By Staff Writer
Government has begun consultations for the allocation of the ZW$18 billion COVID-19 rescue plan for productive sectors, Finance Minister Mthuli Ncube has said.
Last week President Emmerson Mnangagwa announced a bail out program for local industry which is teetering on the brink of collapse following the outbreak of the pandemic.
“To this end, a technical team is being set up to design the finer details and operational details of the stimulus package,” Ncube said.
“The operational detail, which will specify the qualifying criteria, institutional coordination and access points for the facilities, will be announced in due course after the full conclusion of the consultative process.
Government has allocated a third of its rescue package towards agriculture. Critics say funds granted to agriculture, once the mainstay of the economy were too much given that the sector was least affected by the lockdown which paralysed business activity.
“The private sector remains a key engine for the execution of the stimulus scheme as it is the individual MSMEs, corporates as well as banking institutions who are the main players with government playing a critical facilitative role,” Ncube added.
The International Monetary Fund sees Zimbabwe’s economy contracting by 7.4% following the outbreak of coronavirus. Get all COVID-19 statistics for Zimbabwe from COVID-TRACKER