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

Zimbabwe requires US$2bn to ease liquidity challenges, says Mangudya
Published: 04 September 2018 (2266 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

US demands constitutionalism

by Staff Reporter | 23 July 2019 | 117 Views

Government defends Mnangagwa's 'kitchen cabinet'

by Mandla Ndlovu | 23 July 2019 | 108 Views

MDC plotting violence

by Clever Nyuki | 23 July 2019 | 109 Views

Tribalism rocks MDC Bulawayo

by Christopher Makaza | 23 July 2019 | 86 Views

How to safely use crypto casinos

by Staff Writer | 23 July 2019 | 68 Views

Mnangagwa congratulates Boris Johnson

by Staff Reporter | 23 July 2019 | 70 Views

Mnangagwa congratulates new British PM, Johnson

by Staff reporter | 23 July 2019 | 72 Views

Zimbabwean official goes missing from netball world cup in UK

by Staff reporter | 23 July 2019 | 124 Views

Zimra to conduct rummage sale

by Ndou Paul | 23 July 2019 | 143 Views

'Obert Mpofu thinks like a lizard'

by Mqondisi Moyo | 23 July 2019 | 157 Views

Zimbabwe nostro accounts have no deposit cover

by Staff reporter | 23 July 2019 | 106 Views

Warrant of arrest for Zanu-PF MP

by ZimLive | 23 July 2019 | 120 Views

Chamisa warns Mnangagwa again

by ZimLive | 23 July 2019 | 129 Views

REVEALED: More Bulwayo councillors sucked in parking tender scam

by Mandla Ndlovu | 23 July 2019 | 87 Views

Bulawayo residents lobby stakeholders for a Commission to run Bulawayo

by Mbonisi Solomon Gumbo | 23 July 2019 | 79 Views

Matabeleland guns for devolution amid government delays

by Makho Precious Moyo | 23 July 2019 | 93 Views

Reliving Gukurahundi and need for reparations by

by Makho Precious Moyo | 23 July 2019 | 84 Views

More turn to suicide as economic hardships bite

by Makho Precious Moyo | 23 July 2019 | 103 Views

Tougher times ahead: Govt

by Staff reporter | 23 July 2019 | 137 Views

Teachers appeal for wages above poverty line

by Staff reporter | 23 July 2019 | 97 Views

Starving police officers exposed to corruption

by Staff reporter | 23 July 2019 | 91 Views

WATCH: Mthwakazi National Anthem

by youtube | 23 July 2019 | 90 Views

20 passengers survive death by a whisker

by Staff reporter | 23 July 2019 | 94 Views

Teachers close schools over slaries

by Mandla Ndlovu | 23 July 2019 | 104 Views

WATCH: Jah Prayzah featuring Iyasa Sadza nemuriwo song

by Mandla Ndlovu | 23 July 2019 | 113 Views

Mnangagwa's minister clashes with CIO boss

by Mandla Ndlovu | 23 July 2019 | 120 Views

AUDIO: Town clerk tried to warn Kambarami and his sidekick

by Staff reporter | 23 July 2019 | 109 Views

Full list of Commissioners to take over Bulawayo City Council

by Mandla Ndlovu | 23 July 2019 | 150 Views

Chiwenga's health remains a huge concern

by Staff reporter | 23 July 2019 | 147 Views

'Zimbabwe killer soldiers are not off the hook'

by Staff reporter | 23 July 2019 | 182 Views

'MDC threat to national security'

by Staff reporter | 23 July 2019 | 115 Views