(Ecofin Agency) - Zimbabwe will sell five of its public firms to raise $350 million, Mthuli Ncube (photo), the finance minister, announced in a release published this week.

Zimpost, POSB, NetOne, Telecel Zimbabwe and TelOne Zimbabwe are the firms to be liquidated.

These sales should help the country raise enough funds to reduce its budget deficit from 12% to 5% of GDP.

In the release, the official indicated that Zimbabwe is already seeking advisors for the operations.

To boost the economy undergoing a crisis for years now, the finance minister announced an austerity measure that consists in the sale of many state-owned firms and the reduction of state expenditures. In the framework of that austerity measure, 43 public firms were targeted.

Some weeks ago, the US announced the renewal of the sanctions imposed on Zimbabwe despite efforts initiated by Harare to end those sanctions and relieve the pressure on its economy.

Moutiou Adjibi Nourou