Zimbabwe Roundup: Commonwealth re-entry, climate insurance payout, ZiG

Opposition leader calls for re-entry into Commonwealth

Zimbabwe's opposition leader, Douglas Mwonzora, is pushing for the country to rejoin the Commonwealth to boost its economy and trade relations with Western countries. Zimbabwe was suspended from the Commonwealth in 2002, and Mwonzora believes rejoining will provide economic opportunities and help Zimbabwean students attain scholarships. He expressed concern about the country's isolation and emphasised the need for integration, the Zimbabwe Mail reports.

Aims to tap into Russian tourism market

Zimbabwe's tourism industry is looking to attract more travellers from Russia, as there has been a surge in group travels from Russia, China, and Japan. The country aims to stimulate growth and development in travel and tourism, especially after the impact of COVID-19. President Mnangagwa launched the Tourism Growth and Recovery Strategy in 2020 to achieve a US$5 billion industry. According to New Zimbabwe, the nation’s tourism authority has hosted delegations from different countries and recently met with a Russian delegation to highlight the untapped potential of the Russian market.

Agricultural support from South Korea

South Korea pledges to support Zimbabwe and other African countries in improving food production and fighting hunger. This includes providing training and strengthening agricultural value chains. South Korea's Ambassador to Zimbabwe reiterated the government's full support for implementing projects in the country, local media the Herald reports.

Climate insurance payouts to drought victims

The African Risk Capacity (ARC) Group has made a US$32 million climate insurance payout to help people affected by drought in Zimbabwe. The government received US$16.8 million to support recovery efforts and assist the most affected populations. The payouts will complement in-country recovery efforts and help communities and governments better respond to and recover from climate-related shocks. This payout follows severe crop failures and will help vulnerable households and communities recover from a failed agricultural season. The Final Implementation Plan will guide the use of the payout to assist millions of people in affected regions.

$370 million in reserves to back ZiG

Zimbabwe's new currency, the ZiG, now has approximately $370 million in reserves, up from $285 million three months ago. This increase is attributed to accumulating reserves from royalties of gold and other minerals. The ZiG was introduced in April to replace the Zimbabwe dollar, which had significantly declined in value. Zimbabwe has introduced measures to build up mineral reserves, with the country being a significant producer of platinum, nickel, chrome, lithium, and coal, Bloomberg reports.