Mthuli Ncube Stopped RBZ From Giving Foreign Currency To ZESA

Zimbabwe Power Company has complained over the government’s decision to stop giving power utility, ZESA, foreign currency to import electricity and enhance power generation at local power stations. The government, through the Reserve Bank of Zimbabwe, used to give ZESA foreign currency until October 2018 when the Finance Minister stopped the arrangement. These remarks were reiterated by RBZ governor, Dr John Mangudya who also revealed that the government was now raiding the Reserve Bank of Zimbabwe (RBZ) to finance its ever-widening budget deficit. Watch the video below.

Telling:
ZPC complains they had been getting funding from RBZ to import power over last 4 years, but this stopped in Oct. Mangudya says forex purchases for ZESA imports were in fact funded by Gvt’s RBZ overdraft.
Last year, @MthuliNcube stopped Gvt from using the overdraft pic.twitter.com/fWHbLhZntq

— newZWire (@newswireZW) July 8, 2019

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