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Time Bank offers war vets US$3,5bn
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TIME Bank has offered a US$3.5 billion compensation package to Zimbabwe's liberation war veterans as part of its broader US$38 billion loan proposal to the government. This development follows significant pressure from war veterans, who were initially left out of the proposed compensation plan.
In October, the war veterans wrote to TIME Bank, requesting their inclusion in the compensation pay-outs, emphasizing the sacrifices they made during the liberation struggle. Their call for inclusion came as they sought recognition for their role in the country's fight for independence.
TIME Bank's proposal, which seeks to secure syndicated loans worth US$38 billion, aims to assist the government in addressing a range of financial obligations. These include compensating white former farm owners, settling Zimbabwe's sovereign debt, and providing support to other marginalized groups across the nation.
In a statement issued yesterday, the bank confirmed that it had responded to the war veterans' demands. However, the inclusion of the veterans in the compensation plan comes with a stipulation: The veterans are required to support the bank's broader initiative, which includes compensating other listed beneficiaries. These beneficiaries include pensioners, depositors, ex-farm workers, and individuals connected to the social welfare fund.
The bank's compensation package also includes a separate provision for land compensation. About US$3.2 billion is set to be paid by donors, with no obligations placed on the government, to compensate former landowners. TIME Bank will also assist previous farm owners (PFOs) in raising these donations. The bank's plan also makes provisions for several funds, including the Social Welfare Fund, the Venture Capital Fund, and a Financial Inclusion Fund for various groups.
The US$3.5 billion earmarked for war veterans will be drawn from the previously proposed US$4.5 billion Financial Inclusion Fund. This inclusion is expected to address the concerns raised by war veterans, who had expressed dissatisfaction with their initial exclusion from the compensation package.
Douglas Mahiya, the national secretary for the War Veterans League under the ruling Zanu PF, had earlier expressed disappointment at the omission of war veterans from the initial proposal. He reminded TIME Bank of the sacrifices made by the veterans, who endured significant hardships during the liberation struggle. Mahiya emphasized that the veterans, who played a crucial role in the country's independence, must be included in any compensation plan moving forward.
With the newly added compensation package, TIME Bank aims to address the grievances of Zimbabwe's liberation war veterans and support the government's efforts to compensate various groups impacted by the country's historical struggles.
In October, the war veterans wrote to TIME Bank, requesting their inclusion in the compensation pay-outs, emphasizing the sacrifices they made during the liberation struggle. Their call for inclusion came as they sought recognition for their role in the country's fight for independence.
TIME Bank's proposal, which seeks to secure syndicated loans worth US$38 billion, aims to assist the government in addressing a range of financial obligations. These include compensating white former farm owners, settling Zimbabwe's sovereign debt, and providing support to other marginalized groups across the nation.
In a statement issued yesterday, the bank confirmed that it had responded to the war veterans' demands. However, the inclusion of the veterans in the compensation plan comes with a stipulation: The veterans are required to support the bank's broader initiative, which includes compensating other listed beneficiaries. These beneficiaries include pensioners, depositors, ex-farm workers, and individuals connected to the social welfare fund.
The bank's compensation package also includes a separate provision for land compensation. About US$3.2 billion is set to be paid by donors, with no obligations placed on the government, to compensate former landowners. TIME Bank will also assist previous farm owners (PFOs) in raising these donations. The bank's plan also makes provisions for several funds, including the Social Welfare Fund, the Venture Capital Fund, and a Financial Inclusion Fund for various groups.
The US$3.5 billion earmarked for war veterans will be drawn from the previously proposed US$4.5 billion Financial Inclusion Fund. This inclusion is expected to address the concerns raised by war veterans, who had expressed dissatisfaction with their initial exclusion from the compensation package.
Douglas Mahiya, the national secretary for the War Veterans League under the ruling Zanu PF, had earlier expressed disappointment at the omission of war veterans from the initial proposal. He reminded TIME Bank of the sacrifices made by the veterans, who endured significant hardships during the liberation struggle. Mahiya emphasized that the veterans, who played a crucial role in the country's independence, must be included in any compensation plan moving forward.
With the newly added compensation package, TIME Bank aims to address the grievances of Zimbabwe's liberation war veterans and support the government's efforts to compensate various groups impacted by the country's historical struggles.
Source - the independent
