Zimbabwe borrows for fuel purchase

Zimbabwe has borrowed nearly $1bn (£760m) to purchase fuel and other essential imports.

It has taken out loans from banks in neighbouring countries, including the central bank of Mozambique and the Southern African Trade and Development Bank.

Zimbabwe is unable to obtain funding from the World Bank and other international lenders because of massive arrears.

Reserve Bank governor John Mangudya said government borrowing from the central bank was at about three times its permissible overdraft limit.

There were protests earlier this year over high fuel prices.