Posted on 09/18/2007 9:20:01 PM PDT by george76
China has bowed to economic reality and political expediency by calling a halt to aid to Zimbabwe.
One of the few remaining friends to President Mugabe, Zimbabwes embattled leader, China has been quietly allowing the relationship to cool over the past few months. But Li Guijin, Chinas special envoy for Africa, confirmed yesterday that Beijing had halted development aid. Chinas assistance is mainly humanitarian. In terms of development assistance, we have some difficulties, he said.
China in the past provided substantial development assistance but owing to the dramatic currency revaluations and rapid deterioration of economic conditions, the economic outcomes of these projects have not been so good.
The decision deals a heavy blow to a country where unemployment is 80 per cent, inflation hit 7,600 per cent in July and the value of the Zimbabwean dollar on the black market recently fell to 500,000 to the pound.
Chinas continued aid could have served as a lifeline to Mr Mugabes Government. And its decision to end years of government investment must have involved much soul-searching for a country eager to present itself as an unconditional friend of Africa and one that does not impose conditions on its loans and investment.
President Hu Jintao excluded the country from a tour of several African countries this year. Beijing may have begun to feel international pressure ...
With the Olympic Games less than a year away China may not want to be associated with a state leader regarded by many nations as a pariah...
(Excerpt) Read more at timesonline.co.uk ...
It doesn't mean they're going away, it only means they're not buying whatever Mugabe has left to sell. Cold old world, innit?
The decision deals a heavy blow to a country where unemployment is 80 per cent, inflation hit 7,600 per cent in July and the value of the Zimbabwean dollar on the black market recently fell to 500,000 to the pound.But other than that, everything is great!
Megalomania.
Because no one else wants the place.
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