Business / Economy
ADB team in Zim, assessing financial rescue packages
16 Oct 2011 at 07:56hrs | Views
An African Development Bank (ADB) team is in the country on a one-week mission to assess financial rescue packages for key economic sectors in order to restore productivity within the economy, ZBC News reported on Saturday.
The ADB team which arrived in the country on Thursday will hold high level meetings with key government ministries, the central bank and industry representative organisations on possible financial rescue packages.
According to an ADB statement, the delegation is interested in providing financial rescue plans for industries as well as technical expertise on macro economic revival policies.
The Confederation of Zimbabwe Industries Chief Executive Officer, Mr. Clifford Sileya said while the business community welcomes the commitment of the ADB on Zimbabwe's economic recovery, it is in the interests of the nation that the multilateral financial institution should focus on long term loans at concessionary rates.
"We hope they will give loans that are cheap for firms," he said.
In its latest economic review, the ADB says it is impressed with macro-economic turnaround policies in Zimbabwe that have stabilized the economy since 2009.
The bank however warned that government risks missing its 2012 economic targets due to looming inflationary pressures.
Government has projected an economic growth rate of 9,3 percent from the 8,1 percent growth rate achieved last year.
The ADB team which arrived in the country on Thursday will hold high level meetings with key government ministries, the central bank and industry representative organisations on possible financial rescue packages.
According to an ADB statement, the delegation is interested in providing financial rescue plans for industries as well as technical expertise on macro economic revival policies.
The Confederation of Zimbabwe Industries Chief Executive Officer, Mr. Clifford Sileya said while the business community welcomes the commitment of the ADB on Zimbabwe's economic recovery, it is in the interests of the nation that the multilateral financial institution should focus on long term loans at concessionary rates.
"We hope they will give loans that are cheap for firms," he said.
In its latest economic review, the ADB says it is impressed with macro-economic turnaround policies in Zimbabwe that have stabilized the economy since 2009.
The bank however warned that government risks missing its 2012 economic targets due to looming inflationary pressures.
Government has projected an economic growth rate of 9,3 percent from the 8,1 percent growth rate achieved last year.
Source - ZBC News
