Zimbabweans living abroad have channelled US$746.9 million in diaspora remittances in the first half of this year, something set to spur economic development in their financially troubled homeland.
This was revealed in parliament Thursday by Finance Minister Mthuli Ncube while presenting his 2021 Mid-Term Budget and Economic Review statement.
“Between January and June 2021, the country received US$746.9 million in diaspora remittances compared to US$288.7 million received during the same period last year.
“Remittances are projected to continue to drive the current account surplus in 2021, with end year projection of US$1.3 billion,” said the minister.
Responding to Ncube’s address, MPs called for incentives to be afforded to citizens channelling funds through the formal system.
Zanu PF MP for Gutu South, Pupurayi Togarepi called for government to invent strategies that would ensure citizens channelling their hard earned resources back home do not lose to unscrupulous intermediaries, among them, land barons.
He added, “I think it is critical that we support the diaspora and continue to open and come up with attractive investment opportunities for these people so that we rake in that money and that money can then support development in our country.”
Uzumba MP Simba Mudarikwa said “Diasporans must be supported left, right and centre”, adding that “we must even have a diaspora support system where we have a register and virtual conferences with Zimbabweans in different countries.”
MDC MP for Hatcliff, Allan Norman Rusty Markham called on Treasury to ensure the money channelled through remittances is utilised correctly to encourage citizens living abroad to continue remitting their money to the country, through forms of security to their investments.
He called on government “to register the diaspora so that we can make them feel wanted back home so that they continue bringing money to us”.
In his response, minister Ncube acknowledged diaspora remittances were an important component to national development adding that “we will be able to announce a few products going forward targeting our Diaspora”.
Ncube was however quick to admit government could only do so much in terms of harnessing diaspora remittances towards national development adding that “remittances are voluntary transfers by Zimbabweans abroad either for investment of their own choice or to support their families”.
“Perhaps we cannot really direct it but rather we can offer instruments and incentives for it to be attracted in specific areas,” he said.
-Online