COVID-19 Tourism Relief Fund For Zimbabwean Businesses
The Zimbabwean government has announced an initial ZW$ 500 million stimulus package for the tourism sector which has been one of the hardest hit economic sectors. The announced package is set to mitigate the impacts of the novel coronavirus on the tourism industry and help it resuscitate it.
The amount which was part of ZW$18 billion Economic Rescue and Stimulus Package was 9% of the country’s gross domestic product, or 28.6% of the 2020 National Budget.
The Minister of Tourism and Hospitality Nqobizitha Ndlovu said: ”As central government, we acknowledge the challenges being experienced by tourism businesses during this time, hence the need to support the industry and communities to cope with the negative effects of this pandemic.”
The ZW$ 500 million is an initial package to the tourism industry while the government is committed to further supporting the sector in an attempt to save jobs and mitigate the impacts of the pandemic. The tourism sector is crucial to the economic stability of Zimbabwe and contributes about 6% to GDP.
Modalities to access the funds are yet to be released by the Government.