Chinamasa looks at Zisco debt with rose tinted glasses

FINANCE and Economic Development minister Patrick Chinamasa says taking over the Zimbabwe Iron and Steel Company Limited’s (Zisco’s) debt of $494,8 million will not add to the government’s debt.

In a second reading of the Zimbabwe Iron and Steel Company (Debt Assumption) Bill during a late sitting of Parliament on Wednesday evening, Chinamasa explained measures to stop Zisco’s debt weighing government down.

“It has been agreed with the Ministry of Industry, Commerce and Enterprise Development that in the long run, this debt assumption will not translate into an increase in government debt because, one, the current project structure is based on Zisco being compartmentalised into three main components,” he explained.

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