19 January 2018
ED Shocker: Mugabe, 93, forgot he fired me
UK-ZIM: Mnangagwa exploits Brexit chance
MDC-T devastated by Bennet’s death
30 ZRP bosses fired, CIO spies too
Parliament: 11 G40 ministers, MPs fired
MDC-T’s Gutu scoffs at party HQ ban
Rule of law under threat – warns Mujuru
24 Nagle High girls up for O’Level fraud
SOE DEBATE: Privatise most parastatals
‘Mobile money tax will get dodger vendors’
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
Tendai Ndoro special - says Ajax coach
Zim cricket official charged with fraud
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
$27bln needed to fund ZimAsset, official
05/02/2014 00:00:00
by The Source
We need $27 billion up to 2018 ... Jonah Mushayi
Re-engagement key to recovery
Chidhakwa calls for economic reforms
Desperate economy in 'Sunshine City'
Fresh waves flee worsening economy
Govt borrowings double year-on-year
You there?, Makoni asks silent Mugabe
Zanu PF rejects MDC-T new coalition call
Biti: Economy needs $4bln stimulus, fast
MDC-T open to new coalition: Biti
ZimDollar return inevitable: Biti

THE government needs at least $27 billion to fund projects it has planned under its five-year economic blue print, the Zimbabwe Agenda for Sustainable Socio-economic Transformation (ZimAsset), but remains vague about sources of funding, an official has said.

“Total financial requirement for ZimAsset is $27 billion up to 2018 with the bulk of it earmarked for energy, water, sanitation and social sectors,” the acting director fiscal policy in the finance ministry, Jonah Mushayi told participants attending a workshop debating the blueprint on Wednesday.

The plan, which was launched last October, would be funded through domestic resources, external borrowings, Diaspora bonds and through joint ventures.

“We need to pursue issues of joint ventures because that is where we have scope to achieve greater mileage given our limited domestic resource mobilisation capacity,” Mushayi said.

Government would also explore the possibility of financial assistance through regional bilateral arrangements with Botswana, Angola and South Africa.

It would also look into the possibility of  tapping into the 29.1 billion euro  fund set aside for the Caribbean and PaJonacific countries under the 11th European Development Fund as well as how to benefit from Islamic Bonds which have over $110 billion in reserves.

Zimbabwe’s ability to tap into EU funds is, however, restricted by the breakdown in its relations with the bloc, which has maintained sanctions on President Robert Mugabe and his government since 2002.

The country’s arrears with multilateral finance institutions such as the World Bank and IMF stand at over $6 billion, making it an unattractive candidate for fresh funding.

Mushayi said new laws to govern public private partnerships would be gazetted this month while a workshop on the establishment of Special Economic Zones to promote investment in the country was planned for later this month.

“A team has been dispatched to Uganda today to learn about the success of special economic zones in that country,” he said.

Mushayi said implementing the International Monetary Fund staff-monitored programme was key to reducing the Zimbabwe’s debt which officially stands at $6.1 billion.

Funds would also be drawn from membership in regional blocs and international committees and conventions such as the Green Fund for Climate Change.


“We need to come up with bankable projects and to prioritize servicing loans to unlock more financing,” Mushayi said.

Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker