Sunday 10 December 2017
(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...
(APA 10/13/17)
APA-Harare (Zimbabwe) - Zimbabwe’s integrated beverage company Delta Corporation is close to finalising a deal in which it will acquire a majority stake in Zambia’s National Breweries Plc, the company announced on Friday. Delta Corporation company secretary Alex Makamure said in a notice to shareholders that the equity was being acquired from Heinrich’s Syndicate, a subsidiary of Anheuser-Busch InBev SA/NV (AB InBev). “Delta Corporation is finalising a transaction to acquire a controlling stake in National Breweries Plc (Natbrew), the Zambian...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 10/01/17)
Driving to work last week, Dennis Zhemi found his usually busy neighbourhood garage in the Zimbabwean capital Harare deserted and a forecourt attendant signalling "no fuel". For Zhemi, it was a worrying sign that Zimbabwe's chronic economic collapse could be heading for another vicious downwards spiral of basic shortages, hyperinflation and social chaos. Zhemi's heart sank as he drove on, hoping to refuel at the next station, but at least 40 other cars were queueing on the side of the...
(Xinhuanet 09/29/17)
The Zimbabwe government has enacted legislation to curb selling of cash by unlicensed dealers, Finance Minister Patrick Chinamasa said in a statement to the parliament on Thursday. The illegal practice has become rampant in the past few months as cash shortages in banks continue in the country. Chinamasa said President Robert Mugabe enacted the Exchange Control Regulations on Thursday. "These regulations will empower the police to arrest anyone trading in currency without a license as it is an offence," Chinamasa said. Because the banks have no sufficient cash for depositors, U.S. dollar notes and bond notes are available on the parallel market but the U.S. dollar is trading at a higher value than bond
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Voice of America 09/28/17)
Zimbabwe’s President Robert Mugabe is lashing out against businesses that he believes are defying his orders to reverse price hikes for basic commodities. Mugabe is accusing those who defy his order of being "saboteurs" against his government, some of whom he said were from within his own ruling Zanu PF party. He promised to take corrective measures but some analysts are calling for the government to stabilize the economy, rather than blame businesses. The past two weeks have seen a...
(AfricaNews 09/28/17)
 
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As Zimbabwe’s economy continues its downward spiral, fashion designers also feel the negative effects. Tungamira Mavi, who has dressed well-known musicians and celebrities in the country, had to close his store in Harare for work at home because of low incomes, high rental costs and rigorous competition for cheap second-hand clothes.

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