Net closes in on Diamond smuglers as MMCZ sets up tracking system

ZIMBABWE will this year set up a metallurgical laboratory to determine the exact value and quality of mineral export shipments, particularly the platinum group of metals ( PGM ), businessdigest can reveal. The country is losing substantial amounts in potential revenue through smuggling across porous border points. In 2015, Finance minister Patrick Chinamasa said Zimbabwe was being prejudiced up to US$1,8 billion annually through mineral smuggling. Minerals account for half of the country’s annual export revenue, with gold and platinum accounting for half of total annual export earnings. Gold alone…

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Chinamasa Secures $1,2 Billion To Clear World Bank Debt

Patrick chinamasa

Finance Minister Patrick Chinamasa has said Zimbabwe has secured $1,2 billion needed to clear World Bank arrears. Chinamasa said Zimbabwe will pay back the money once the United States based financial institution announces the amount it will give the country as fresh funding. Although Minister Chinamasa did not disclose the source of the loan to repay the World Bank, indications are that Afrexim Bank is assisting Zimbabwe. Said Chinamasa: As you are aware, we cleared our arrears with the International Monetary Fund (IMF) and the rule is, we must address…

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China Rejects Mnangagwa’s Looters List Of Shame

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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Mnangagwa’s Looters list: A legal Perspective

On Monday the President of the Republic of Zimbabwe Emmerson Mnangagwa released an alleged list of companies and individuals who externalised funds. The list has come under heavy criticism from lawyers, civic society activists and business community. Legal experts have condemned the Presidnet for disregarding the ei incumbit probatio qui dicit, non qui negat (presumption of innocence rule). President Mnangagwa listed African Associated Mines, a once giant mine mine that was stolen from South African Businessman Mutumwa Mawere and pillaged by the to a white elephant by the then Mnangagwa…

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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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Hopewell Chin’ono: The inside story on Britain’s shifting attitude towards Zimbabwe

Zimbabwe

Hopewell Chin’ono – This relationship building exercise has been in the making for years now under the stewardship of the current British Ambassador to Zimbabwe, Catriona Laing.  She put her head on the block and openly supported Emmerson Mnangagwa when it was unfashionable to do so. Public intellectuals like Miles Tendi and Ibbo Mandaza ridiculed her for for offering such support. Tendai Biti continuously embarrassed her at every corner and opportunity giving her a derogatory nickname, Kapfupi, The Short One. Other western ambassadors spoke in hushed tones about their disquiet around her…

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Civil servants’ bonus dates released

indecent assault

By Thandeka Moyo Government has finally released the long-awaited dates on which civil servants will receive their 2017 bonuses, with the payments to be made between next month and June. Civil servants will receive their bonuses on the same days that they will be paid their monthly salaries. Minister Without Finance: Patrick Chinamasa First to be paid will be members of the Zimbabwe National Army, Air Force of Zimbabwe and the health sector in March. Zimbabwe Republic Police and the Zimbabwe Prison and Correctional Services officers will get theirs in April.…

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Lack of trust in banks drives cash shortages

indecent assault

Minister Chinamasa Livingstone MarufuLACK of trust and confidence in banks is one of the reasons the public are not banking their money, a factor partly to blame for the prevailing cash shortages, Finance and Economic Planning Minister Patrick Chinamasa has said. Government has been battling cash shortages since 2016, which have persisted despite growing use of plastic money, with confidence issues part of the major reasons people are not keen to bank, but stash cash at home. Minister Chinamasa told Senate last week that the new dispensation had seen some…

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