Zimbabwe and South Africa are currently in negotiations for an upward review of a funding arrangement between the neighbours’ central banks.

Initially intimated by Zimbabwe’s Finance and Economic Development Minister Professor Mthuli in January, the position was re-affirmed today in a communiqué released at the end of the third Zimbabwe-South Africa Bi-National Commission (BNC). 

“The two sides agreed to consider options for expanding the standing facility arrangement between parties’ Central Banks, other financing  options beyond this are also being explored for example a facility from South African private banks to the Zimbabwean private sector and guaranteed by the South African government with an appropriate counter  guarantee from the Zimbabwean government,” read part of the communiqué.

Speaking during the opening of the BNC, South African President Cyril Ramaphosa made similar remarks:
ountries are facing at this point in time.”

In his opening remarks at the BNC South Africa President Cyril Ramaphosa said his country would assist Zimbabwe on its economic recovery agenda.

“South Africa stands ready to render support to Zimbabwe within our  means in your quest for economic renewal,” said the South African President.

“Zimbabwe does deserve the support that the world can give.”

The third session of the Zimbabwe-South Africa Bi-National Commission was officially opened in Harare this afternoon.

There have been calls for vigorous implementation of bilateral agreements between the two countries as numerous agreements have been left hanging.

Zimbabwe and South Africa have 45 agreements and memoranda, however no significant progress had been registered in terms of implementation.

More agreements are expected during the current session.