Monday 20 November 2017
(News Day 05/30/13)
ZIMBABWE may soon adopt the International Monetary Fund (IMF) staff-monitored programme (SMP) as the country steps up efforts to tackle its huge external debt, Finance minister Tendai Biti has said. The SMP would help monitor the country’s economic reforms and policies, and facilitate arrears clearance with official creditors. This comes after the chief secretary to the President and Cabinet Misheck Sibanda last month submitted the final documents to multilateral financial institutions, paving the way for the resolution of the country’s huge debt overhang. Zimbabwe, which is currently saddled with a $10,7 billion external debt, last year adopted a debt settlement plan in a bid to re-engage the Bretton Woods institutions. Presenting the Treasury State of the Economy Report for April,...
( 05/30/13)
Zimbabwe still has much work ahead of it if the country is to hold a fair election this year, a top European Union official told journalists in Harare. "I think there is still a lot to be done if elections are to be peaceful and credible," EU Managing Director for Africa Nicholas Westcott said during a visit to the southern African nation. The country recently passed a new constitution in a national referendum. This paved the way for general elections later this year which should end a fragile coalition government between President Robert Mugabe's Zanu-PF party and the former opposition Movement for Democratic Change, headed by Morgan Tsvangirai. In light of the new constitutional path Zimbabwe has taken, the EU...
(The Herald Online 05/30/13)
Government has sourced US$25 million that would cover the 30-day intense voter education and registration provided for in the new constitution, Finance Minister Tendai Biti has said. The mobile exercise is expected to begin next week with the Zimbabwe Electoral Commission saying it was ready to conduct the exercise. "Treasury has secured the sum of US$25 million in the consolidated revenue fund. This will be channeled towards the intense voter registration exercise that is defined in part six of the new Zimbabwe constitution," Minister Biti told a press conference on the state of the economy this afternoon. "We spent the whole morning in Cabinet and Government is going to publish the consolidated plan for how this voter registration exercise is...
(Daily News (zw) 05/30/13)
HARARE - President Robert Mugabe and his coalition partner Prime Minister Morgan Tsvangirai should agree on a poll date soon to salvage the economy which is bleeding because of continued bickering, Finance minister Tendai Biti said yesterday. In his state-of-the-economy address, Biti said uncertainty over poll dates has driven the country’s economy to the precipice. “A disturbing position that is coming from our analysis of the economy in the first four months is that there has been an obvious shrinkage of the economy,” Biti told reporters. “The hanging factor that has been brought by the uncertainty of elections is not good to our economy given the lack of clarity on the dates for elections. “The politicians must resolve the outstanding...
(The Herald Online 05/30/13)
GOVERNMENT has pledged to work with women organisations to craft policies to boost agricultural production and productivity among women farmers. This emerged at a Gender Workshop on Women in Land held by Zimbabwe Agricultural Income and Employment Development (Zim-AIED) in conjunction with Agricultural Competitiveness (Zim-ACP) in Harare yesterday. The workshop noted that there existed a huge gender gap in agriculture, in terms of women’s contribution to global economic output and the disparity in their ownership of and access to land, credit and inputs. In a speech read on his behalf by Agriculture, Mechanisation and Irrigation Development director-Agricultural Education and Farmer Training, Mr Moffat Nyamangara, the Permanent Secretary Mr Ngoni Masoka, said differences in agricultural yields achieved by men and women...
(News Day 05/30/13)
THE government has disbursed $500 000 for the establishment of the Agriculture Commodity Exchange expected to be operational during the upcoming grain marketing season, Finance minister Tendai Biti has said. Presenting the state of the economy report for April in Harare on Tuesday, Biti said in order to ensure efficiency in the marketing of the country’s agriculture produce, the government was moving with speed to establish the agriculture commodity exchange. In this regard, an amount of $500 000 has been disbursed towards the establishment of the commodity exchange. It is anticipated that the exchange will be operational during the forthcoming grain marketing season,” said Biti “The exchange should bring about market discipline, eliminate delayed payments to farmers, as well as...
( 05/30/13)
Africa has witnessed remarkable growth over the past decade but must invest heavily in infrastructure to continue on this path, leaders from the continent said. The economies of countries in sub-Saharan Africa grew annually by nearly 5% in the previous 10 years, the African Development Bank said at the five-day meeting being held in the Moroccan city of Marrakesh. But that "may not benefit a wider section of the population... unless there is a marked improvement in infrastructure," it said. Ibrahim Bocar Ba, commissioner for the Economic Community of West African States, said it was a key concern for the regional bloc. "We have five priorities at ECOWAS. The first is peace of course. But infrastructure comes straight after that"...
