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Finance Minister sets aside $8.5bn for energy imports

FINANCE and Economic Development Minister Minister, Mthuli Ncube, says he has set aside over $8 billion which will go towards the importation of energy among a raft of measures he has taken to stabilise the economy.

In a video recording done by the Information Ministry, Ncube said a huge chunk of money had been set aside to address the current electricity challenges.

“An amount of $8.5 billion has been set aside to improve Zimbabwe Electricity Supply Authority’s output and to import electricity. Power supply is expected to increase as more independent power producers come on board and we will be giving incentives for those who want to go off grid,” he said.

The Treasury boss said an additional $500 million of notes and coins will be injected into the economy in the next few months in order to ease the obtaining cash shortages.

Among the promises he made which are synonymous to the Biblical promised land of Canaan, Ncube said he is seriously concerned about the country’s food security, saying no Zimbabwean should go hungry as huge quantities of maize and wheat will be imported.

“We have also put in place deliverable policies to stimulate production and job creation, every young Zimbabwean must be able to get a job. The Youth Venture Fund will create job opportunities for young people. Prosperity is your dream, It is President Emmerson Mnangagwa’s dream together we will prosper,” he said.

The remarks come at a time when the Southern Africa nation’s citizens are battling for survival in the midst of a hard-hitting drought, poor economic performance and depressed industrial productivity.

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The International Labour Organisation (ILO) has produced surveys showing that Zimbabwe was one of the countries with the highest number of the working poor.

Over the years, formal employment has been massively eroded, leaving the majority to resort to survivalist informal sector jobs. Amid the tough situation, the country’s youths have been seriously affected as they cannot easily secure decent jobs.

United Nations agencies have reported that over 8.5 million Zimbabweans are food insecure and queues of people intending to buy roller meal are emerging in the capital city, Harare.

Source: New Zimbabwe

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