Zimbabwe’s Finance Minister Mthuli Ncube says he is set to engage at least three (3) financiers as the country seeks a $500 million bailout.

In an interview with Bloomberg Television the FM said initial indications from the potential lenders had been positive.

“We are looking everywhere – East, West, wherever we think we can get them (financiers), ” he told Bloomberg.

“I’m hoping to approach three private-sector credit providers who are very keen to work with us especially in providing fuel, in giving us a couple of credit lines up to the tune of $500 million.”

Mthuli’s remarks come in the wake of reports on Monday that the South African government is working on extending a short-term credit facility to Zimbabwe in the region of R100-million (US$7 211 600,92), according to a report in South African publication, The Daily Maverick which quoted its Finance Minister Tito Mboweni.

The credit facility comes after South Africa reportedly refused to offer neighboring Zimbabwe a $1,2 billion bailout package in a separate request.

According toThe Daily Maverick report:

“Mboweni said Zimbabwe had provided collateral for this loan in the form of its holding of South Africa Land Bank bills. The extension of this facility depended on Zimbabwe being able to provide further collateral. Mboweni insisted that Zimbabwe had always repaid its loans under this facility in the past.”

In respect of the $1,2 billion requested by Zimbabwe and was turned down by South Africa, South Africa’s Treasury spokesperson, Jabulani Sikhakhane said:

“There was a meeting in December where a request for $1,2 billion was made and obviously South Africa does not have that kind of money. It (the meeting) could have been towards the end of December (2018) around the 20th or somewhere there. We don’t have the money, it is just that simple.”