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Mthuli under fire over COVID-19 bailout loan - Zimbabwe Situation


Mthuli under fire over COVID-19 bailout loan
BY RICHARD MUPONDE
GOVERNMENT’s management of State coffers has come under scrutiny after Finance minister Mthuli Ncube guaranteed a $10 million loan by a Victoria Falls hotelier to cushion its business against COVID-19 shocks.
The luxury boutique, Mbano Manor Hotel, owned by a local businesswoman Mati Nyazema, took the loan from the CBZ Bank.
President Emmerson Mnangagwa officially opened the hotel in August last year.
Zimbabwe’s tourism sector was expected to lose up to US$1,1 billion in potential revenue last year following the COVID-19 outbreak, according to government and Mbano Manor sought to mitigate against the slowdown, it appears. ....

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