Treasury sitting on US$30m agric funds

TREASURY is yet to disburse about US$30 million it allocated to the Agriculture ministry for horticulture projects under the Special Drawing Rights (SDRs) to boost capacity utilisation.

Government got US$1 billion from the International Monetary Fund last year, as part of the US$650 billion SDRs injected by the global lender across economies.

Chief director of strategic planning in the Lands and Agriculture ministry, Clemence Taderera Bwenje yesterday told legislators during a workshop on monitoring of SDR projects that the funds were yet to be released. The workshop was facilitated by the Southern Africa Parliamentary Support Trust.

“Funds have not yet been released and they are yet to be disbursed, the agriculture industry is crying to have these funds released. The Ministry of Finance and Reserve Bank of Zimbabwe have signed a memorandum of understanding indicating the terms and conditions of the facilities, but the funds are yet to be disbursed,” Bwenje said.

“We really appeal to the committee (Lands and Agriculture) to help us facilitate and manage the system so that these funds can be released. We are already getting into the farming season, and we need farmers to be benefiting.”

Pointing out that horticulture had a lot of potential and needed government support through financing, he added: “Without financing institutions, horticulture development plans will not materialise and we are prejudicing ourselves. I call upon you MPs to help us get the funds. Without the funds, we are handicapped.”

SDRs are an international reserve asset created by the IMF to supplement the official reserves of member countries.-newsday