(Nehanda radio 05/30/13)
Zimbabwe’s military intelligence agencies, the Military Intelligence Directorate (MID) and Military Intelligence Unit (MIU), are courting Russian expertise and arms, as a hardline confederacy of State security generals is all but preparing to install its own cherry-picked successor to replace President Robert Mugabe, by as early as 2014. As first reported by Nehanda Radio, on May 7 2013, Zimbabwe Defence Forces (ZDF) commander, Constantine Chiwenga has reportedly seized significant executive authority from Mugabe, especially the all-important office of ZDF Commander in Chief, owing to the veteran leader’s growing frailty. Mugabe is said to have now become Commander in Chief, only on paper while Chiwenga has allegedly usurped the reigns of the office, because the Zanu PF leader has become almost...
(News Day 05/29/13)
THE new 30-day mandatory voter registration exercise will begin next week, the Zimbabwe Electoral Commission (Zec) has said. This follows the resent assenting of the new constitution by President Robert Mugabe last week. Speaking on the sidelines of a two-day workshop with faith-based organisations in Harare yesterday, Zec deputy chairperson Joyce Letitia Kazembe said all the 1 958 wards will be covered. “We need to conduct the voter registration exercise at each ward and we are hoping to start this by next week,” Kazembe said. “We require $21 million for the voter registration which should start next week, we have not set the dates yet, but hopefully by next week we should start. We need to have all the 1...
(News Day 05/29/13)
MARRAKECH, MOROCCO- ZIMBABWE’S real Gross Domestic Product (GDP) is expected to improve marginally this year from a dip in 2012 on the back of improvements in mining and agriculture, according to a new report released on Monday. The African Economic Outlook report — a report jointly produced by the African Development Bank (AfDB), the Organisation for Economic Co-operation and Development, United Nations Development Programme and the Economic Commission for Africa — notes that the country’s economic growth had tapered off to 4,4% last year from 10,6% recorded in 2011. It said the deceleration in growth was reflective of “a fragile recovery owing largely to inherent political and economic uncertainties, a high debt overhang and the deteriorating infrastructure. “It (real gross...
(Reuters (Eng) 05/29/13)
(Reuters) - Uncertainty over the date of elections in Zimbabwe is pushing the fragile economy closer to recession just as it was pulling out of a decade of decline, the finance minister said on Tuesday. Presidential and parliamentary elections should be held this year but political reforms and problems finding the money to pay for the vote in the impoverished country are holding things up and no date has been set. Finance Minister Tendai Biti said the economy could have shrunk by up to 3 percent during the first quarter of this year due to election uncertainty as well as low farm output, declining tax revenues and export earnings. "The elephant in the living room evidently is the election and...
(News Day 05/29/13)
THE public, business and tax experts yesterday attacked the proposed introduction of the residence-based taxation system, saying it will discourage remittances by Zimbabweans abroad. This followed a public hearing by the Budget, Finance and Investment Promotion Parliamentary Committee chaired by Makoni West MP Webber Chinyadza which is currently gathering views on the Bill. The Income Tax Bill will replace the Income Tax Act (Chapter 23:06). Among the major changes contained in the Bill will be the shift from the source-based system income taxation where tax was levied on income originated in Zimbabwe to a residence-based one, where the taxable income is from income earned from all geographical sources within or outside Zimbabwe. Under the new measures, money remitted from the...
(Business Day 05/29/13)
ZIMBABWE’s Finance Minister Tendai Biti said on Tuesday that plans to raise funds (through hiking mineral royalties) for elections expected in that country later this year had been shelved, as the Treasury did not want to use measures that would further destabilise the economy. Mr Biti said recently that the government would raise mineral royalties to help plug an election funding gap. Other measures include hiking licence renewal fees for mobile network operators Econet and Telecel Zimbabwe to $150m. However, Mr Biti has now said that the cash-strapped Zimbabwean government, blighted by a slowdown in economic activity that has been worsened by apprehension among investors, had decided to hold off implementing the measures. "We are not going to execute short-term...
