Day: July 5, 2017

Warriors storm into COSAFA final

The Zimbabwe Warriors beat the Crocodiles of Lesotho 4-3 to set up a COSAFA Castle Cup final clash with neighbours, Zambia. Knox Mutiza scored a hat-trick  and Talent Chawapiwa another as the Warriors battled to win the semi-final match against a  stubborn Lesotho side in South Africa. In the final, Zimbabwe now meet Zambia on Sunday, who beat Tanzania 4-1 in another semi-final....

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RBZ bemoans low SMEs loans take-up

The Reserve Bank of Zimbabwe (RBZ) has bemoaned low participation by small to medium enterprises (SMEs) as the current total banking sector loan portfolio consists of only four percent of US$3,6 billion loans to the sector. Statistics published by the RBZ at the RBZ -World Bank SMEs Development Conference in Harare today indicate that the emerging economy has accessed loans to the tune of US$187 million, representing just four percent of the sector’s loan book within the financial industry. Incoming RBZ Deputy Governor,  Dr Jesimen Chipika, who was representing RBZ Governor, Dr John Mangudya, said they are identifying challenges hindering SMEs from accessing loans, as well as ensuring that they continue to play an important role in economic development. “We are therefore looking at the matter closely with a view to ensure that more SMEs can take part in the banking industry,” he said. World Bank Group Manager for Finance and Markets in Africa, Mr Alejandro De La Camps said the global institution is now working with the central bank on policies that are aimed at ensuring that SMEs are included within the financial sector’s products and services. “We shall strive to do our best in recognition of the role being played by the sector on economic development,” he said Zimbabwe’s SMEs are being considered important within the economy as official data shows that it is accounting for 73...

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Govt reviews ease of doing business reforms

The government says ease of doing business reforms are critical for economic development through increasing export receipts. Officially opening the end of second 100 days review meeting in Harare today, the Deputy Chief Secretary in the Office of the President and Cabinet, Dr Ray Ndhlukula said despite a number of challenges, exports remain critical for the growth of the local economy. The Deputy Minister of Industry and Commerce, Cde Chiratidzo Mabuwa said a number of recommendations have been put forward but slow progress in the implementation of the reforms has been a major challenge. ZIMTRADE CEO, Ms Stembile Pilime,...

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4 arrested for side-marketing govt-funded cotton

Four suspects, including an Agricultural Marketing Authority (AMA) official, have been arrested in Chiredzi for conniving to side-market huge quantities of cotton produced under the Presidential Cotton Free Inputs Scheme to a private contractor. Police in Chiredzi confirmed the arrest and that a docket under CRB Number 136/6/17 was opened on June 30th. Operating on a tip-off from farmers and COTTCO officials, the Central Intelligence Department (CID) nabbed four suspects who allegedly manipulated the AMA database to steal cotton produced under the Presidential free inputs. Upon interrogation, the suspects: Dakarai Maketwa and Farai Sithole of Parrogate (Pvt) Cotton Company...

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20 foreign delegates to grace CZI congress

At least 20 foreign delegates from India and Turkey are expected to be part of the Confederation of Zimbabwe Industries (CZI) annual congress, as they seek to explore investment opportunities in various sectors of the economy. This would be the first time that foreign delegates would have participated at the CZI congress, as the industry representative organisation seeks ways of promoting investment through dialogue. CZI CEO, Mr Clifford Sileya said this year’s annual congress has adopted an investment forum dimension, hence attracting a number of stakeholders across the globe. He added that there will be a policy review during the congress as a way of informing government of what needs to be done. The manufacturing sector has been given a lifeline through the Statutory Instrument 64 of 2016 though delays in foreign payments has affected production in the first half of this year. An India delegation is expected to give an insight into measures their economy has adopted in relation to a vibrant small to medium enterprises...

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Zim clears US$2,2m Shelter Afrique arrears

Zimbabwe has cleared its US$2.2 million arrears with the Pan-African financial institution, Shelter Afrique, and pledged to work together with other member countries in developing sustainable housing solutions in line with the new urban agenda action plan. The country, which has to date received US$44 million in investments from the Pan-African housing finance institution, cleared part of its obligations during the ongoing 36th annual general meeting (AGM) of the organisation. In a speech read on his behalf by the Minister of State for Matabeleland North Province, Cde Cain Mathema during the official opening ceremony of Shelter Afrique’s AGM, Vice...

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‘Junior football foundation for success’

The world of sport is just like business where success is harvested only after adequate investment. Zimbabwe has also been challenged to adopt this attitude if it is to realise more success in sport. With the Zimbabwe senior national men’s football team hunting for a record 5th title at the COSAFA Castle Cup tournament currently underway in South Africa, junior football coaches have stressed on the importance of supporting junior football structures as they are the foundation for success. Celebrated development coach Lloyd Chigowe said adequate resources must be channelled towards the grooming of future stars in the country. The concept of development dovetails with Germany’s recent exploits at the just ended FIFA Confederations Cup where their youthful side lifted the cup, overpowering much experienced sides like Chile in Russia.  ...

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Command Agric funding doubled

Zimbabwe showed its commitment to regain the bread basket status as government this Tuesday announced double figures amounting to over half a billion dollars to fund the 2017-2018 Command Agriculture and Presidential Inputs Package. The increased funding for the Command Agriculture Programme comes against a backdrop of the success of the inaugural phase which was financed to the tune of US$192 million. Now government has made an early announcement of a better package to the tune of US$487 million for the 2017 2018 season. In addition, the Presidential Inputs Scheme’s funding support has also increased 5-fold to US$154 million....

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ZTTU gears up for National Youth Games

The Zimbabwe Table Tennis Union (ZTTU) has stepped up preparations ahead of the National Youth Games where the sport will participate for the first time. A maiden appearance on the sport codes to feature for the 2017 National Youth Games has ignited a wave of excitement for ZTTU who have intensified preparations to ensure they present themselves with dignity. ZTTU president John Muringani says with plans afoot to have each province send in two teams each at the games set for Matabeleland North this August, the association is seized with ensuring the sport is competitively developed in all provinces....

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Hwange District Hospital in deplorable state

The state of Hwange District Hospital is deteriorating with some sections beginning to sink as its completion remain unfinished. In 1993, government began the construction of the hospital which was to serve a population of nearly 150 000 people. Construction, however, stopped in 2007 due to the hyper inflationary challenges in the economy. Works to complete the construction, however, appear to have been abandoned and now the walls are cracking, roofs falling and doors have been destroyed by termites. One section of the building believed to be the hospital theatre is beginning to sink. According to Matabeleland North Provincial Medical Director, Dr Nyasha Masuka, engineers from the Department of Public Works and Hwange Colliery have done an assessment to establish whether the building can be repaired or destroyed and it was recommended that the structure be rehabilitated. “We were hoping that if the issue of the theatre and the issue of electricity is sorted out then we could be able to open the other wards and remain with the theatre which is not functional because it’s cracking. The main issue that’s left now is the connection of that transformer to have electricity,” he said. The hospital is currently using the opportunistic infections section as an outpatients department while the rest of the buildings cannot be used. Meanwhile, the population is currently relying on Lukosi, St. Patricks and Hwange Colliery...

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