Zimbabwe: RBZ Unveils U.S.$200 Million for Productive Sector

Aug 04, 2017 | Zimbabwe Independent; All Africa

Reserve Bank of Zimbabwe chief John Mangudya this week moved to lift production in the economy with a U.S.$200 million financing to raise exports.

He said focus should be on foreign exchange generation and production of goods. "Focusing on foreign exchange generation and the production of goods and services is essential, not least because foreign exchange is a critical factor of production especially under dollarisation and when the country is internationally isolated as evidenced by Zimbabwe's limited access to foreign finance," Mangudya said. "The country needs to produce and create foreign exchange to finance its needs that include fuel, electricity, loan repayments, portfolio investments flows and raw materials for industry. There is no substitute for hard work to generate and enhance the supply of foreign exchange, especially given the country's external position which is already weakened by more than 16 years of economic and financial isolation. We are by ourselves -- a situation that compels us as Zimbabweans to pull together, to be closer together -- and focus on nation building, and reducing the power of negativity." He said there was need for efficient utilisation of foreign exchange. Read more on All Africa. Source: All Africa