(MmegiOnline 05/29/13)
HARARE: Amid chants of 'Chinja! - Maitiro, Chinja Dhii! ku State House' the Movement for Democratic Change (MDC) led by Zimbabwean Prime Minister Morgan Tsvangirai unveiled its 2013 Agenda for Real Transformation (ART) at a massive rally in Highfield. Addressing a mammoth rally in the high density suburb on May 19, Tsvangirai told supporters that the time has come for Zimbabweans 'to live decently in their country after almost 30 years of abject poverty and ridicule' under ZANU-PF misrule."After you voted 'yes' to the constitutional referendum, we have been busy working behind closed doors to craft an agenda to deliver you the people of Zimbabwe into a new era of prosperity when we get into power after the forthcoming elections...
(New Zimbabwe 05/28/13)
THE regional SADC grouping will hold a summit to examine ways of helping Zimbabwe fund elections expected later this year, President Robert Mugabe said Monday. The regional grouping held an extraordinary summit on the side-lines of the African Union meeting in the Ethiopian capital Addis Ababa on Sunday to discuss the DRC, Madagascar and Zimbabwe. And addressing Zanu PF supporters at the Harare International Airport as he returned from the meetings, Mugabe said SADC would call a meeting to co-ordinate efforts to raise funds for the elections. “We updated SADC on the conclusion of the Constitutional reform process and appealed for help with raising funding for the elections. SADC said they would call a meeting to discuss ways of funding...
(Africa Review 05/28/13)
Australia has removed 65 people linked to Zimbabwe President Robert Mugabe’s Zanu-PF party from its sanctions list after the Southern African country adopted a new constitution. Foreign Affairs minister Bob Carr said the move to ease the sanctions was meant to encourage further reforms in Zimbabwe ahead of elections later this year. “Zimbabwe’s next step must be holding of free, fair and credible elections by the end of 2013,” he told the Australian media on Monday. “It has been made clear that Australian sanctions will be re-imposed should political reforms be derailed.” President Mugabe signed the new constitution into law last week but his party is reluctant to implement security and media reforms, which his opponents say are necessary before...
(News Day 05/28/13)
SYDNEY — Australia is further easing sanctions against Zimbabwe after a constitutional referendum in the African nation has paved the way for democratic elections. Foreign minister Bob Carr says sanctions against 65 individuals — including politicians, government officials and military personnel – and three entities will be lifted. The move comes after more than 90% of Zimbabweans voted in favour of a new constitution on March 16 this year, with constitutional legislation being formally adopted last week. Senator Carr said Australia’s decision was aimed at encouraging further democratic reforms. “Zimbabwe’s next step must be the holding of free, fair and credible elections by the end of 2013,” he said. Senator Carr said the government remained concerned about the fragile political...
(News Day 05/28/13)
FINANCE minister Tendai Biti and his Justice counterpart Patrick Chinamasa are at loggerheads over the raising of funds to bankroll the ongoing voter registration exercise and elections later this year, amid concerns that the tiff might worsen relations in the inclusive government and further delay the polls. Chinamasa at the weekend claimed that he had raised 25 million locally to finance the mandatory 30-day voter registration exercise following the signing into law of the new constitution by President Robert Mugabe last Wednesday. He claimed that he had previously raised $40 million for the referendum and $8 million for the mobile voter registration – money he averred was not disbursed in full to the Zimbabwe Electoral Commission (Zec) and the Registrar...
(News Day 05/28/13)
TREASURY yesterday told Parliament that income tax revenue was performing better than diamond revenue, forcing government to continue operating on a cash budget. Acting Secretary for Finance Judith Madzorera told the Budget, Finance and Investment Promotion Committee, chaired by Goromonzi North MP Paddy Zhanda, that in the 2012 National Budget, government only received $44 million from diamond revenue. The ministry officials had appeared before the committee to speak about the 2012 budget performance. She said government had targeted to collect $3,640 billion in revenue during the period under review, but only $3,5 billion was collected resulting in a negative variance of $144 million. “On non-tax revenue, we targeted collecting $407 million, but we only managed to collect $217 million and...
(News Day 05/28/13)
ZAMBIA — The government has said it will start importing ethanol from Zimbabwe with a view to lowering the high fuel prices in Zambia. And the government will soon sign a Memorandum of Understanding (MoU) with Zimbabwe-based firm Green Fuel in its continued efforts to find cheaper sources of fuel for Zambia. Mines, Energy and Water Development deputy minister Charles Zulu said shortly after a conducted tour of the Chisumbanje Energy plant operated by Green Fuel in Harare that the government was happy to find a cheaper source of ethanol in Zimbabwe. He said the government would, in the short-term, import ethanol from Zimbabwe while it was working out plans to come up with its own ethanol plant at Nakambala...

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