News / National
Zimbabwe stops issuing import permits
06 Jan 2016 at 13:17hrs | Views
The government has tightened the issuing of import permits to protect local industry against an influx of external manufactured commodities.
Zimbabwe's import bill at US$4 billion per year is posing challenges to the government in retaining foreign exchange inflows.
The Minister of Industry and Commerce, Mike Bimha, confirmed the government's resolve not to issue any import permits in the past six months to the reduce the high import bill.
The minister said approval of the permits is now subject to the availability of a specific commodity on the local market, domestic industry's capacity to produce as well as its strategic importance to economic requirements.
"The huge import bill is really not sustainable and we need to do something on that aspect for the benefit of the economy," he said.
Bimha also said the government will this year be focusing on mobilising credit lines to save ailing companies from collapse.
Zimbabwe's import bill at US$4 billion per year is posing challenges to the government in retaining foreign exchange inflows.
The Minister of Industry and Commerce, Mike Bimha, confirmed the government's resolve not to issue any import permits in the past six months to the reduce the high import bill.
The minister said approval of the permits is now subject to the availability of a specific commodity on the local market, domestic industry's capacity to produce as well as its strategic importance to economic requirements.
"The huge import bill is really not sustainable and we need to do something on that aspect for the benefit of the economy," he said.
Bimha also said the government will this year be focusing on mobilising credit lines to save ailing companies from collapse.
Source - zbc
