By Business Reporter
GOVERNMENT is seeking investors to fund the construction of an inland fuel dry port, expected to ease a cocktail of challenges bedevilling the economy.
In his presentation on Fiscal Measures for Reversing Fiscal Dis-equilibrium during the mid term monetary policy statement, Minister of Finance and Economic Development Prof. Mthuli Ncube said government will formulate a strategy that will see investors taking part in the construction of a fuel dry port.
“A strategy in this regard will be developed and new investors invited, so that in the end the multiple fuel importers can source their own foreign currency in the market.”
“One long term solution is to create a world-class “Regional Fuel Dry Port” out of the Mabvuku Loading Gantry and Msasa Depot fuel storage facilities. The vision for this inland fuel port will turn it into a vital regional fuel port that will serve neighbouring countries,” he said.
The concept of a Dry Fuel Port is an important economic development issue that is expected to contribute towards economic recovery as the fuel dry port will be able to service countries like Zambia, Botswana and DRC.
The Ministry of Finance is expected to work with the Ministry of Energy and Power Development in order to realise the vision for a Dry Fuel Port for the Region.
“An additional pipeline could also be built from Beira to the fuel storage facility in order to increase capacity,” said Ncube.
Government is failing to meet the national foreign currency demand, leading to occasional fuel shortages.
“The pressure on the Reserve Bank of Zimbabwe to source and allocate foreign currency for fuel consumption on a monthly basis is enormous.”
Government is currently spending US$80 million per month towards fuel imports, chewing up 24% of the budget allocation. ENDS//
