Posted on 01/02/2010 11:01:53 AM PST by UAConservative
HARARE (AFP) – Zimbabwe is considering mortgaging its mineral wealth to offset the country's 5.4 billion dollar debt owed to multilateral donor agencies, a government report says.
The ministry of finance report seen by AFP said various options were being considered for paying off the external debt, an essential step to secure new financing from lenders for 2010-2012.
"A key conditionality for unlocking new financing of 7.5 billion -- 10 billion (dollars) ... evolves around the development of a Debt Relief and Arreas Clearance Strategy for the country's external debt overhang of 5.4 billion, of which 3.8 billion is in arrears," the report said.
Also under consideration was using internal revenue resources, asking for debt restructuring from the Paris Club of lender nations or "going through the Highly Indebted Poor Country (HIPC) route for debt forgiveness," the report added.
Government, in co-operation with major creditors will undertake in-depth studies on the various options to come up with a "sustainable debt management and clearance solution which balances the interests of the country and its creditors," it added.
(Excerpt) Read more at news.yahoo.com ...
Hu Jintao, call your office.
Why doesnt he just go and get the minerals out?
He wont let industry buy the rights... so how is the mortgage holder any farther ahead?... he has no hope of getting his cash back....
Another 419 in play
Caution!!!!
Traditional African SCAMMERS at work!
BWAHAHAHAHA - Yeah , I would trust them when it was time to collect.!
Property rights mean nothing to these socialist. A mortgage implies that a thing is real property owned by some person or group of persons.
A mortgage implies that a thing is real property owned by some person or group of persons.
Zimbabwe’s government has a bad record of confiscating property. So why would anyone believe that if Zimbabwe defaulted on the loan and transferred the mineral wealth to the holders of the loan that they would not renationalize that property in the not too distant future?
anyone stoooopid enough to accept any worthless paper declaring such “collateral” ought to be sent to try to operate a farm in Zimbabwe just long enought to be murdered or driven out by Mugabe’s thugs.....
Ans then nationalize or tax them in a few years...
This is EXACTLY what China has been waiting for.
Matabele and Ndebele are happy to hear this I guess.
And if the paper holders are Chinese state-owned corporations, you could see Chinese Marines coming ashore to enforce property claims in enough time.
Of course, after landing on the shore, they'd have to march a few hundred miles across Mozambique to get to Zim.
The only one who might bite are the Chinese who can cut off their arms and destroy the Mugabe regime.
LOL, those racists...!
Anyone who takes this government for it’s word, deserves to get taken to the cleaners.
Substitute Zimbabwe with USA in the article.
We can’t drill or mine our OWN minerals because of the baffoons in DC. What a shame.
Sorry, but when Mugabe is dead and gone in a few short months/years, no one is going to take that criminal’s mortgage seriously.
owed to multilateral donor agencies””
am I wrong or donor agencies to me means DONATION?
I am sure our banks will jump at the offer, then write CDSs to protect themselves.
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