National Diaspora policy on cards

Government is developing a National Diaspora policy meant to harness investment from Zimbabweans working abroad, according to a progress report on ZimAsset.

The policy seeks to "facilitate the issuance of Diaspora Bonds and other financial instruments" to enable Zimbabweans living abroad to participate in the country's economic revival.

Minister Chinamasa said Diaspora remittances remained a critical source of liquidity and the Government will put in place systems to encourage the use of formal channels of sending money. Between January and October this year, international money transfers amounted to $1,42 billion, of which Diaspora remittances were $685,5 million.

Next year, remittances are expected to fall by 6 percent largely due to the projected slowdown of the South African economy, where many Zimbabweans are working, according to Finance Ministry.

CBZ Bank issued its maiden $68 million Diaspora bond in 2012 which expired in April this year.

It will issue its second $200 million bond, backed by Afreximbank in the first quarter of next year.