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Loans
By: Mzansi on 25-Jun-10

 

Medical Credits
By: Quench on 19-Mar-10

 

Multi Currency is no Currency
By: Amos Kumwenda on 26-Dec-09

 

Definition of luxury Cars
By: Farai on 24-Nov-09

 

Upcoming Budget
By: waalad on 19-Nov-09

 

Import duty on capital equipment and goods
By: Chaksunlimited on 17-Oct-09

 

Boarder queues vs collection of taxes
By: Rugare on 08-Jun-09

Latest Ministry of Finance News and Statements...

Launch of the 2011 National Budget Consultative Process
31 August 2010

Launch of the 2011 National Budget Consultative Process

Introduction

The formulation of a credible National Budget is critical for the realisation of our Developmental targets and the consolidation of positive macroeconomic outcomes achieved to date.

A transparent and consultative approach in National Budget Making therefore becomes critical to enable the various stakeholders including ordinary citizens participate in Budget formulation.

This Press Conference, seeks to inform all Stakeholders on the commencement of 2011 National Budget Consultative Process. It is my sincere hope that all stakeholders will use this Consultative platform to engage with Government on key po...

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Fiscalised Tax Registers and Memory Devices Launched
19 August 2010

19 August 2010

The Minister of Finance, Hon. Tendai Biti today launched the use of Fiscalised Tax Registers and Fiscal Memory Devices, at a colorful ceremony at the Rainbow Towers in Harare.

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Unaudited Consolidated Monthly Financial Statements For The First Half of 2010
11 August 2010

"The Unaudited Consolidated Monthly Financial Performance Statements of the Government Of Zimbabwe are published in compliance with provisions of Section 34 of the Public Finance Management Act Number 11/2009".

This performance Statement highlights the actual performance against the set targets for the period beginning January to June 2010.

To view this Financial Performance Statement please visit our Downloads Section under Other Downloads.

 

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Statement on Importation of Animal and Animal Products
05 August 2010

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With effect from 31 March 2010, the Veterinary Department, under the Ministry of Agriculture, Mechanisation and Irrigation Development, suspended importation of all animal products regardless of the country of origin and quality.

The products included:

Poultry: eggs, chicken, etc.
Dairy: cheese, milk, yoghurt, etc.
Meat: polonies, meat pies, tinned beef, etc.
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2010 Mid Term Fiscal Policy Review
14 July 2010

Hon. Biti
The Minister of Finance, Hon. T. Biti presented his 2010 Mid-Term Fiscal Policy Statement today, 14 July 2010.

For a copy of the Statement, please visit our downloads section under "Budget Statements".

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Mineral exports rake in US$403m
28 June 2010

Business Reporter

ZIMBABWE exported a total of 426 359 tonnes of various minerals valued at about US$403 million in the first five months to May, up from US$191,9 million realised during the same period last year, official figures show.

Data released by the Minerals Marketing Corporation of Zimbabwe shows that a total of 412 086 carats of diamonds valued at US$23,45 million were sold between January and May.

State-owned MMCZ is responsible for marketing all minerals except gold and silver.

Diamond sales from Chiadzwa, where two companies, Mbada Holdings and Canadile Diamonds, are operating, which had been pl...

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Africa needs to spend more money for food security
23 June 2010

“Africa is now facing the same type of long-term food deficit problem that India faced in the early 1960s”, says a paper by the International Food Policy Research Institute (Ifpri), a US-based think-tank.

In the early 1960s India faced a major food crisis.

African countries are not spending enough on agriculture and the overall productivity of the continent has dropped since the mid-1980s, said the paper which looked at trends in public spending on agriculture in Africa.

“Since the 1960s, Africa has lost ground in the global marketplace. Its share of total world agricultural exports fell from 6% in the 1970s to 2...

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Hands off RBZ assets.
20 June 2010

Sunday Mail Reporter.

THE Government has moved in to stop the auctioning of assets belonging to the Reserve Bank of Zimbabwe (RBZ) in a bid to prevent “vultures” from weakening the bank’s capacity to discharge its mandate.

Finance Minister Mr Tendai Biti told The Sunday Mail yesterday that Cabinet took the decision last week after it emerged that certain individuals and companies were out to strip the institution.

He said the Government’s decision-making organ will soon introduce the necessary supporting legal instruments.

“We agreed to stop the attachment and auctioning of RBZ properties with immediate eff...

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May 2010 Consumer Prices
16 June 2010

The Zimbabwe Statistical Agency (ZIMSTAT) has just released the inflation figures for the month of May 2010.

According to ZIMSTAT, the year on year inflation rate (annual percentage change) stood at 6.1 percent whilst the month on month inflation rate (monthly percentage change) for May 2010 was 0.3 percent.

This increase was mainly driven by beer which contributed most to the 0.3 percent increase in May inflation.

As the Ministry of Finance, we are thoroughly concerned and disturbed by the continued increase in prices of goods and services as Zimbabwe had for a l...

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Govt exceeds revenue target
15 June 2010

By Bright Madera

GOVERNMENT has managed to live within its means in the first quarter of the year, collecting US$411,5 million and spending the bulk of the money on recurrent expenditure and only US$20,6 on capital development projects, statistics from the Ministry of Finance have shown.

