Zimbabwe: Billions in contracts go to Chinese companies

Foreign companies have snatched $553 million worth of contracts for different projects in the country, with the Chinese getting the lion’s share, Parliament was told. Chairperson of the Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion Paddy Zhanda made the disclosure while presenting a report on the 2012 National Budget. '$553 million worth of contracts were awarded to foreign companies and most of these to Chinese companies,' said Zhanda. 'Zimbabwe has a very high unemployment rate and a liquidity crisis and we implore the Minister of Finance, Tendai Biti, to stop this bleeding,' he said.