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Biti Asks Finance Minister How Is Zimbabwe Paying US$52 Billion To China For US$200 Million Loan

Biti Asks Finance Minister How Is Zimbabwe Paying US$52 Billion To China For US$200 Million Loan

Harare East Member of Parliament, Tendai Biti has quizzed Finance and Economic Development Minister, Professor Mthuli Ncube about how Zimbabwe is paying “US$52 billion to China” to repay a US$500 million loan.

The loan was acquired to purchase farm and agricultural equipment.

Ncube had indicated that the loan was collateralised by 26 million ounces of Platinum. Biti said in Parliament:

[The government negotiated] a loan from China of US$200 million to purchase farm mechanisation equipment. But you say that this loan was collateralised by Platinum – 26 million ounces.
If you do your rough mathematics, assuming the price of platinum an ounce is US$2 000, you’re talking of 26 million ounces which will give you US$52 Billion honourable minister.
So how is it possible that the government of Zimbabwe can borrow US$200m from China and give [China] an asset which in gross terms is US$52 billion?

Some context:

i). An ounce is equivalent to 28 grams.

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.

iii). Zimbabwe’s 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.

There have been concerns over the government’s “mega deals” and “free gifts” from foreign governments, which critics say are being bought by the country’s natural resources such as land, gold, platinum, diamonds and lithium.

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29 Comments

LOGIC 3 months ago

That kinda question is falling on deac ears eyy.....kupedza nguva


3 months ago

i think you need to ask the question using signs

LOGIC 3 months ago

deaf

Dred 3 months ago

Chinese gifts are not free. It is our country tht loses at the end of the day. This all weather friends narrative or look East **** is nothing but a scam. ZANU PF is slowly mortgaging our country to the Chinese. What is the difference between the West and the East?? Ultimately ZANU is a puppet of the East. As much as they say CCC is a puppet of the East


Machiavelli 3 months ago

Go for them Biti.
Expose corruption in high places

Bravo the best Minister of Finance Zimbabwe ever had


Kakistocracy🤣Muchakaka 3 months ago

"Only in Africa will thieves be regrouping to loot again and the youths whose future is being stolen will be celebrating it" Professor Wole Soyinka (Nobel Prize Winner).

VARI KUKAKA vacho are the very same people who dance and ululate as the thieves move about in pomp and glory. Wadyajena told "his people" that he left them with a bag only and went on to use their votes aquire wealth including 25 trucks and porshe vehicles. Now that he is being "stripped" of them, he comes back to them with his bag only.

When the dirty wealth is restored back to him(l believe it is just a catch and release case and the scandal will die a "natural death" he will go back to Harare and resume his "high life". Imi ma"low lives" eGokwe or wherever he comes from mosara MUCHIKAKA BADZI. I feel pity for my skin and country mates.

I shudder to read about whole men(who carry a little sac with two balls between their thighs) who call themselves MenBelieED vari kuda kutokokorodzana to much praising and glorifying a man who is in charge of KUKUKA kwevanhu like this. We need better men in this country.

Here is Hon Biti exposing how GUTSARUZHINJI has been defiled! How can billions be used to service a million dollar debt!

Pasi nevanhu vaka pandukira gwara reChimurenga. Pasi nevanongofarira kupuruzira matumbu nemhanza dzavo vega at the expense of the masses. Pasi nevano zvifunga ivo vega nehama dzavo vega.

Let us give the Golden Future a chance. VANHU VAKAKA muno weduweeee. Pamberi neCCC.


Majority Rule 3 months ago

Logistics dzacho ndatadza kudzinzwisisa


bobby 3 months ago

madhiri bedzi anenge aripo team but on paper anozonetsa tsananguration dzacho esp mu parliament


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xyz 3 months ago

What was mtulis response,we want to kn


kaNcube 3 months ago

Biti shouldAsk your late friend RGM. This loan was taken in 2006.


Machiavelli 3 months ago

ZANU iZANU basi. Mnangagwa was in Cabinet

Collective responsibility @kaNcube.
And please stop blaming the dead

Fisherman's fool 3 months ago

The chinese are very clever people, they bait you with a dollar and take ten gold coins off you 😂 😂 😂


clueless 3 months ago

hama dzangu ndakambotaura ndikati pepukai hezvo uyo arikutaura kutadza kwevamwe ko kwake iye kwekunokumbira zvirango zveupfumi


stray dog 3 months ago

mairova mateacher nerekeni ka @clueless vamwe vachivhurwa pfungwa

MuPfungwe Chaiye 3 months ago

Nxaaa clueless indeed

MuSabatha(SDA) 3 months ago

@clueless , you are clueless zveshuwa...yr name says it all

Tateguru 3 months ago

Ridiculous


xyz 3 months ago

keep your mouth shut if you are "clueless"


Live 3 months ago

No wonder why Chinese boggers miners vachingoita yese yese nhai ? 🙄🙄
No wonder why our banks are treating us as if we're foreigners ??


spear 3 months ago

sanctions must go. uriright clueless biti haana chaanoti chakanaka go to country kuZambia


spear 3 months ago

lets call a spade a spade. sanctions. must go


Zuze 3 months ago

Aende kupiko nhai Pfumo revanhu?
Achaenda panoenda ZANU

Kule Dhambi 3 months ago

Ndakazvitaura kuti nyika nezvese zviri mairi zvakatengesegwa ma yero bhoni


kniga smerty 3 months ago

when they get the US200m "loan"they give their pitbulls a dollar each in order to safeguard their loot. the foolishness keeps inflating


xyz 3 months ago

@clueless,do you listen to a cluelessness person??? ndikungokubvunzawo.


Lion from woods 3 months ago

Money laundering. Itori syndicate iri pabasa


Yellow 3 months ago

Shuwa there are some clueless people especially those busy blindly supporting a clueless looting regime


zimzimba 3 months ago

chikwereti che 200m chodzoserwa ne 52 bhidha. haaa maths dzacho dzandiramba ini kk ummm kana kuzungaira kwacho


2 months ago

Clueless urimboko



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