imf.jpgGovernment will convert US$100 million of its IMF Special Drawing Rights SDRs towards the refurbishment of the country’s infrastructure and the resuscitation of key economic enablers.   

 

The US$100 million stimulus package which has been availed to several parastatals, local authorities and key economic enablers will be used to revamp the country’s infrastructure such as power generation, Information and Communication Technologies and transport.  

 

A signing ceremony of several loan agreements under the US$100 million facility was held in Harare with Finance Minister Tendai Biti saying it is government’s priority to achieve an equitable economic growth backed by a vibrant and reliable infrastructure.

Minister of Media Information and Publicity Cde. Webster Shamu as well as, Minister of Transport, Communication and Infrastructure Development Cde. Nicholas Goche who graced the signing ceremony concurred on the significance of the capital injection as it contributes to sustainable economic growth.

Infrastructure Development Bank of Zimbabwe IDBZ has been tasked to administer the funds on behalf of government. 

Benefiting entities will access the loans through their relevant agents who will act as guarantors. 

 

Of the US$100 million facility, US$10 million has been set aside for Hwange Thermal Power Station rehabilitation, US$10.2 million for dualisation of roads, US$18.1 million for refurbishment of Harare International Airport as well as Joshua Nqabuko Nkomo Airport while US$5 million is going towards revamp of rail network.

 

The fund is a result of Zimbabwe receiving US$410 million from IMF as Special Drawing Rights with part of the money used on agriculture development.