ZIMBABWE

In reply to the urge by the farmers of Zimbabwe, the finance minister, Patrick China Masa, recently
announced that the Zimbabwean government
would issue US$161m to facilitate agriculture
along with US$620mn that the Bankers
Association of Zimbabwe provided and the US$
100mn loan the ZBZ Bank of Zimbabwe recently
injected into the sector.
Zimbabwe commercial farmers union president
Wonder Chabikwa said that the loan support will
be of help to farmers that are struggling with
finding sources of funding.
"Although the US$1bn is not enough for the
sector, it will go a long way in helping farmers,"
Chabikwa stated.
Chabikwa said priority should be given to
transforming irrigation schemes in Zimbabwe
and the set-up of irrigation infrastructure.
"We need irrigation facilities, especially these days
when rainfall can be erratic. Irrigation is the only
answer to erratic rainfall," he said.
Banks are issuing short-term loans with HIGH INTEREST RATES, with most farmers in the country
saying that it would affect the US$1bn facility.