China rejects Mnangagwa’s ‘looters list’

The People’s Republic of China has downplayed a much hyped “looters list” published by Zimbabwean President Emmerson Mnangagwa. Chinese mining companies and individuals who allegedly externalised more than $363-million were at the top of his list. Speaking at a media conference in Harare on Tuesday‚ Zhao Baogang‚ from the Chinese Embassy to Zimbabwe‚ said the list was not accurate. “Some of the things are not factual. They would have done better to investigate more and come up with a more credible list‚” he said. “Some of those people and companies…

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Chinamasa and Mangundya off to China as Chinese firms top looters list

FINANCE minister Patrick Chinamasa and Reserve Bank of Zimbabwe governor John Mangudya are in China ahead of President Emmerson Mnangagwa’s official visit to the Asian economic giant this month. This comes two days after Mnangagwa accused Chinese mining firms of allegedly externalizing funds. A counsellor at the Chinese embassy, Zhao Baogang, told journalists yesterday that Chinamasa and Mangundya were meeting officials from the China EximBank and the Asian country’s top lender Sinosure to negotiate an economic rescue package. “The minister of Finance (Chinamasa) and governor of the Reserve Bank (Mangundya)…

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Zim banks running out of cash again?

John Mangudya

Central bank governor John Mangudya presents the Monetary Policy Statement at the Reserve Bank of Zimbabwe yesterday Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says withdrawals are now averaging $5,5 million a day, showing that more depositors will find it harder to access money from banks. The $5,5m worth of withdrawals is from the 19 banking institutions in the country that include commercial banks, building societies and savings bank. Considering that 30% of the population are banked, these numbers are paltry, as evidenced by the fact that many depositors…

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‘Farmers should contend with $300 daily pay-out’

THE Tobacco Industry Marketing Board (TIMB) will not crucify the central bank if it fails to pay $300 per day to tobacco farmers, as there are other pressing cash demands in the economy. TIMB chairperson, Monica Chinamasa told journalists yesterday during a tour to assess tobacco floors’ preparedness ahead of the opening of the marketing season next Wednesday that the Reserve Bank of Zimbabwe (RBZ) was doing its best. “I have a lot of faith in RBZ. If they say $300, they will do their best to look for $300,…

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Robert Mugabe refuses to queue for Cash

Zim latest news my harare times

Former President Mr Robert Mugabe for years received his salary in cash, and has demanded that the same arrangement apply to his pension lump sum of nearly half a million dollars and monthly pension payments of over $13 000, The Sunday Mail can exclusively reveal. Documents in our possession show Mr Mugabe wants his pension lump sum of $467 200 and monthly pension of $13 333 in cash. The documents show Mr Mugabe had been getting monthly cash payments of $20 000 while still Head of State and Government, even…

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Zim reaches out to foreign investors

investors

A HIGH-POWERED Zimbabwean delegation will be off to London next week for a conference, as the investment-starved country moves to lure foreign investors. The two-day Zimbabwe London Investment Forum, Zimdaba London 2018, which runs between March 15 and 16, brings together business leaders and investors from the United Kingdom and Europe to discuss and action investment opportunities in Zimbabwe. The Zimbabwean delegation includes seven Cabinet ministers, representatives from Zimbabwe National Chamber of Commerce (ZNCC), Confederation of Zimbabwe Industries (CZI), Zimbabwe Investment Authority (ZIA) and Special Economic Zones Authority (SEZA). According…

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Moratorium Expired, Mnangagwa Meets Mangudya On Way Forward

John Mangudya

President Emmerson Mnangagwa’s three moratorium extended to Zimbabweans who externalised cash expired on Thursday to which the president is wasting no time attending to. Mnangagwa will be meeting with Reserve Bank Governor Dr John Mangudya today to look at the progress of the moratorium. In an interview with journalists at the Robert Mugabe International Airport in Harare soon after arrival from the Democratic Republic of Congo, President Mnangagwa said that he will announce the next course of action on those who failed to comply with the directive after his meeting…

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Zimbabwe to mortgage minerals for capital

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RESERVE Bank of Zimbabwe governor John Mangudya on Monday told visiting Australian assistant secretary for Africa branch Gita Kamath that the country is ready to securitise its mineral resources in exchange for over US$1 billion in long-term capital to turn around the economy, it has been established. According to the World Bank, Zimbabwe’s economy is expected to register modest 0,9% growth this year, a figure much lower than the government estimate of 4,5%. The country, which owes the international financial institution US$1,8 billion in arrears, has the second known platinum…

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RBZ announces new tobacco incentives

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The Reserve Bank of Zimbabwe RBZ has announced new tobacco incentives including issuance of diaspora financing production bonds and licensing deserving merchants to use huge RTGS funds to purchase tobacco. The incentives are expected to bring viability in the tobacco sector ahead of the 2018 marketing season. As the 2018 tobacco marketing season draws closer, the central bank has instituted a cocktail of incentives to ease the marketing and viability of the gold leaf which is one of the biggest and seasonal foreigner currency earner for the country. To boost…

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Mnangagwa must enforce stringent austerity measures

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During the inclusive government between long-time rivals – deposed president Robert Mugabe and opposition MDC leader Morgan Tsvangirai – a statement which goes; “We eat what we kill” became very common. Mnangagwa The phrase, commonly used by then Finance minister Tendai Biti, simply meant living within the budget. At the time, the “living within your means” approach helped curb Mugabe administration’s runaway expenditure. And things improved during the time as government expenses were contained, while resources were channelled towards other important things. But it seems government has since returned to its…

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