Zimbabwe to float grain bills to buy surplus corn

Zimbabwe's government will this week float US$5 million in grain bills to buy surplus corn from farmers who are expected to sell 400,000 tonnes of their crop to the market, said finance minister Tendai Biti.

The 400,000 tonnes are surplus from the 1.2 million tonnes harvested from last season, said Biti.

The Grain Marketing Board expects to purchase an additional 50,000 tonnes and bills will soon be issued to finance the purchase, he said.

The government would also review a waiver of duty on grain imports, which was imposed to allow imports as Zimbabwe struggle with acute food shortages, the minister said.