Fertilizer industry allocated additional US$3m

Tag : Superphosphate

THE fertilizer industry was on Monday allocated an additional US$3million to the US$10 million it received last month from theReserve Bank of Zimbabwe for fertilizer production.

The allocation comes as the central bank moves to ensure adequatesupplies of inputs ahead of the summer cropping season.

Reserve Bank Governor Dr Gideon Gono in his mid-term monetarypolicy review yesterday said an additional US$3 million would beallocated to the industry next week.

"This will enable them to put their industry to full production andenable them to meet the fertilizer requirements that we need," hesaid.

Dr Gono said the central bank was targeting to channel a total ofUS$10 million to the industry on a monthly basis to ensure adequatesupplies.

He added that the central bank was also making provision to importfertilizer to augment local production.

"We will obviously continue to import fertilizer to augment localproduction and ensure that we have adequate stocks," he said.

In his address during a National Economic Consultative Forummeeting last month, Chemplex Corporation chief executive Mr MisheckKachere said the industry needed at least US$10 million every monthto operate at full capacity and satisfy demand.