Zim seeks alternative revenue streams

Published: 20 December 2013

The Minister of Finance and Economic Development Patrick Chinamasa has proposed the exploration of other revenue streams to increase the inflow of currency within the economy.

These avenues entail joint ventures and harnessing diaspora resources.

"Limited domestic financial resources necessitate that we also consider undertaking some joint venture investment projects with other partners.

"This is particularly so where projects require large outlay of financial resources for acquisition of capital and newer technology, as well as access to global markets," he said when he presented the 2014 national budget in Parliament on Thursday.

In terms of harnessing diaspora revenue, the minister said other countries are benefiting immensely from financial transfers by their nationalities working outside their borders.

"Zimbabwe has a large part of its population living in the diaspora. These diasporans are desirous to contribute towards the development of their country," said the minister.

According to the 2014 budget statement, Zimbabwe is in receipt of US$1.6 billion in remittances during January-November 2013. To harness the diaspora potential, Government will formalise the platform for dialogue with the diaspora through engaging the Zimbabwe Diaspora Home Interface Programme (ZIDHIP).

He said Government will discuss the several engagement initiatives and policies that it could implement with this organisation in order to grow diasporans' contribution to the economy.

The engagement will articulate policy to guide diaspora engagement and promote investments by the diasporans through tax and import duty incentives for qualifying investments in the manufacturing and other capital intensive industries.
- bh24