BREAKING NEWS

Cash crunch forces Zimbabwe to seek regional aid

By REUTERS

SEPTEMBER 6, 2012 18:22

HARARE - Zimbabwe is turning to South Africa and Angola for help in plugging a $400 million hole in its budget, Finance Minister Tendai Biti said on Thursday, lamenting a lack of foreign investment and aid from its traditional Western donors.

The southern African country's economy is recovering under a coalition government formed in 2009 by President Robert Mugabe and his rival, Prime Minister Morgan Tsvangirai, but is still suffering the hangover of a decade-long recession widely blamed on Mugabe policies such as the seizure of white-owned farms.

Biti, who slashed Zimbabwe's 2012 GDP growth forecast last month from 9.4 percent to 5.6 percent due to a poor harvest and lack of donor funding, said Harare would seek at least $150 million from South Africa and Angola.

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