Zimbabwe gov’t treasury sets terms for accessing $18bn stimulus package

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GOVERNMENT has released guidelines and modalities  for accessing resources under the $18,02 billion Economic  Recovery and Stimulus Package while $2,5 billion has already been disbursed for the productive sector and winter wheat programme.

Government unveiled the $18,02 billion  Economic Recovery and Stimulus Package as a direct sresponse to the adverse economic impact caused by the Covid-19 global pandemic.

In a statement, Finance and Economic Development Minister Professor Mthuli Ncube said other than capital grants being disbursed through various line ministries, all productive support will be financed through banks with the Government providing the necessary guarantees.

“Implementation of the Economic Recovery and Stimulus Package has already started in earnest with the Reserve Bank of Zimbabwe having already disbursed ZWL$2,5 billion for the productive sectors and the winter wheat programme.

“Other than capital grants which are being disbursed through various line ministries all productive sector support will be financed by banks through the normal banking channels with Government providing requisite guarantees to the financial institutions based on a risk sharing model,” he said.

The productive sector facilities comprising of agriculture sector support $6,08 billion, working capital support ($3,02 billion), mining sector support ($1 billion) and tourism support fund ($500 million) will be accessed through the normal banking channels. – The Chronicle