By Danie Simango

THE cost of living for a family of six decreased by 2 percent in February due to competition in the retail sector and the non-awarding of a civil service salary increase during the period under review.

According to the consumer basket for February issued by the Consumer Council of Zimbabwe, the monthly budget for a family of six recorded a marginal decrease from US$502,53 in January to US$491,42 in February 2010, reflecting a 2 percent decrease.

"There was a decrease in the cost of the food basket in December 2009 (foodstuffs only) from US$145,88 in January 2010 to US$136,07 in February 2010, reflec...

By Golden Sibanda

GOVERNEMNT is finalising modalities for the disbursement of US$500 million working capital facility earmarked for industry to raise productivity amid a chronic liquidity crunch sweeping across the economy.

Industry and Commerce Minister Welshman Ncube said his ministry had completed the preliminary framework on the modalities for the disbursement, but this would be discussed further with the Finance Ministry.

Minister Ncube said this when he met the local business community yesterday to exchange views on the various issues affecting industry and the country’s economy.

"There has been the is...

Herald Reporter

THE Kimberley Process monitor for Zimbabwe, Mr Abbey Chikane, arrived in Harare yesterday on a three-day fact-finding mission and immediately held meetings with officials from the Ministry of Mines and Mining Development, Mbada Diamonds and Canadile Miners.

The visit is to assess if Zimbabwe is implementing an agreed work plan with regard to diamonds mined in Chiadzwa, which will then lead to compliance with the KP requirements.

Mr Chikane, who is the founder chairman of the Kimberley Process, met separately with Mines and Mining Development Minister Obert Mpofu and Permanent Secretary Mr Thankful M...

New Ziana.

The Ministry of Finance has finished crafting a debt clearance strategy and is now waiting for cabinet to approve it, an official said yesterday.

Addressing journalists soon after meeting board members of the African Development Bank Finance Minister Tendai Biti said the strategy would guide the country clear its debts and arrears, which stand at US$5, 4 billion.

The members of the ADB board, the supreme decision making body of the bank, are in Zimbabwe to assess strides made in implementing economic recovery programmes.

They consist of 14 out of the 18 members and are being led by the dean, Dr Ha...

Business Reporter

The African Development Bank said it is willing to give financial aid to Zimbabwe given the improvement noted in areas such as agriculture, tourism and mining since the implementation of the Short-Term Emergency Recovery Programme (STERP).

This came after a 14-member delegation from the AfDB met Finance Minister Tendai Biti in Harare yesterday to discuss debt reduction strategies and other ways of assisting Zimbabwe’s economic recovery.

Addressing a press conference in Harare, AfDB representative Mr Hassan Kadir said his organisation was willing to help Zimbabwe.

Mr Kadir said he expected a...

Policymakers are wondering when and how to start a delicate task: weaning the world economy off fiscal and monetary stimulus

From The Economist print edition

THE world economy has been injected with the biggest Keynesian cocktail yet seen in peacetime. In the past 18 months governments have pumped cash into their economies to fight financial seizure and recession. Central banks have slashed interest rates (see chart 1); the rich world’s largest ones have supplemented ultra-cheap money with a special drug, quantitative easing (QE). Finance ministries have cut taxes and boosted public spending.

This ...

Sunday Mail Reporter

THE International Monetary Fund (IMF) on Friday unanimously restored Zimbabwe’s voting rights in a move that underlines the international community’s confidence in the political and economic reforms of the unity Government.

Finance Minister Tendai Biti, who made the request to restore the voting rights, was in jubilant mood yesterday, as he celebrated the decision, which he said was a great victory for Zimbabwe.

“Yes, we got back our voting rights. It was a unanimous decision of the 24 directors. There is great excitement here,” said Minister Biti from Washington DC, the United States.

“...

Business Reporter

GOVERNMENT will this year concentrate on stabilising and redefining the country’s financial services sector to promote long-term financing and a culture of savings.

Finance Minister Tendai Biti said Government was consolidating 2009 gains after implementing viable stabilisation policies such as the adoption of stable multiple currencies, liberalisation of the current account and the removal of price controls and distortions.

“The year 2009 was a year of consolidation and this year we are going to concentrate on redefining the financial services sector.

“Short-term financing of 30 to 90 days...

By Bright Madera

CAIRO-BASED African Export and Import Bank will soon introduce Diaspora bonds to harness resources from Zimbabweans living abroad, a senior official has said.

