Category: Local News

Currency reforms not an overnight process: Industry

The Bankers Association of Zimbabwe (BAZ) says the delicate issue of currency reforms requires more consultations and has highlighted the urgent need to address unsustainable trade imbalance as well as budget deficit if the country is to achieve the broader macro-economic aspirations. BAZ said while it supports robust debate on currency reforms, the long term solution to the current economic challenges hinges on the ability to tackle the current budget deficit and unsustainable trade imbalances. The association’ s president Mr Webster Rusere said the country requires to get the fundamentals correct by addressing the budget deficit, improving market confidence...

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Analysts hail ED’s address

The state of the nation address (SONA) by President Emmerson Mnangagwa has been jointly upheld for its clarity and for laying out the SONA has clearly spelt out the vision for the country’s socio economic transformation in line with the agenda for the nation to attain middle income economy status by the year 2030. Finance and Economic Development Minister Professor Mthuli Ncube said the President’s SONA paves way for the realisation of the country’s full economic recovery while his Mines Ministry counterpart Mr Winston Chitando said the legislative agenda spelt out by President Mnangagwa was articulate and they now...

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Drought hits Masvingo

Villagers under Chief Charumbira in Masvingo Province are appealing for relief aid after a poor cropping season. Speaking to the ZBC News, Chief Fortune Charumbira said the affected communities are from Munongo, Chirambadare, Maromo, Mundenge and Zvehuru areas.  He noted that more families could be affected in the following months if they are not assisted with food. Focusing on the livestock situation, Chief Charumbira said pastures are being affected by veld fire that is destroying grazing land while water bodies are also drying up, thus affecting livestock. Chief Charumbira also said most of the villagers are yet to receive...

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Mutare city in budget deficit

The Mutare City Council’s 2018 budget review indicates the city is running on a deficit due to failure by rate payers to pay their bills. The current economic hardships experienced in the country have had a negative impact on council revenue collection and operations. Collection rate has declined to 68% as compared to the same period last year. Addressing the media, stakeholders and residents at a budget review meeting, Mutare City Council Finance Director, Miss Tsitsi Useya pointed out that the council’s cash collection is very low and they are relying on credit supplies and set offs to finance service delivery. “Our revenue collection is too low to finance the recapitalisation of the city for an effective turnaround. This has been further worsened by the growing illegal settlements around the city that increases the pressure on city services though not contributing directly to the city finances. The debtors’ book has increased by 23% compared to the same period last year,” he said. “Mechanisms of debt collection continue to be put in place and theses include engagement and making use of lawyers. This has resulted in the council relying on credit supplies and set offs to finance service delivery, thereby increasing creditors by 7% as compared to prior year figures. The major contributor being salary arrears and statutory deductions mainly from retirement packages considering that most employees have reached their...

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Clamp down on illegal vending in Harare

The government has intensified the fight against cholera and typhoid in Harare, with the Harare City Council and police partnering in enforcing the ban on all illegal vending activities in the central business district (CBD). There was heavy police presence in Harare’s CBD today, with vending activities minimal. Harare City Council Spokesperson, Mr Michael Chideme said citizens must make use of legal vending sites in their respective residential areas and decongest the central business district. Failure by the local authority to collect garbage in the CBD has however been cited as another challenge that requires urgent attention. The council...

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