Food shortages: Zimbabwe secures $200m loan to import maize

iStock
iStock
iStock

Harare - Zimbabwe has secured at least $200m from African Export-Import Bank (Afreximbank) to import much needed grain, as the southern African nation grapples with food shortages , reports indicated on Friday.

According to NewsDay, Zimbabwe Reserve Bank Governor John Mangudya claimed that the country had about 250 000 metric tons of maize reserves that would last until September.

Mangudya said this during a breakfast meeting in Harare on Thursday.

He said the maize had been stored in the country's strategic grain reserves since last year.

Mangudya said the $200m loan from Afreximbank would assist the country in securing maize from across the globe, as there was a high demand in the southern African region due to El-Nino.

Speaking at the same event, Bankers' Association of Zimbabwe President Sam Malaba said the southern African country needed at least one million metric tons of maize, as the government projection of 700 000 tons could prove to be not enough.  

But Mangudya, according to the state owned Herald newspaper, dismissed reports that the country needed at least one million tons of maize as "rubbish".

"We do not need one million tons of maize for now. The maize that is there in Zimbabwe is good for the next eight months or so," he was quoted as saying.

Zimbabwe and a number of other sub-Saharan African countries have been hit hard by El-Nino induced dry season, forcing the southern African country to import maize from neighbouring country’s such as Zambia.

Reports on Thursdays quoted acting president Emmerson Mnangagwa as having said that the government was busy sourcing maize. Mnangagwa said the country was ready to accept international assistance.


We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
When assisting your child with remote learning this year, did you:
Please select an option Oops! Something went wrong, please try again later.
Results
Follow the school's comprehensive sexuality education (CSE) curriculum?
14% - 418 votes
Adjust the CSE curriculum to suit the family's morals?
24% - 721 votes
Ignore the schools CSE programme and do your own teaching?
63% - 1909 votes
Vote
ZAR/USD
15.20
(-0.25)
ZAR/GBP
20.40
(-0.01)
ZAR/EUR
18.42
(-0.06)
ZAR/AUD
11.29
(-0.13)
ZAR/JPY
0.15
(+0.06)
Gold
1835.48
(-0.24)
Silver
24.14
(+0.55)
Platinum
1061.00
(+3.78)
Brent Crude
48.78
(+0.95)
Palladium
2336.01
(+1.71)
All Share
59419.37
(+0.80)
Top 40
54500.04
(+0.61)
Financial 15
11646.83
(+2.17)
Industrial 25
79758.36
(+0.10)
Resource 10
57015.33
(+0.70)
All JSE data delayed by at least 15 minutes morningstar logo