Zimbabwe requires US$2bn to ease liquidity challenges, says Mangudya

Zimbabwe requires US$2bn to ease liquidity challenges, says Mangudya
Published: 04 September 2018 (2195 Views)
The Reserve Bank of Zimbabwe (RBZ) says Zimbabwe requires about US$2 billion to kick start the economy and ease the current foreign currency challenges.

The RBZ governor Dr John Mangudya and Finance and Economic Development Minister Patrick Chinamasa have met with a number of financial institutions on the sidelines of the Forum on China Africa Cooperation (FOCAC) meeting in Beijing, China to seek lines of credit and foreign currency.

The RBZ governor said the country requires about US$1 to US$2 billion to immediately jump start the economy which has suffered for many years and also increase the capacity utilisation of companies.

"Zimbabwe's economic development hinges on the access to capital and in that vein we are excited that the US$60 billion package announced by President Xi Jinping which is going to be accessible to African countries. We as Zimbabwe we are taking this matter seriously and engage with other financial institutions here and see how best we can make the economy improve through such lines of credit," said Dr Mangudya.

Minister Chinamasa said he is confident the meeting will achieve the desired goals.

"We have met several financial institutions with the main objective of arranging lines of credit to ease the liquidity challenges currently being faced by the country. We are hoping something positive will come out of the meetings," he said.

The Forum for China Africa Cooperation has seen President Xi Jinping announcing a US$60 billion package for projects and distressed countries in Africa.

- ZBC

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

List of Zimbabwean celebrities who became politicians

by Mandla Ndlovu | 22 April 2019 | 32 Views

NSSA pensioners are 'dying a little each day'

by Tondo | 22 April 2019 | 25 Views

The Gukurahundi Solution

by The Gukurahundi Solution | 22 April 2019 | 24 Views

Is there the biblical 'Lot's wife' among us?

by Tondorindo | 22 April 2019 | 27 Views

Just enjoying our Katuruturu as it is now Zituruturu

by MuHwisiry Chaiyeiye | 22 April 2019 | 26 Views

'Army now fed up with civilians' Jonathan Moyo says

by Mandla Ndlovu | 22 April 2019 | 43 Views

WATCH: Apostle Vutabwashe blasts Mnangagwa's government

by Mandla Ndlovu | 22 April 2019 | 94 Views

Analysts defend Tinashe Kachingwe

by Mandla Ndlovu | 22 April 2019 | 53 Views

'Corruption and cronyism worrying Mnangagwa' ZANU PF MP says

by Mandla Ndlovu | 22 April 2019 | 71 Views

ZANU PF launches 10 000 youths to fight for a mine?

by Mandla Ndlovu | 22 April 2019 | 82 Views

Cyclone Idai victims resist tent homes

by Staff reporter | 22 April 2019 | 54 Views

Price controls the only way to go, says Mutodi

by Staff reporter | 22 April 2019 | 48 Views

Chamisa faces VPs Dilemma

by Staff reporter | 22 April 2019 | 55 Views

Cyclone Idai donations 'looting' soldiers freed

by Staff reporter | 22 April 2019 | 46 Views

Churches taking anti-sanctions crusade to opposition parties

by Staff reporter | 22 April 2019 | 42 Views

Registrar of Deeds dragged to court

by Staff reporter | 22 April 2019 | 45 Views

Chamisa urged to back Mwonzora's bid

by Staff reporter | 22 April 2019 | 44 Views

Bosso, Dembare beaten again

by Staff reporter | 22 April 2019 | 49 Views

Minister fouls Mnangagwa's plans fouled by Owen Ncube

by Staff reporter | 22 April 2019 | 57 Views

Tsvangirai turning in his grave, says daughter

by Staff reporter | 22 April 2019 | 46 Views

Mnangagwa pleads with Diasporans

by Staff reporter | 22 April 2019 | 46 Views

Chamisa unveils Mwonzora, Mudzuri rescue plan

by Staff reporter | 22 April 2019 | 43 Views

11 dead in kombi, Honda fit head-on accident

by Staff reporter | 22 April 2019 | 55 Views

War vets slam bread price hike

by Staff reporter | 22 April 2019 | 108 Views

Charumbira calls for truce in boundary row

by Staff reporter | 22 April 2019 | 87 Views

Mnangagwa hopeful on economy

by Staff reporter | 22 April 2019 | 101 Views

Revolution is the great teacher

by Reason Wafawarova | 22 April 2019 | 82 Views

Econet raises RTGS$479 287 for Idai relief through EcoCash

by Staff reporter | 22 April 2019 | 70 Views

Chief Mvuthu's family in fresh wrangle

by Staff reporter | 22 April 2019 | 72 Views

'Mnangagwa to crack whip on errand businesses'

by Staff reporter | 22 April 2019 | 72 Views

Artisanal miner shot dead

by Staff reporter | 22 April 2019 | 75 Views

'Zimbabwe public finances in bad shape'

by Staff reporter | 22 April 2019 | 41 Views

It's time for South Africa to rethink the economy

by Tapiwa Gomo | 22 April 2019 | 66 Views

'Mnangagwa won't take Zimbabwe anywhere'

by Staff reporter | 22 April 2019 | 74 Views

Military rifle recovered from poachers

by Staff reporter | 22 April 2019 | 74 Views

MDC led council not going back on tariff increase

by Staff reporter | 22 April 2019 | 64 Views