By A Correspondent | Zimbabwe mortgaged out USD52Billion worth of minerals to China in exchange of a paltry USD200million loan in 2006 alone, a parliamentary calculation reveals.
This was revealed following borrowing disclosures by the Finance Minister Mthuli Ncube yesterday.
Commenting, former Finance Minister Tendai Biti said:
“The Minister of Finance disclosed in Parly today that Zim has borrowed $2.7 b from China since independence of which only US$150m has been repaid.
“The biggest debt pertains to the billion dollars borrowed for the Hwange7 and 8 power station.
“There is no verification of these figures.
“In 2006 Zim borrowed US$200 m from China which loan was secured by 26 million ounces of platinum reserves in Selous.
“Assuming a price of US$2000 an ounce for platinum Zim mortgaged a $52 b asset for mere US$200 m.This is ridiculous.
They have been mortgaging Zim for years #Shame.”