some good news for Zimbabwe

The BBC reports that the World Bank has decided to resume aid to Zimbabwe – the Bank has not lent the cash-strapped African country any money since 2000. Sad though is the fact that most of the money will probably go to clearance of Zim’s arrears to the WB and the African Development Bank (Zimbabwe owes $1 b). But the WB director, Toga Gayewea McIntosh, who is in charge of the group of African countries that include Zimbabwe promised that more grants will follow soon.

According to the Finance Ministry, Zimbabwe needs $8.3 billion for full recovery to be achieved any time soon after years of ruinous economic policies under the strongman Robert Mugabe.