Zimbabwean Minister of Industry and International Trade Obert Mpofu has said that the government has resolved to pump an initial 1.5 trillion Zimbabwean dollars (10 million U.S. dollars) in a move that could restore thousands of jobs.

Minister Mpofu was quoted by the Sunday Mail as saying that " the ministry is currently looking at a strategy aimed at mobilizing resources to bail out companies that closed down or are facing severe challenges."

Mpofu said the funds required for the immediate resuscitation of the companies would be made available through the Reserve Bank of Zimbabwe (RBZ).

"The ministry, in consultation with the RBZ, will conduct audits to ensure accountability. We want to give the affected companies relief and this will see them emerge from their problems, " he said.

The government's move to revive local industry came at a time when efforts are being directed towards boosting the country's industrial production.

Over the last five years, several companies continued to fold as a result of serious challenges that the country's economy faced.

Many people subsequently found themselves without a job, creating another problem of high unemployment in the process.

Source: Xinhua