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Zimbabwe needs $27 billion to rebuild its economy

Cash-strapped Zimbabwe currently facing a liquidity crisis needs some US$27 billion to rebuild its economy under its Zimbabwe Agenda for Sustainable Socio-Economic Transformation. A senior government official Jonah Mushayi today said: “The quantum of the resources needed to fund ZimAsset is estimated at over $27 billion, with the bulk of it earmarked for energy, water, sanitation and social sectors.” Zimbabwe’s current budget is only US$4 billion with more than 70 percent going towards salaries for civil servants. Its total wealth is only US$11.6 billion. Although the country wants to bank on remittances from Zimbabweans abroad, these totalled only US$1.8 billion last year down from US$2.1 billion the previous year.

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