{"id":80945,"date":"2023-07-22T18:50:33","date_gmt":"2023-07-22T16:50:33","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion"},"modified":"2023-07-22T22:09:50","modified_gmt":"2023-07-22T20:09:50","slug":"cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion","title":{"rendered":"CBZ Bank govt guaranteed farming scheme fails to recover ZW$2,77 billion"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE government guaranteed scheme rolled out by CBZ Bank Agroyield between 2019 and 2020 failed to recover a whooping ZW$2,77 billion from the beneficiary farmers leaving the government with no choice but to assume the debt, the 2022 Annual Debt Bulletin has revealed.<\/p>\n

CBZ Agro-Yield in conjunction with the Government of Zimbabwe through the Finance and Agricultural Ministries as the major stakeholders collaborated in the National Enhanced Agriculture Productivity Scheme ( NEAPS ).<\/p>\n

The objective of NEAPS was to ensure food self-sufficiency in Zimbabwe through the support of wheat, maize and soya bean production.<\/p>\n

\u201cOut of the ZWL4.5 billion CBZ Bank Agroyield (100% government guaranteed) disbursed to maize farmers for the 2019\/20 season, only ZWL1,5 billion was recovered representing a paltry 38,5% recovery rate,\u201d the Bulletin published this week said.<\/p>\n

Effectively, going forward that debt is now subject to the taxpayer\u2019s burden in a development which has seen lobby group, Zimbabwe Coalition of Debt and Development (ZIMCODD) raising serious concerns on the manner in which a number of government guaranteed Agriculture Funding schemes are modeled.<\/p>\n

\u201cWe are concerned by a very low recovery rate on publicly guaranteed private sector debt particularly in the Agriculture sector.<\/p>\n

\u201cBy assuming such debts (ZWL2.77 billion unpaid balance), Treasury has increased the burden on taxpayers who are already overtaxed,\u201d the lobby group said.<\/p>\n

ZIMCODD also raised concerns over the realisations that figures provided in the 2022 Annual Debt Bulletin are not disaggregated.<\/p>\n

\u201cIronically, the given reasons for contracting those debts are extremely dubious and unconvincing. For example, Treasury borrowed US$249.73 million from Equatorial Guinea in 2005 to finance the procurement of \u201cstrategic imports\u201d with no further indication as to what the imports are,\u201d they said.<\/p>\n

The lobby also questioned the sustainability of some projects where borrowed funds are being invested.<\/p>\n

\u201cFor example, investing in the expansion of airports at a time social infrastructure is crumbling and the majority of citizens are wallowing in abject poverty leads to questions on prioritization,\u201d added ZIMCODD.<\/b><\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE government guaranteed scheme rolled out by CBZ Bank Agroyield between 2019 and 2020 failed to recover a whooping ZW$2,77 billion from the beneficiary farmers leaving the government with no choice but to assume the debt, the 2022 Annual Debt Bulletin has revealed. CBZ Agro-Yield in conjunction with the Government of Zimbabwe […]<\/p>\n","protected":false},"author":84,"featured_media":80944,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-80945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nCBZ Bank govt guaranteed farming scheme fails to recover ZW$2,77 billion - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE government guaranteed scheme rolled out by CBZ Bank Agroyield between 2019 and 2020 failed to recover a whooping ZW$ ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBZ Bank govt guaranteed farming scheme fails to recover ZW$2,77 billion\" \/>\n<meta property=\"og:description\" content=\"THE government guaranteed scheme rolled out by CBZ Bank Agroyield between 2019 and 2020 failed to recover a whooping ZW$ ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T16:50:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T20:09:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690040297.872938.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"519\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBZ Bank govt guaranteed farming scheme fails to recover ZW$2,77 billion\",\"datePublished\":\"2023-07-22T16:50:33+00:00\",\"dateModified\":\"2023-07-22T20:09:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\"},\"wordCount\":341,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690040297.872938.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/cbz-bank-govt-guaranteed-farming-scheme-fails-to-recover-zw277-billion\",\"name\":\"CBZ Bank govt guaranteed farming scheme fails to recover ZW$2,77 billion - 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