The government says it is considering the issuance of Treasury bills to the tune of US$400 million to bail out the National Railways of Zimbabwe in its recapitalisation drive, in the event private partners fail to emerge.

The ailing national passenger and bulk carrier NRZ which was recently granted the national project status is poised for a massive transformation as government has since given it the nod to seek a private partner with several international companies currently jostling to partner it through a tender process which closes on the 4th of next month.

Permanent Secretary in the Ministry of Finance and Economic Development, Mr Willard Manungo told the ZBC News that the revival of the NRZ is government’s number one priority and the issuance of treasury bills is one of the options on the table.

Treasury recently extended over US$100 million in Treasury bills to Hwange Colliery company, part of which would go towards addressing its huge debt of US$350 million including the 36 months salaries arrears.

NRZ chairman, Mr Larry Mavhima said the move by government to revive the NRZ has come at the right time as his team is burning the midnight oil to ensure that the company regains its lost mojo.

The national passenger and bulk carrier is currently on a restructuring process with inside information indicating that over 2000 non-essential staff are set to lose their jobs as part of the turnaround strategy.