[DEBATE] : Fwd) Eddie Cross says Manuel's meaner than the IMF

Patrick Bond pbond at mail.ngo.za
Wed Feb 25 16:13:12 GMT 2009


(There's a big meeting tomorrow with the Zimbabwe Solidarity Forum to 
discuss these matters, at a hotel near OR Tambo Airport. But if Eddie 
Cross says in this semi-public email that the SA government and African 
Development Bank insistence on clearance of Mugabe arrears is a more 
brutal position than the IMF demands... then some of my theories on 
'sub'imperialism need tweaking... and activists in SA need activating...)

-------- Original Message --------
Subject: 	RE: (Fwd) What to do about Zim's diabolical foreign debt? (Ask 
Jubilee in Zim!)
Date: 	Wed, 25 Feb 2009 15:56:11 -0800
From: 	E G Cross <egcross at africaonline.co.zw>
To: 	<pbond at mail.ngo.za>, "'debate at mail-incoming.africaonline.co.zw:SA 
discussion list'" <debate at debate.kabissa.org>, 
<zimbabwe-fight-on-dont-mourn at googlegroups.com>, 
<zimbabwe-solidarity-forum at googlegroups.com>
CC: 	<jubileesouth at yahoogroups.com>



Dear Patrick

Thank you for the note about our debt burden and the recent demand by the SA
technocrats that we settle arrears BEFORE they advance any short term
assistance to us for emergency needs. I found this appalling as not even the
IMF or the World Bank has made such a demand let alone our long suffering
creditors.

In fact the Fund specifically told us to put the issue of debt management on
the back burner for six months while we dealt with more urgent problems and
they would help us with a debt management strategy. They were confident that
after a year of reform and sound management of our macro economic affairs
that they could secure for us very substantial debt write downs and
rescheduling that would allow us to restrict debt servicing to a manageable
number.

The South Africans on the other hand have reversed that proposal - I do not
know on whose authority, but they are not being helpful at all. Tendi will
talk to the multi laterals today on the issue and I am sure they will
confirm their original advice.

Eddie





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