Maravi

(HERALD) AfDB willing to assist Zim

AfDB willing to assist Zim
Business Reporter

The African Development Bank said it is willing to give financial aid to Zimbabwe given the improvement noted in areas such as agriculture, tourism and mining since the implementation of the Short-Term Emergency Recovery Programme (STERP).

This came after a 14-member delegation from the AfDB met Finance Minister Tendai Biti in Harare yesterday to discuss debt reduction strategies and other ways of assisting Zimbabwe’s economic recovery.

Addressing a press conference in Harare, AfDB representative Mr Hassan Kadir said his organisation was willing to help Zimbabwe.

Mr Kadir said he expected a significant improvement in agriculture, mining and tourism this year given the reflections on economic performance on the ground.

"We are happy about the new initiatives on the political front especially in the constitutional area, although there are still some divided opinions. People in Zimbabwe must start feeling a difference in their way of life and anticipate a rise in employment opportunities from AfDB’s full fledged financial support," said Mr Hassan.

AfDB would engage Zimbabwe on its core areas of reconstruction and infrastructural development.

Speaking at the same occasion Mr Biti said he had briefed AfDB on problems affecting the fiscal system in Zimbabwe.

He said the absence of fiscal space was a critical problem that needed attention.

"65 percent of our revenue goes to wages and this means we are left with no fiscal space," he said.

He also said there was need for AfDB to assist Zimbabwe through lines of credit to induce liquidity in the market.

Labels: AfDB, STERP, TENDAI BITI

posted by MrK @ 4:54 PM