Home Business Zim receives US$120 million towards ZWL$18 billion stimulus package

Zim receives US$120 million towards ZWL$18 billion stimulus package

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MTHULI-NCUBE-BUDGET

Zim receives US$120 million towards ZWL$18 billion stimulus package. Ncube told a CEO Africa roundtable digital conversation that Zimbabwe would raise the ZWL$18 billion package from three sources. He said that the first source would be the redirecting of the current approved budget to make it more stimulatory and target it in the productive sector.

Zimbabwe has received US$120 million in foreign grants towards its ZWL$18 billion COVID-19 stimulus package and expects to conclude negotiations over an export sector facility from Afreximbank soon, the Minister of Finance and Economic Development, Mthuli Ncube, has said.

“There are two foreign sources. (The first one) is the grants that we are receiving. So far we have gone as far as US$120 million in grants that have come through to support the COVID-19 response.

“We are in negotiations with some financiers. We are seeking a loan facility to support the export sector especially the mining sector and that should give us quite a bit of resource. We are very close to concluding that,” Ncube said. The facility from Afreximbank is expected to be between US$250 million-US$300 million.

He said that the country would also use normal borrowing channels to raise some of the money inclusive of open market operations and was confident that the target would be reached.

“We have been speaking to banks, pension funds in terms of supporting treasury bill issuance and also the issuance of a long term bond and that again will be a source of revenue. In terms of revenues, I’m not concerned about that.

“I’m really concerned about how quickly these resources can get to the beneficiaries, they can restart the economy and be productive again. Of course, we would like to receive more because we are always short of foreign currency requirements,” Ncube said.

President Emmerson Mnangagwa unveiled the ZWL$18 billion Economic Recovery and Stimulus Package at the beginning of May. According to the Finance Ministry, it is aimed at reinvigorating the economy and providing relief to individuals, families, small businesses and industries impacted by the economic slowdown caused by the coronavirus pandemic and the attendant response measures implemented by the Government to control the health crisis.

The private sector is calling for more economic relief and stimulant measures. Government has said it would do more and announced tax breaks for the travel and vacation sector designed to stimulate domestic tourism.

Source – Bulawayo24 news

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