Zim needs $4bn stimulus package

HARARE - Former Finance minister Tendai Biti says Zimbabwe urgently needs a $4 billion stimulus package to get the economy ticking.

The opposition MDC secretary general told a press conference this afternoon that the package is the only remedy for the country's acute liquidity crisis and deflation.

He said $1 billion will be set aside for productive sectors such as mining and agriculture while another $1 billion will be spent on infrastructure development.

Biti added that some of the funds will be channelled towards recapitalisation of the central bank so that it resumes its role as lender of last resort, among its key functions.

Comments (13)

With all the mineral reserves in our country some of the money required for stimulating our economy can be gotten from there. if we had serious leaders with a mindset of developing Zimbabwe and not looting at the magnitude we hear, zimbabwe will be somewhere now.

tk - 4 February 2014

Wrong, the only way out is arresting corruption and ensuring that people who looted give the money back. From this scrap all this indegenization. In any case what is there to indegenise? Move with twice the speed of light to institute an urgent land audit..It will be easy right now since crops are in the field..this way we can tell who is farming and who is not..then from there any one not on drugs will lend the country money for a real start up. So you see the assistance has to come from within not outside. Otherwise why would anyone put money into a place where the owners of the country have no clue what it is EXACTLY that they want. But if the idea is to get protection money then 4 billion is a tall one as we dont have the necessary to collect this from those with these kind of funds! In which case this remains an idle waffle and wobble waddle twaddle!

gutter poet - 4 February 2014

Apologies...that should read "...we dont have the necessary muscle to collect.."

gutter poet - 4 February 2014

Bob, Chiyangwa, Leo, Grace, Cuthbert,Muchechetere, Munangagwa, Moyo,Gono and Chatunga can provide more than $4 billion

Pfumo - 4 February 2014

...is this not the same Biti who was out finance minister who presided over the worst economic period of our country and the whole country is now a very big warehouse of foreign goods due to his incompetece...my gues is these guys are seeking relevance...they had their time

inini - 4 February 2014

Who will say, EU's priority be? Greece or Zimbabwe. There has to be a start with austerity. These guys have a bloated notion on how the Zimbabwe asset is worth

john Moyo - 4 February 2014

I'm still on the same position that Mugabe has died on the same date, time and place I have stated. They are taking long to disclose it to the people of Zimbabwe, but when they publish it, the information I have stated will be absolutely correct. I have few questions to ask, did someone actually see him on 04.02.2014? Did he appear on the TV screen so that you can prove that he is alive? Is there any GVT minister who explained to the people that Mugabe is alive? Then if the answer to all these questions is no, my advice to you is that, wait until he appears live, but as of me, Tichatonga Mambo, he is not alive anymore. Ndini; Tichatonga Mambo Tichatongamambo@yahoo.com

Tichatonga Mambo - 5 February 2014

Biti complained of diamond leakages and said the country was broke because of corruption and his corrupt friends were denying what they are accepting today. If corruption is arrested today Zimbabwe 2moro will be the fastest growing economy. Biti could do nothing because he was a ceremonial finance minister simba pasina. The current finance minister is now seeing reality kuti there is serious corruption and is 'tired of fire fighting' to use his words. Cde Finance Minister budisai mari. You said you have diamond money that you were not giving Biti, now use it. You were thinking kuti you are reserving when others are looting it to buy Bulawayo and Victoria Falls and the now collapsing banks. Ichooooooo.

Zvirevo - 5 February 2014

Interesting..I remember MDC people celebrating and goading ZANU guys saying Biti was denying them access to funds that they were 'used to looting' when Biti would flat out refuse to fund Agric Inputs,Army contracts,etc....Now he 'was a ceremonial minister'??? Also liquidity crisis did not start after elections lets remember....When BT was i/c it was already bad...It would probably be the same if not worse if he was still in charge bcoz mamwe ma Agric inputs akapuhwa vanhu this time around would not have been availed. Also let's not put our faith in donors particularly the West. In USA&most of Western Europe Gvt are facing financial difficulties of their own it would be difficult for any state to justifiy any such sizeable donation to a foreign state never mind an African one(even under MDC/Tsvangi)...No we must find a way to help ourselves...And yes corruption must stop.Yawandisa.

wezhira wezhara - 5 February 2014

Biti is talking a lot of sense but where are we going to get the 4 billion,this country is headed for disaster just like 2008.

B MANN - 5 February 2014

Biti is talking a lot of sense but where are we going to get the 4 billion,this country is headed for disaster just like 2008.

B MANN - 5 February 2014

The problem with our economy is that it is highly politicised. Even if an MDC person talks sense it it will not be acceptable because he/she is from the wrong side.Everyone agrees that we are in a bad patch and we need to work as a team to get out of this quagmire.So stop name calling and address issues like corruption,closing of industries and investment flight to name a few

jaku - 5 February 2014

the money is there with some corrupt fat people around us. the police, cio, state media, solders etc are protecting them. it wont be long. chinamasa act for the country and not for your party, then you will succeed. you know who has the money. why are you trying to ask for it from the poor, other countries when your friends borrowed money and never paid it back. some of them stole it and you saw that. are you afraid to name them because you are part to the theft. please dont waste our time. we are about to send some of you guys to jail.

zim - 5 February 2014

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