News / Africa

Official: Cash-strapped Zimbabwe needs $27B to Fund Revival

President Robert Mugabe in Zvimba, Zimbabwe, Jan. 21, 2014, wants to expand the economy an average of 7.1 percent a year by 2018. President Robert Mugabe in Zvimba, Zimbabwe, Jan. 21, 2014, wants to expand the economy an average of 7.1 percent a year by 2018.
x
President Robert Mugabe in Zvimba, Zimbabwe, Jan. 21, 2014, wants to expand the economy an average of 7.1 percent a year by 2018.
President Robert Mugabe in Zvimba, Zimbabwe, Jan. 21, 2014, wants to expand the economy an average of 7.1 percent a year by 2018.
Reuters
— Zimbabwe requires $27 billion - more than twice the size of its economy - to fund a five-year plan to improve basic services and rebuild the impoverished country, a senior government official said on Wednesday.
 
President Robert Mugabe's government wants to invest in food security, social services and infrastructure, to reduce poverty and expand the economy an average of 7.1 percent a year by 2018.
 
But the ambitious plan, known as ZimAsset, requires massive capital, in a country shunned by Western governments and funding institutions such as the World Bank, because Harare has already failed to repay billions of dollars of debt.
 
Zimbabwe forecasts an optimistic growth rate of 6.4 percent this year from 3.4 percent in 2013, but analysts say the economy has lost steam, hit by a dollar crunch, company closures and electricity shortages.
 
“The quantum of the resources needed to fund ZimAsset is estimated at over $27 billion, with the bulk of it earmarked for energy, water, sanitation and social sectors,” Jonah Mushayi, the acting director for fiscal policy in the Ministry of Finance, told an industry meeting.
 
Zimbabwe's gross domestic product totalled $11.6 billion in 2013, according to government statistics.
 
Mushayi said the government planned to issue diaspora bonds to tap the nearly 3 million Zimbabweans living abroad but gave no details. Remittances from the Zimbabweans living outside the country amounted to about $1.8 billion in 2013.
 
Harare would also set up special economic zones, which would give tax incentives to foreign investors, and seek funding from the BRICS bloc of countries - Brazil, Russia, India, China and South Africa, Mushayi said.
 
ZimAsset, or the Zimbabwe Agenda for Sustainable Socio-Economic Transformation, was launched in October 2013 and is due to run until December 2018.

You May Like

Uganda Court Annuls Anti-Gay Law

Court says law was passed in parliament without enough members present for a full quorum More

Multimedia Thailand Makes Efforts to Improve Conditions for Migrant Laborers

In Thailand, its not uncommon for parents to bring their children to work; one company, in-collaboration with other organizations, address safety concerns More

In Indonesia, Jihad Video Raises Concern

Video calls on Indonesians to join Islamic State of Iraq and the Levant, ISIL More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
In Thailand, Some Efforts to Improve Conditions For Migrant Laborersi
X
Steve Herman
August 01, 2014 6:22 PM
Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video In Thailand, Some Efforts to Improve Conditions For Migrant Laborers

Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video Public Raises its Voice on Power Plant Pollution

In the United States, proposed rules to cut pollution from the nation’s 600 coal-fired power plants are generating a heated debate. The U.S. Environmental Protection Agency, charged with writing and implementing the plan, has already received 300,000 written comments. As VOA’s Rosanne Skirble reports, another 1,600 people are lining up this week at EPA headquarters and at satellite offices around the country to give their testimony in person.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video China Investigates Powerful Former Security Chief

The public in China is welcoming the Communist Party's decision to investigate one of the country's once most powerful politicians, former domestic security chief Zhou Yongkang. Analysts say the move by President Xi Jinping is not only an effort to win more support for the party, but an essential step to furthering much needed economic reforms and removing those who would stand in the way of change. VOA's Bill Ide has more from Beijing.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.

AppleAndroid