Plans to borrow ditched again

TANZANIA had abandoned plans to borrow from international lenders because of poor credit conditions, said Finance Ministry Permanent Secretary Servacius Likwelile. “The market is still not good,” Likwelile said in an interview in the commercial hub of Dar es Salaam on Thursday. “Even the arrangers are still struggling; they have advised us not to go.” It is the second time this year Africa’s thirdbiggest gold producer dropped the idea of taking out a commercial loan. The government said in July that it had shelved plans to tap about $600 million (R8.6 billion) of credit from Rand Merchant Bank. Tanzania had been trying to raise the funds as its central bank sold foreign currency to support the shilling. – Bloomberg