Zimbabwe has generated exports worth US$4.9 billion since the introduction of the five percent export incentive scheme in May last year, representing a 14 percent increase on foreign currency receipts.
The government introduced a five percent export incentive scheme as a way of promoting productivity within the domestic economy while at the same boosting local firms’ competitiveness on the international market.
The facility was backed by a US$200 million fund from Afreximbank with local exporting companies being paid a five percent export bonus scheme in bond notes which have reached US$175 million in circulation.
Presenting the mid-term monetary policy statement, Reserve Bank of Zimbabwe Governor Dr John Mangudya said since the introduction of the export bonus scheme, the nation has generated US$4.9 billion.
Of the US$175 million, incentives so far have been paid as follows: the mining sector got US$40.3 million, service industry had US$25.5 million, agriculture accounted for US$16.8 million, with the manufacturing sector taking US$12.3 million and other sectors raking in US$1.4 million.
Tobacco raked in US$51.1 million, gold US$19 million while diaspora remittances were allocated US$21.1 million.
Besides exports raking in US$4.9 billion, government has paid out US$2.9 billion for other services which are not accessed locally though shockingly paying US$37.8 million for rice and US$140 million for car importation.
Outside the items mentioned, government also paid US$376.4 million for fuel, US$219.7 million for loan repayment, US$120 million for electricity, US$109.7 million for fertiliser importation, US$40 million for agriculture equipment importation.
The success of the US$200 million export bonus scheme has seen the central bank negotiating for a similar facility for US$300 million which will come on board soon.