Economy

Economy

Mthuli Ncube

Mthuli Ncube’s new agriculture financing model fails to lower costs

By Alois Vinga FINANCE Minister, Mthuli Ncube’s newly introduced agriculture financing model has not done much to lower costs previously incurred under the Command Agriculture Scheme, International Monetary Fund (IMF) has reported. The details contained in the global lender’s 2019 Article (IV) report show existing weaknesses in the new financing arrangement. “Agriculture spending has remained

Finance Minister Mthuli Ncube

Ncube establishes Covid19 crowdfunding

By Alois Vinga    FINANCE Minister, Mthuli Ncube has established a Coronavirus crowdfunding scheme to beef up resources for national use. The scheme, code named COVID19 National Disaster Fund was launched Wednesday against fears that the pandemic may not end anytime soon. The funds will supplement the resources which government has since set aside to

Strive Masiyiwa

Covid-19: Masiyiwa calls on African govts to seek help from China

By Alois Vinga ECONET founder and executive chairman, Strive Masiyiwa has urged African governments to turn to their Chinese friends for help in fighting Coronavirus. In a statement posted on his blog, Masiyiwa said it was time the Africans turned to China for assistance and take advantage of the vast resources and expertise the Asians

President Emmerson Mnangagwa

Coronavirus to push Zimbabwe to the brink?

Financial Mail With Zimbabwe’s health-care sector crippled by a strike by doctors and nurses, underfunding and years of general neglect, fears are growing that Covid-19 will hit the troubled country very hard. Already, the disease — confirmed in the country just two weeks ago — has claimed its first victim: Zimbabwean broadcaster Zororo Makamba. At

Nearly half of jobs in Africa could be lost due to coronavirus, UN warns

Fin24 The United Nations Development Programme has issued a call to action from the international community to assist developing countries with the enormous fallout they are expected to face due to the impact of the coronavirus pandemic. The UNDP said in a statement that the international community has to think beyond the immediate impact of

Zimbabwe slashes Eskom debt to R70,6m

Bloomberg Zimbabwe has slashed its debt to power utility Eskom to R70,56m ($4m) from $33m, the state-owned Sunday Mail newspaper reported, citing energy minister Fortune Chasi. “We are making payments religiously,” Chasi was quoted as saying. “We have reduced the debt to $4m or thereabouts. We are also working on further reducing our indebtedness to

RBZ governor John Mangudya

RBZ in u-turn over ban on crypto payments

theblockcrypto.com The Reserve Bank of Zimbabwe, the country’s central bank, is set to regulate cryptocurrencies after banning local banks from processing crypto payments in 2018. The central bank has already started drafting a policy framework to guide operations of crypto firms, local newspaper The Chronicle reported on Monday. The RBZ has apparently admitted that the crypto trend

Finance Minister Mthuli Ncube

Zimbabwe inflation soars to 540%

AFP Zimbabwe’s annual inflation soared to over 500% in February, the country’s statistical agency said on Monday, releasing its first consumer price data since June last year. “The year-on-year inflation rate for the month of February as measured by the all-items CPI (consumer price index) stood at 540.16%” the Zimbabwe National Statistics Agency tweeted. Zimbabwe

Zimbabwe Offers White Farmers Land As Compensation For 800 Seized Farms

Reuters ZIMBABWE’S government will offer land as compensation for nearly 800 farms it seized under its land acquisition policy since 2000, according to regulations published on Thursday. Under former President Robert Mugabe, Zimbabwe took over some 5,000 farms, mostly from white farmers, saying the policy was meant to address colonial imbalances. But the land seizures triggered

GetBucks To Offer Short-Term Loans To Cushion Bank From Hyperinflation

By Alois Vinga FINANCIAL services provider, Getbucks Microfinance Bank will be issuing loans on a short-term basis as a strategy to mitigate hyperinflation ravaging the country’s economy. Speaking to NewZimbabwe.com Business this week, the financial institution’s managing director, Terrence Mudangwe said the move was aimed at cushioning the bank from the devastating effects of inflation. “The

Mthuli Ncube Gazettes US$ Duty On Free Funds Fuel Imports

By Alois Vinga FINANCE Minister, Mthuli Ncube has effected duty tariffs chargeable in foreign currency on all fuel imports transacted using free funds at a rate of US$0.40 per litre. The details are contained under Statutory Instrument 64 of 2020.3.11 “Leaded petrol and diesel imported using free funds for own use by companies or by

RBZ governor John Mangudya

RBZ stats show foreign currency deposits decline

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) statistics reveal that foreign currency deposits maintained a sustained decline in the last quarter of 2019 against a backdrop of key reforms, among them, the adoption of the local currency. According to RBZ monthly economic reports, foreign currency deposits which stood at 42% in September 2019 went

Vic Falls Home Owners Make A Killing As Hotels Run Out Of Rooms

By Robert Tapfumaneyi THE ongoing 6th African Regional Forum on Sustainable Development (ARFSD) has brought smiles to many landlords in the resort town of Victoria Falls as hotels and lodges run of out accommodation. Delegates have been forced to look for alternative accommodation in private homes. More than 3000 delegates are attending the conference from

President Emmerson Mnangagwa

ED says lack of global financial support will not stall Zim reform process

By Alois Vinga PRESIDENT Emmerson Mnangagwa has blamed poor support from funding partners for his government’s slow-paced economic reforms. He was speaking at the official opening of the Political Actors Dialogue (POLAD) Economic Summit in Harare Friday. Mnangagwa said negligible support Zimbabwe was receiving from global financiers was very limited but vowed to continue with

Energy Minister Fortune Chasi

Regional power shortages form of punishment for violating nature – Chasi

By Matabeleland North Correspondent VICTORIA Falls: Energy and Power Development Minister Fortune Chasi Wednesday told energy regulators from the region that power challenges faced by SADC countries were a form of punishment by nature for defiling the environment. Chasi was guest speaker at the Regional Electricity Regulators Association of Southern Africa (Rera) conference in the

RBZ governor John Mangudya

RBZ sees 3% economic growth despite fuel, power challenges

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya is optimistic the country’s economy will grow by 3 % in 2020 despite unresolved problems affecting industry and the economy. Speaking during a Monetary Policy Statement presentation in Harare Monday, the central bank boss said good rains in the current agricultural season will also

Zimbabwe’s inflation falls sharply to 2.23%

Equity Axis News “This means that prices as measured by the all times Consumer Price Index (CPI) increased by an average rate of 2.23 percent from December 2019 to January 2020,” ZIMSTAT said. The surprise drop was driven by the smaller increases in price of food and non-alcoholic beverages which shed 13.20 percentage points on

Zimbabwe diaspora remittances up 2.6 pct in 2019

Xinhua Zimbabwe received 635 million U.S. dollars in diaspora remittances in 2019, up 2.6 percent from 619 million dollars in 2018, Reserve Bank of Zimbabwe Governor John Mangudya said on Monday. International remittances received through normal banking channels on behalf of international organizations amounted to 521 million dollars in 2019, down 9 percent from the