Wednesday 25 April 2018
(Reuters (Eng) 03/22/18)
HARARE (Reuters) - A Cypriot investor signed a $4.2 billion deal on Thursday to develop a platinum mine and refinery in Zimbabwe, an investment that President Emmerson Mnangagwa said showed the country was “open for business”. Signing the agreement with Cyprus-based Karo Resources, Mines Minister Winston Chitando said work would start in July, with the first output of platinum group metals expected in 2020, aiming to reach 1.4 million ounces annually within three years. It was unclear, however, where all the funding would come from and analysts said the project start date of July looked very ambitious. Located in the Mhondoro-Ngezi platinum belt, west of Harare, where Impala Platinum Holdings has operations, the project will...
(AFP (eng) 03/21/18)
Forty-four African countries have signed an agreement establishing a free trade area seen as vital to the continent's economic development, the head of the African Union said Wednesday. "The agreement establishing the CFTA (African Continental Free Trade Area) was signed by 44 countries," said Moussa Faki Mahamat, chairperson of the AU commission. The creation of a free trade area -- billed as the world's largest -- comes after two years of negotiations, and is one of the AU's flagship projects for greater African integration. However, the agreement will still have to be ratified at a national level, and is only due to come into force in 180 days. The full list of countries which did not sign the agreement is...
(AFP (eng) 03/08/18)
Russia's Foreign Minister Sergei Lavrov on Thursday met with Zimbabwe's new President Emmerson Mnangagwa and discussed possible military co-operation as well as plans to boost economic ties. Lavrov, who is on a tour of Africa, is the first high-profile Russian official to visit Zimbabwe since veteran ruler Robert Mugabe's resignation in November last year. "We talked about the tasks that we have to pursue in order to develop these trade and economic ties between our countries," Lavrov told journalists after meeting Mnangagwa at his office in the capital Harare. "We emphasised the implementation of the joint project of exploring the Darwendale platinum deposits," he said.
(AFP (eng) 02/19/18)
About 224 million people are suffering from malnutrition across Africa as climate change and conflicts heighten food insecurity across the continent, a top UN food agency official said Monday. The official, speaking at a conference on Africa organised by the UN's Food and Agriculture Organization (FAO), said the situation was a "cause of concern" as the continent's population was expected to reach 1.7 billion by 2030. "Under-nourishment appears to have increased from about 21 percent to nearly 23 percent between...
(Reuters (Eng) 01/30/18)
HARARE (Reuters) - Zimbabwe’s economy could grow by up to 6 percent this year, more than an initial forecast of 4.5 percent, due to the reforms being pursued by President Emmerson Mnangagwa’s government, the finance minister told a state-owned newspaper. Mnangagwa, who came to power in November after a de facto military coup that removed long-time leader Robert Mugabe, has promised economic reforms to attract foreign investment and restore ties with international lenders so the country can access fresh funding. Finance Minister Patrick Chinamasa said the government would be bold in reforming loss making state-owned companies and the mining sector...
(Reuters (Eng) 01/29/18)
HARARE (Reuters) - Zimbabwe is experiencing a dry spell that could cut crop yields, a farmers’ union said on Monday, but a government official said the country had enough grain reserves to last until next year. The southern African nation produced 2.1 million tonnes of the staple maize last year, the highest in two decades thanks to above normal rainfall and government funding to farmers. But rains have been erratic so far since the summer cropping season started at the...
(Reuters 01/03/18)
HARARE (Reuters) - Zimbabwe has invited bids to buy stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. “We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities,” Terence Mukupe told Reuters.
(Agence Ecofin 12/12/17)
The government of Zimbabwe has turned its words into actions, and quite rapidly at that. Indeed, less than a month after President Emmerson Mnangagwa (photo) has declared in his investiture speech that white farmers expropriated in the framework of the land reform initiated by his predecessor, Robert Mugabe, will be compensated, a first farmer, Robert Smart, just got back his lands which were taken from him and given to a religious close to the former president. “M. Smart, like many...
