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Motor assembly to close

    JOHANNESBURG

    Zimbabwe's biggest car assembly company on Friday announced plans to close down for a month, the second such recent closure, due to shortages of foreign currency to import vehicle kits, news reports said.

    Willowvale Mazda Motor Industries, owned jointly by the government and Itochu Corporation of Japan, said it was unable to source foreign currency on the local market to import vehicle
    kits. The company, which is Zimbabwe's sole manufacturer of Mazda cars, first closed for several weeks in April due to the same problem.

    Zimbabwe has been experiencing an acute shortage of foreign currency since the IMF and the World Bank cut off balance of payment support last year due to fiscal and economic reform policy disagreements with Mugabe's government.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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