Africa Economy Finance Zimbabwe

Zimbabwe finmin says economy to contract 6.5% this year

Zimbabwe’s economy is set to contract by 6.5% this year after a drought and power shortages, the finance minister said on Thursday, adding that power generation could be cut at the largest hydro plant due to low water levels.

Mthuli Ncube told lawmakers in the resort town of Victoria Falls that Zimbabwe would spend more than $300 million to import 840,000 tonnes of maize, a staple crop, after the drought left more than half the population in need of food aid.

Source: Reuters

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