7806,1164,19],"class_list":{"0":"post-65021","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"category-twitter","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-chinese-embassy-in-harare","15":"tag-mthuli-ncube","16":"tag-platinum","17":"tag-prospect-lithium-zimbabwe","18":"tag-tendai-biti","19":"tag-zimbabwe"},"yoast_head":"\nBiti Asks Finance Minister About Zimbabwe\u2019s Payment Of US$52 Billion To China To Repay US$200 Million Loan - zimbabwe<\/title>\n<meta name=\"description\" content=\"Harare East Member of Parliament, Tendai Biti has quizzed Finance and Economic Development Minister, Professor Mthuli Nc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biti Asks Finance Minister About Zimbabwe\u2019s Payment Of US$52 Billion To China To Repay US$200 Million Loan\" \/>\n<meta property=\"og:description\" content=\"Harare East Member of Parliament, Tendai Biti has quizzed Finance and Economic Development Minister, Professor Mthuli Nc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-26T15:44:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-26T18:31:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/08\/postQueueImg_6-63091168b4088.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-asks-finance-minister-about-zimbabwes-payment-of-us52-billion-to-china-to-repay-us200-million-loan\",\"name\":\"Biti Asks Finance Minister About Zimbabwe\u2019s Payment Of US$52 Billion To China To Repay US$200 Million Loan - 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