Economy

Economy

Health Minister Obadiah Moyo

ADB approves $13.7 million anti-COVID-19 grant to Zimbabwe

By Robert Tapfumaneyi THE African Development Bank (ADB) has approved a $13.7 million grant to finance the COVID-19 response in Zimbabwe. The funds will provide an immediate lifeline for targeted frontline responders and health personnel and boost the country’s Global Health Security Index in the wake of the novel coronavirus pandemic. Approval for the grant

Zim Diaspora remittances set to dry during Covid-19 aftermath – World Bank

By Alois Vinga GLOBAL financier, World Bank (WB) says Zimbabwe’s diaspora remittances which have been grossly affected by the Covid-19 lockdown were not likely to recover anytime soon due to huge problems bedevilling nations hosting the country’s citizens. In emailed responses to questions sent by NewZimbabwe.com Business, WB said the Southern African nation will take

Finance Minister Mthuli Ncube

Zimbabwe’s Inflation Nears 1,000%

Timeslive ZIMBABWE has begun printing new notes in $10 and $20 denominations at a time when annual inflation stands at 926%, according to a state media report. Citing Reserve Bank of Zimbabwe (RBZ) monetary policy committee member Eddie Cross, the Sunday Mail report said the decision was “imminent” to increase liquidity in the market. “The

Industry Minister Sekai Nzenza

Worse Economic Fortunes Await Zimbabwe After COVID-19 – Economists

City Press Large and listed Zimbabwe corporates have started counting their losses and the wider financial effect of the Covid-19 coronavirus-induced lockdown to the economy after industry and commerce reopened this week under limited operational hours. The informal sector remains closed. Zimbabwe’s economy has taken a pounding during the pandemic, with Zimbabwe registering 34 confirmed

John Mangudya

RBZ Investigates Source Of New Zim$ Notes On The Black Market 

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has activated its security systems to uncover the source of new Zimbabwe dollar notes that are seen trending on social media platforms. Speaking to NewZimbabwe.com, RBZ Governor John Mangudya confirmed investigations were underway following receipt of numerous complaints from the public. He insisted no stone would be

President Emmerson Mnangagwa

Mnangagwa announces ZW$18 billion Economic Rescue Package

By Robert Tapfumaneyi Stimulus package of $3 billion for Manufacturing, $6 billion for Agriculture, $1 billion for Healthcare and $500 million SMEs PRESIDENT Emmerson Mnangagwa has announced a ZW$18 billion Economic Rescue Package for distressed companies, most of which will be allowed to reopen on Monday while the rest of the country remains under lockdown for

Smiling all the way to the bank...RBZ governor John Mangudya

RBZ says lockdown redirecting diaspora remittances via formal channels

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has noted a significant increase in diaspora remittances through the country’s formal channels during the current Covid-19 lockdown period. Central bank governor John Mangudya confirmed the development in an interview with NewZimbabwe.com Tuesday. “Due to the lockdown, informal channels of transmitting money to Zimbabwe have become

Minister Fortune Chasi

Govt Denies ZESA Secretly Hiked Power Tariffs

By Alois Vinga ENERGY Minister Fortune Chasi has dismissed as false, claims that power utility, Zimbabwe Electricity Supply Authority (ZESA) had secretly hiked tariffs without notifying consumers. Electricity users have in recent weeks raised concerns over increased amounts they were spending on power tariffs and were suspicious ZESA had nicodemously hiked its charges. However, speaking

Midlands Targets 4 500ha Of Winter Wheat

By Staff Reporter THE Midlands province has set a target of 4 500 hectares for irrigated winter wheat production under the government’s contract farming programme to help feed into the national target of 80 000ha. The national contract farming deal is being financed by commercial banks at a cost of $2,7 billion. Speaking at the

Industry Minister Sekai Nzenza

Business Set To Lose US$5 million Due To COVID-19

By Alois Vinga A  ZIMBABWE National Chamber of Commerce (ZNCC) survey has predicted that businesses in Zimbabwe will lose revenue in excess of US$5 million due to the COVID-19 lockdown effects on productivity. The chamber’s survey titled; “Sustainable and Flexible Economic Interventions to Address Covid19”, says the majority of respondents projected massive revenue declines. “Total 38% project

Mthuli Ncube declares $1 billion budget surplus inside 30 days

By Alois Vinga FINANCE Minister, Mthuli Ncube says the country realised a budget surplus of almost $1 billion in the month of December 2019. The details are contained in the Consolidated Statement of Financial Performance covering the month of December 2019. “The budget incurred a surplus of $984.2 million against a targeted surplus of $540.9