Chinamasa, Mangundya in China, seek financial support

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FINANCE Minister Patrick Chinamasa and Reserve Bank of Zimbabwe Governor have taken their begging bowls to China as President Emmerson Mnangagwa prepares to undertake his biggest State visit since assuming power last November.

Counsellor in the Chinese embassy in Harare Zhao Boagang on Tuesday revealed at media briefing that Chinamasa and Mangundya are meeting senior officials in his country’s government and funding partners.

“They (Chinamasa) and (Mangundya) are already in China meeting officials from the China-Exim Bank and Sinosure to see what can be done to help Zimbabwe. China continues to be a very good friend of Zimbabwe and is ready to assist,” said Boagang.

Mnangagwa is expected in China in early April as he continues his quest for a bailout to kick start an economy left in the doldrums by his predecessor former President Robert Mugabe.

According to the Chinese envoy, Chinamasa and Mangundya are negotiating for the restructuring of Zimbabwe’s debt “in order to create space for fresh loans”.

Asked if China is ready to help Mnangagwa deal with a debilitating liquidity crunch, Boagang said this was one issues that will be discussed when the Zimbabwean leader meets Chinese President Xi Jinping.

“I am certain that issue will be discussed among a lot of others but, I am sure you will see a lot of movement. More investors will be coming from China to Zimbabwe,” the envoy said.

Chanamasa and Mangundya according to Boagang will also meet officials from the ministry of Commerce and Finance.