Zimbabwe repays $23m Malawi loan in fuel: 2 million liters delivered

Zimbabwe government has repaid the $23 million loan balance to Malawi for maize supplies with a barter trade of 2 million liters of fuel.

The balance of $23m is part of $100 million soft loan extended to Zimbabwe in 2007 by the late Bingu Wa Mutharika’s government for buying maize to help deal with critical food shortages in the country.

In May this year following discussions, the two countries agreed that Zimbabwe would supply fuel to Malawi to offset the debt balance.

Chilumpha: Barter trade

National Oil Company of Malawi chief executive, Robert Mdeza, confirmed that Zimbabwe has supplied the fuel.

“All the 17 tankers are already in the country and the rest will come in next week,” said Mdeza.

Mdeza said the delivery comprised diesel only and added that there was another 10 to 15 million liters still outstanding to pay up the loan.

“We can’t know for sure what is remaining because prices of fuel change every day,” he added.

When President Joyce Banda took over power, she dispatched her Energy Minister Cassim Chilumpha to Harare to push for payment as Malawi.

Malawi needs more fuel now as it is experiencing shortages.

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