Africa Press-Nigeria:
Zimbabwe’s finance minister Mthuli Ncube has revealed that Zimbabwe is now printing more money.
The minister said on Twitter today that the objective is to raise funds for an $18 billion economic stimulus package.
Global Financing Facility discussion: I explained Zimbabwe’s $18 billion economic stimulus package. The package includes a combination of fiscal measures and budget re-prioritization, and monetary measures in the form Quantitative Easing and lowering lending rates.
Quantitative Easing is a monetary policy whereby a central bank injects money into an economy. It is generally considered to be an unconventional form of monetary policy.
President Mnangagwa announced the $18 billion stimulus package on 1 May. The objective of the package is to mitigate the negative impact caused by the novel coronavirus on the national economy. Mnangagwa said the package is equal to 9 percent of the country’s Gross Domestic Product (GDP).
