Zimbabwe to compensate ‘land grab' farmers

Zimbabwe to compensate ‘land grab' farmers

Next year,Zimbabwe will pay US$53 million (R742 million) in compensation to white farmers whose farms were confiscated over the past 18 years and reallocated to black Zimbabweans.

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In his 2019 budget statement,Finance Minister Mthuli Ncube said the government would also introduce 99-year leases for new farmers;set up an agriculture commodity exchange;implement a robust loan recovery system for defaulting farmers;observe the rule of law,property rights and bilateral agreements;promote out-grower schemes by the private sector;and take measures to "crowd in" financial institutions.

He also proposed that US$989,3 million (R13,8 billion) be allocated to the ministry of agriculture.

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To mitigate against a potential shortage of poultry products as a result of the continuing impact of last year's avian influenza outbreak,the government would also remove import duties on fertilised egg imports with effect from 1 January 2019,while raw materials needed in the production of fertiliser would also be exempted from import duties,he said.