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Mnangagwa Announces ZW$18 Billion Economic Rescue And Stimulus Package

President Emmerson Mnangagwa has announced a ZWL$18 billion Economic Rescue and Stimulus Package to mitigate the negative impact caused by the novel coronavirus on the national economy.

In a special address to the nation at State House on Friday, Mnangagwa said the package is equal to 9 per cent of the country’s Gross Domestic Product (GDP) or 28,6 per cent of the 2020 National Budget. He said:

So far our response to this pandemic has seen us putting in place a ZW$18 billion Economic Rescue and Stimulus Package, which amounts to 9 per cent of our Gross Domestic Product (GDP), or 28.6 per cent of the 2020 National Budget. The package is proportionate to the disruption the virus has caused in our national economy.

This Economic Rescue and Stimulus Package is designed to scale-up production in all the sectors of the economy in response to the adverse effect of COVID-19.

Mnangagwa added that the rescue package will be used to prop up small-scale industries, improve health facilities and cushion vulnerable groups in our society. He said:

The package will also be used to address the needs of the small scale industries, improve health facilities, reduce poverty and hardships and assist vulnerable groups in our society.

Our Rescue and Stimulus Package of ZW$18 billion is therefore based on our aspiration to meet the diverse requirements of our national economy that include capacitating the micro, small and medium enterprises (MSMEs) as well as those in the informal sector.

These institutions have borne the worst brunt of the lockdown due to the COVID-19 pandemic. An amount of ZW$500 million of the package has been set aside for the Micro, Small Medium Enterprise sector to assist this sector.

Mnangagwa also announced that the five-week-long national lockdown will be downgraded to Level 2 for another two weeks, with all formal businesses allowed to operate between 8 am and 3 pm.

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