Mthuli Ncube Says Zimbabwes Economy is on the Rebound

Zimbabwes Finance Minister Mthuli Ncube says the country’s economy is on the rebound.

Presenting the mid term budget on 29 July, Ncube remainednoptimistic about growth prospects, indicating that Zimbabwe’s economy is projected to grow by 7.8 percent this year after two years of recession.

Zimbabwe received a total of 746.9 million U.S. dollars in diaspora remittances between January and June this year, up 159 percent from 288.7 million dollars received during the same period last year, Finance Minister Mthuli Ncube said.

Ncube said total diaspora remittances for the year were projected at 1.3 billion dollars, helping to maintain a current account surplus.

Zimbabwe received 1 billion dollars in remittances last year. Diaspora remittances have overtaken foreign aid inflows into Zimbabwe, and have contributed to the country’s resilience to global trade shocks, according to the World Bank.

Mthuli Ncube further revealed that the country has set aside US$ 100 million to purchase Covid-19 vaccines.

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