(Bloomberg) -- Zimbabwe will receive $950 million of loans from China, nearly double the amount raised during Prime Minister Morgan Tsvangirai’s three-week trip to the U.S. and Europe.The southern African country received “pledges” worth about $500 million from the U.S. and Europe, Tsvangirai said today in an e-mailed statement from the capital, Harare.
“In our drive to rebuild Zimbabwe, we are not limited to a ‘look west’ or ‘look east’ policy, but rather we are committed to engaging our friends in all parts of the globe,” he said.
Zimbabwe needs funds to rebuild its economy after a decade- long economic and political crisis led to famine, disease and hyperinflation. An impasse between Tsvangirai’s Movement for Democratic Change and President Robert Mugabe’s Zimbabwe African National Union-Patriotic Front ended in February when the two parties agreed to form a coalition government.
Since the accord was signed, the MDC has had disputes with Zanu-PF, including Mugabe’s appointment of central bank Governor Gideon Gono and Attorney-General Johannes Tomana.
The MDC accuses the two men of supporting Zanu-PF. Yesterday, the MDC threatened to pull out of the unity government unless it is treated as an “equal partner” by Mugabe’s party.
Tsvangirai said today more loans may be forthcoming if the differences are resolved.
