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Wednesday, May 29, 2024

Govt unveils 2024 borrowing plan

Story by Stanley James, Business Editor

GOVERNMENT has unveiled its borrowing plan for the year, anchored on domestic and external resource mobilisation to cover a budget financing gap of over ZWL9 trillion.

The funds raised under the borrowing plan are expected to finance agriculture and health care.

In a report released this Tuesday, government states that the plan seeks to operationalise the Medium-Term Debt Management Strategy for 2022 to 2025.

The borrowing plan is based on domestic and external borrowing at affordable costs.

The government revealed that the plan is also aimed at promoting the growth of domestic capital markets.

With the total 2024 budget deficit hovering at over ZWL$9,2 trillion, the plan seeks to ensure government is not overstretched in allocations.

Under the plan, the government says it will issue treasury bills and bonds amounting to ZWL$5,8 trillion.

External loans are also expected to solve the budget financing gap by contributing in excess of ZWL$360 billion.

Funds raised under the 2024 borrowing plan are expected to finance agriculture activities, the horticulture sector, irrigation projects and healthcare facilities.

The report states that loans from the external partners will be devoted to infrastructure development, trade promotion and construction of district hospitals.

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