Zimbabwe borrows its way out of fuel crisis


Crippling petrol shortages have prompted Zimbabwe’s central bank to release over $40m (£31m) for the commodity, it says.

Petrol queues had stretched for several kilometres at some stations before fuel ran out.

Food prices have risen and essential goods are in short supply because of a foreign currency shortage. A $500m credit line will also be used to import fuel, medicines and wheat, as well as soya beans to address a shortage of cooking oil, authorities say.

Some see this as a sticking plaster. The bigger problem – Zimbabwe’s foreign currency shortage – can only be resolved when the country increases its exports.

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