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Zimbabwe To Raise $350m By Selling Shares In 5 State Firms

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Zimbabwe says it expects to raise $350 million from selling shares in five state-owned telecommunications companies and a bank, as part of economic reforms to ease dollar crunch.

Finance Minister Mthuli Ncube said on Tuesday in Harare that the government would dispose of shares in its two mobile phone operators NetOne and Telecel Zimbabwe.

Ncube said share in the country’s sole fixed line telephony company TelOne, postal services Zimpost and state-owned savings bank POSB would also be sold.

“Work is already under way to identify transaction advisers. Government projects to raise over $350 million from this initial process,” Ncube said in a statement, without giving a timeline.

Ncube had said in October, 2018 selling state firms, known locally as parastatals, was one of the ways to reduce government spending.

The southern African nation’s economy is experiencing a severe dollar crunch and faces more headwinds from a drought this year that has wilted crops and left up to 5.3 million people in need of food aid, according to a U.N. humanitarian agency.

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