(Reuters (Eng) 11/30/17)
WASHINGTON (Reuters) - The International Monetary Fund will send a staff mission to Zimbabwe in coming days to meet with officials of the new government and assess the country’s fiscal and economic situation, IMF spokesman Gerry Rice said on Thursday. Rice told a news briefing that the regular staff visit in early December “will update our assessment of Zimbabwe’s fiscal position, foreign exchange developments and inquire about the new administration’s economic plans.” Rice said that the IMF stands ready to assist Zimbabwe’s new government in designing policies that can restore stability and growth. He added that while an international effort to ”revive and reintegrate Zimbabwe’s economy will be needed...
(AFP (eng) 11/28/17)
Zimbabwe's new president on Tuesday gave a three-month ultimatum for the return of funds siphoned out of the country by individuals and corporations, as he moves to stem graft and revive the moribund economy. "The government of Zimbabwe is gazetting a three-month moratorium within which those involved in the malpractice can bring back the funds and assets, with no questions being asked or charges preferred against them," Emmerson Mnangagwa said in a statement. The amnesty period will run from December 1. "Upon expiry of the three-month window, the government will proceed to effect arrest...
(Reuters (Eng) 11/28/17)
HARARE (Reuters) - Zimbabwe’s new President Emmerson Mnangagwa has opened a three-month amnesty window for the return of public funds illegally stashed abroad by individuals and companies, he said on Tuesday. Upon the expiry of the amnesty at end of February next year, the government will arrest and prosecute those who would have failed to comply, Mnangagwa said in a statement. Mnangagwa was sworn-in as president on Friday and promised to tackle corruption, which had become endemic under former president...
(AFP (eng) 11/23/17)
Every time Chareka Mutungwazi, 76, tries to collect his pension money, he spends the night, like scores of others, sleeping outside a bank in Harare, the Zimbabwean capital. He is lucky if he is allowed to take out just $20 of his monthly $63 (53 euros) pension as banks limit withdrawals due to the cash shortage -- a symptom of the country's economic collapse. For most Zimbabweans, incoming president Emmerson Mnangagwa has only one priority: rebuilding an economy shattered by...
(BBC News Africa 11/17/17)
Driving around Zimbabwe, one can hardly tell the country is in the middle of the biggest political crisis since independence. In one town, a man in his 20s invites me to his shop and tries to convince me to buy a silver necklace. "It costs $20 [£15]," he says. "But for you I can make that $15." He offers the discount rather half-heartedly. "You see, people don't want to spend money on thing like these; the economy is really doing...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Reuters (Eng) 11/13/17)
HARARE (Reuters) - For most investors around the world, bitcoin is a volatile and highly speculative bet. For Zimbabweans, however, the cryptocurrency seems to offer rare protection from the onset of hyperinflation and financial implosion. Some are turning to bitcoin out of desperation as their bank deposits lose value almost by the day, while others are using the online currency for housekeeping such as funding family members studying abroad. The result is startling. Bitcoin's BTC=BTSP global surge to a record...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(AFP (eng) 10/17/17)
Zimbabwe has banned the importation of fruit and vegetables to save scarce foreign currency in the face of a worsening economic crisis, state media reported Tuesday. Agriculture Minister Joseph Made told The Herald that President Robert Mugabe had directed that the importation of horticultural products be stopped "as they waste much-needed foreign currency". "This means that the importation of fruit and vegetables will be stopped immediately." "The foreign currency being wasted on the importation of carrots and grapes will now...
(Xinhuanet 10/17/17)
Data released by the national statistics agency Zimstat on Monday showed that Zimbabwe recorded a sharp rise in annual inflation for the month of September to 0.78 percent from 0.14 percent a month earlier following arbitrary price increases of most basic commodities during the month. The jump in prices, one of the highest since the country came out of deflation in March, was fueled by false social media messages that alleged impending shortages of basic commodities, leading to panic buying...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...

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