President Cyril Ramaphosa said on Tuesday South Africa was ready to help Zimbabwe revive its economy but within its means.
The two neighbours will also consider options that could see Harare receiving some financial assistance.
In a joint communique released after a meeting on Tuesday, the two countries said:
The two sides agreed to consider options for expanding the standing facility agreement between the respective central banks.
Other financing options beyond this are also being explored, for example, a facility from South African private banks to the Zimbabwe private sector and guaranteed by the South African Government, with an appropriate counter-guarantee from the Zimbabwe government.
There was little hope going into the meetings that the South African government will offer Zimbabwe a bailout package, having refused to do so in 2009 during the Inclusive government’s tenure.
The South Africans also reportedly turned down another request by Zimbabwe for a US$1.2 billion loan in January this year.