Governement Allocates $100 Million Of 2% Tax To Cyclone Idai Relief

Minister of Finance Mthuli Ncube has said that government has allocated $100m from the 2% tax fund to the Cyclone Idai relief efforts. In an opinion piece in state-controlled daily, The Herald, Ncube said that initially, the government had allocated $50 million but soon realised it was not enough and it doubled the figure.

Said Ncube:


Introducing the Pindula News Mobil App
Download from Google Play Store

Cyclone Idai necessitated an urgent and immediate need for resource mobilisation to mitigate against its effects and support those affected. In the past, this would have meant further Government borrowing, leading to extra debt and long term economic ramifications.

But fortunately, funds from the 2 percent tax that were put aside for exactly this eventuality, and became available exactly when they were most needed.

We had initially earmarked $50 million to cover the emergency requirements for mitigating the impact of such a disaster, yet due to the increased performance of the fund, we were able to increase this allocation to a much needed $100million.

These funds are being used to help those who most in need of our help.

The 2 percent tax has been unpopular with Zimbabweans since it’s introduction in October 2018. Ncube said in his opinion article that even though the introduction of the tax was unpopular it was “the right thing to do”.

More: The Herald

Mthuli Ncube

Professor Mthuli Ncube is the Minister of Finance and Economic Development. He was the Chief Economist and Vice President of the African Development Bank, financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland... Read More About Mthuli Ncube

Join WhatsApp & Telegram News Groups:

WhatsApp Group: https://chat.whatsapp.com/D4vbg5RLhkbFfVyMdu8rLi


Telegram Group: https://t.me/pindula

Back to top

Write a Comment

Your email address will not be published.


Share Full Post

Nyaradzo logo

RSS Recent Profiles Created

Satisfaction survey
How likely is it that you would recommend Pindula News to a friend or colleague?
SuggestionsHow can we improve?
You have already submitted your feedback. If you would like to add more feedback please write us on hello@pindula.com.