Blocked funds: Zim sticks to repayment plan

BUSINESS REPORTER

The Ministry of Finance says it will stick to the settlement modalities on blocked funds despite some claimants seeking a variation on the repayment plan.

In 2021, the Treasury assumed the blocked funds of US$3.3bn that had been incurred by the central bank due to currency changes with the government promising to pay via cash for amounts below US$1m and in Treasury bonds for amounts above US$1m.

George Guvamatanga, secretary for Finance, said on Friday there has been a significant amount of appeals from claimants for the “deviation from the approved settlement modalities”.

“These appeals cannot be acceded to and are not sustainable. The claimants are therefore advised that Treasury will adhere to the approved settlement modalities,” Guvamatanga said.

He said Treasury would not deal with third parties on claims after noting appeals being made for payment through “purported representatives”.

Guvamatanga said Treasury has to date made cash payment of US$19m with the balance of US$32m to be paid from April to September 2026.

He said government has issued Treasury bonds worth US$1.485bn.