Treasury sets aside $8,5 billion for electricity

Norman Muchemwa

Electricity supply situation in the country is set to improve significantly as $8,5 billion has been set aside for the year 2020, Finance and Economic Development Minister Professor Mthuli Ncube has said.

In his five-point plan for 2020 that also encompasses cash injection in the economy, exchange rate, food security and job creation, Minister Ncube said there will be an improvement in the electricity supply situation with more independent players coming into play.

“$8,5 billion has been set aside to improve Zimbabwe Electricity Supply Authority’s output and to import additional electricity,” said Minister Ncube.

“Power is expected to increase as more independent producers come online.


“We will be giving incentives for those who come off grid and put in place solar systems as well.”

More money, he said, will be added into the economy in the next six months to improve cash supply situation.

“An additional $500 million in notes and coins will be put into the economy in the next six months of 2020.

“We expect this to ease demand on the physical cash and won’t be reaped off by money dealers who sell cash at various percentages and mark up prices.”

He added that the Government is committed to maintain a stable exchange rate as a way of keeping stability in prices.

“Maintaining the value of the Zimbabwean dollar exchange rate is important to ensuring prices of basic commodities remains stable.

“Central Government is leaving within means and has put in place deliverable policies to stimulate production and exports,” Minister Ncube said.

Turning to employment for the young people, Minister Ncube said mechanisms have been put in place to make sure youths are employed.

“Every young Zimbabwean should be able to get a job. The Youth Employment Tax Incentive and the National Venture fund have been introduced to create opportunities for jobs for the young people,” he said

He assured that no one will go hungry as enough food will be imported to complement already existing stocks.


“No Zimbabwean should go hungry, we will be importing maize, we will be importing wheat, we will be importing soybeans and other goods to make sure there is enough food on the table.”

Prosperity, he said, is everyone’s dream, it is the President’s dream and also the dream of the Government of Zimbabwe.