SA laws govern aid

CAPE TOWN - Any economic bailout for Zimbabwe from South Africa would have to conform to the South African Constitution and be passed by Parliament, SA's Finance Minister Trevor Manuel said last week. 
Manuel told the SA Parliament that the country's Constitution made it clear that addi

tional money could only be withdrawn from the National Revenue Fund by going through Parliament.
“So there’s no under-the-table deal, it has to be by an appropriation and if it needs to be, by a special appropriation,” Manuel said in reply to a question on whether the government planned to commit money to assist its northern neighbour.
But Manuel confirmed that South Africa’s central bank had an arrangement with
Zimbabwe, dating back to the 1960s, which made provision for a credit facility
backed by Land Bank bills.
However, this R75m facility was almost exhausted and expired at the end of the year. – Own Correspondent

Post published in: Economy

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