Government to improve foreign currency retention threshold
The 2020 budget has projected that the Mining sector will improve by 4.2 per cent next year on account of the expected improvement in the availability of electricity, it also noted that it was instrumental to consider the country foreign currency retention policy to see growth in the sector taking shape.
Rudairo Dickson Mapuranga
According to the Minister of Finance and Economic Development Prof Mthuli Ncube during National budget presentation yesterday, the government of Zimbabwe is aware of challenges in the Mining sector which includes retention threshold, gold deliveries to Fidelity Printers and Refineries, ring-fencing arrangements among others and these are receiving serious attention.
“With regards to gold mining, Government is aware of challenges related to ring-fencing arrangements, retention, gold deliveries to Fidelity Printers, among others and these are receiving serious attention,” said Ncube.
The Finance Minister also said that the realisation of the USD 12 billion road map will be supported by a 2020 National budget in which the sector is anticipated to improve by over 4 per cent on account of expected improvements in the availability of electricity.
“Realising of the US$12 billion Mining industry by 2023 will be advanced through the 2020 Budget. The sector is projected to rebound to 4.2% on account of the expected improvements in the availability of electricity” said Prof Mthuli Ncube.
Professor Mthuli Ncube also said that the gold, platinum and chrome sector is expected to boost output through agreements that will be fulfilled in the coming year.
“Going forward, investment agreements in platinum, gold, and chrome among others which have been concluded, are expected to boost output in the sector,” said the Finance Minister.
The Minister of Finance and economic development also said that MMCZ was going to be supported with credit guarantee to support other minerals non-other than gold and silver which will be supported through Fidelity Printers and Refinery.
“Minerals Marketing Corporation of Zimbabwe will be supported through a credit guarantee scheme to provide funding and support to the non-gold sector,” the Minister of Finance and economic development said.