The bank’s regional manager, Mr Gift Simwaka, said there was a lot of untapped cash from Zimbabweans in the Diaspora, adding that the bank would act as a guarantor.

He said the bonds would be launched before the end of the first half of the year, and that Afrexim Bank would continue supporting Zimbabwe’s reconstruction.

A bond is a formal contract to repay borrowed money with interest at fixed intervals.

“We are currently plann...

FINANCE Minister Tendai Biti will today meet the International Monetary Fund (IMF) to lobby for the restoration of the country’s voting rights and offer lines of credit. Sources said Biti who left for the Unites States on Wednesday was confident Zimbabwe’s voting would be restored.

Before he left Biti was quoted saying Zimbabwe had received guarantees of support from the US –– which is the largest shareholder –– as well as Britain, France and Germany.

He also said he had got encouraging support from key IMF bureaucrats when he visited the US last month

The IMF suspended Zimbabwe’s voting rights in June 2003 after t...

The first ever Mining Indaba kicked off yesterday, 16 September 2009.  The Indaba, which is running under the theme "Reviving Zimbabwe's Mining Sector, a Clear Way Forward" seeks to explore an array of investment opportunities in the sector and ways to set it on a path to leverage the country's economic recovery.

The Minister of Finance, Hon. T. Biti, presented a paper on “An Introduction to the Overall Current Macro-economic Economic Environment in Zimbabwe”.

In his presentation, he gave highlights on the achievements made to date by the Inclusive Government in stabilising the economy as well as creating a conducive e...

INTRODUCTION

1. As part of its obligation to restore economic stability and growth in Zimbabwe, the Inclusive Government, through wide stakeholder consultations came up with the present Short Term Emergency Recovery Programme (STERP).

2. The Short Term Emergency Recovery Programme is a Capacity Based Stabilisation Programme, focusing on among other priority areas to increase capacity utilisation in all productive sectors of the economy and supported by:

· Liberalisation measures;
· Democratisation of the economy;
· Infrastructure rehabilitation and improved delivery of services by public utili...

ZIMBABWE has over the past year hosted at least six major international conferences, primarily on investment. More than a dozen local ones on rebranding, Public-Private sector Partnerships, taxation, women etcetera have been held over the same period as efforts to come up with homegrown economic solutions move into the overdrive.

This was always to be expected as the country charted a new path with the new economic dispensation that brought with it the multiple currency trading system and political congruency via the Global Political Agreement.

There was need for a meeting of minds and sharing of ideas from various perspec...

Business Reporter

THE curtain came down on the African Investor Pan African Investment Summit with 150 foreign investors pledging to pour capital into in Zimbabwe.

In an interview after the summit, Ai managing director Mr Hubert Danso said the event was successful with foreign investors registering strong interest to invest in the country.

“We had about 150 foreign investors and I can say it was successful. The summit managed to attract powerful investors in tourism and related sectors and Government participation was huge, giving investors the clear political commitment that the Government of Zimbabwe has,” said Mr...

ZIMBABWE is a great country. After going through a decade of imported political impasse, an imported sanctions regime and indeed an imported demand for Eurocentric democracy tapestries, the country has soldiered on and has now gone over the hill.

The road in the past 10 years has been bumpy, rocky, dotted with stumps, full of hairpin sharp curves and snaky as the country took its final journey to the climax of economic independence, through sustainable ownership of natural resources.

The journey to take our people to the position of being masters and shapers of their own economic destiny through indigenisation of natural re...

Business Reporter

THE Chief Executives’ Roundtable 2010 conference opens in Harare today with high profile decision-makers, financiers and policymakers expected to attend.

Over 500 delegates are scheduled to be at the conference, which is arguably the country’s biggest business networking event, at the Harare International Conference.

Vice President Joice Mujuru will open the conference, running under the theme "Towards Double Digit Growth, Transformational Leadership and Growth Strategies for Companies", this morning.

Deputy Prime Minister Arthur Mutambara, Minister of Economic Planning and Investment Prom...

Herald Reporter

A United States Congressional delegation is expected in Zimbabwe today to assess the implementation of the Global Political Agreement and meet with leaders of parties to the inclusive Government.

In a statement yesterday, US embassy public affairs officer Mr Tim Gerhardson said the team would assess economic reforms undertaken by the inclusive Government since its formation in February last year.

The delegation will be led by Mr Gregory Meeks (New York) and Melvin Watt (North Carolina), and comprises of Mr Andre Carson and Jack Kingston.

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