Although the Government exceeded its revenue collection target of US$317,7 million it missed its provision by US$46 million as expenditure totalled US$386,4 million.

This represents 82,9 percent of total expenditure going towards recurrent expenditure, with the balance of US$20.6 million going to capital development projects.

<...

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Latest Ministry of Finance Speeches...

Launch of the Zimbabwe Economic and Trade Revival Facility (ZETREF)
31 August 2010

Rt. Honourable Prime Minister, Mr. Morgan Tsvangirai,
Director of Ceremony,
Honourable Ministers here present,
Permanent Secretaries here present,
Governor of the Reserve Bank of Zimbabwe, Dr. Gideon Gono,
President of the Bankers Association of Zimbabwe, Mr. John  Mushayavanhu,
Chairman of Interfin Bank, Mr. T.N. Chiganze,
Distinguished Guests,
Ladies and Gentlemen

1. You will recall that in my 2010 Mid-Term Fiscal Policy Review Statement which I presented to the Parliament of Zimbabwe on 14 July 2010, I identified Lack of Capital as one of the major  structural bottlenecks currently bedevili...

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The Zimbabwe Mining Indaba Kicks Off
17 September 2009

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...

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49th Zimbabwe Tobacco Association Annual Congress
01 July 2009

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...

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Latest Ministry of Finance Week in Review...

Latest Ministry of Finance Domestic Articles...

TIMB revises tobacco output upwards
28 June 2010

By Elita Chikwati

THE Tobacco Industry and Marketing Board has revised the national tobacco output target upwards by 17 percent as deliveries continue at the auction floors,

The national target for the 2009/10 tobacco season was increased from 77 million kilogrammes to 93 million kilogrammes.

If the revised target is achieved, the country could earn US$279 million at the prevailing seasonal average price of about US$3.

So far just over 80 million kg have been sold through the auction and contract system surpassing the previous target of 77 million kg.

As of Thursday last week, a total of 81,06 milli...

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Multicurrency, rand or Zimdollar?
21 May 2010

ALMOST 15 months have elapsed since Zimbabwe demonetised its currency, substituting it with a multi-currency basket (US dollars, South African rand, Botswana pula, British pounds and the euro).  Despite the passage of time, arguments rage on as to whether Zimbabwe should continue with the multi-currency basket, or should only utilise the rand (possibly joining a rand monetary union), or should revert to its own national currency.

Those who vigorously contend that Zimbabwe should reintroduce its own currency primarily base that contention on the premise that using other countries’ currencies constitutes a sur...

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Zim-EU trade ties set to improve
12 May 2010

Business Reporter

TRADE relations between Zimbabwe and the European Union are set to improve as the economy recovers.

The two partners recorded a significant decline in trade volumes over the past few years although the EU has remained one of Zimbabwe’s major trading partners.

In a statement to mark Europe Day on Monday this week, the EU said between 2002 and 2008 exports and imports went down by 49 percent and 28 percent respectively with Zimbabwe enjoying positive trade.

"In 2008 imports from the EU amounted to 121,6 million euros, where...

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Tax clearance certificates explained
15 April 2010

An ITF 263 is a Tax Clearance Certificate. It is issued to clients who are fully paid up and whose Income Tax, Value Added Tax and PAYE returns are up to date.

What is the purpose of an ITF 263?

A valid tax clearance certificate will be issued to confirm that the client's tax position is satisfactory and there is no need for the payer to withhold 10 percent tax.

Obligations of Registered Taxpayers (Section 80 of the Income Tax Act [Chapter 23.06] )

All registered business operators including Government, quasi-government and statutory corporations who enter into any contracts which result in an obligation to...

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Time to get into overdrive
04 March 2010

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...

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150 foreign investors pledge to inject capital into Zim
19 February 2010

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...

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Congratulations Zimbabwe!
19 February 2010

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...

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CEOs’ Roundtable Opens
18 February 2010

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...

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US Congressional Delegation Expected
18 February 2010

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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Australia donates 17 000 desks to Matabeleland South schools
18 February 2010

Herald Reporter

Australia has donated 17 000 desks worth about US$240 000 to the Ministry of Education, Sport, Arts and Culture for use in schools across the country.

Sigola Primary School in Matabeleland South yesterday became the first beneficiary when the Australian Ambassador to Zimbabwe Mr John Courtney made an official hand over to schools in the province.

More than 100 schools are expected to benefit. Many rural schools have a shortage of furniture.

The lap desks are portable and made of wood or hard plastic.

They are placed on the lap to provide a solid working area and are an interim solutio...

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Latest Ministry of Finance International Articles...

Perils of Ponzis
11 May 2010

ONE hundred and fifty years after Charles Dickens wrote in Little Dorritt about London investors succumbing to the fraudulent investment schemes of Mr. Merdle’s bank, trusting victims are still tempted by such get-rich-quick swindles.

Ponzi schemes, which lure investors by paying high returns from other investors’ money, thrive even in developed countries. The sophisticated regulatory framework in the United States did not prevent the rapid growth and collapse of Bernard Madoff’s $65 billion scheme in late 2008 or the subsequent collapse of several others during the global financial crisis.

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Stiglitz slams inflation-targeting
17 September 2009

FARANAAZ PARKER | JOHANNESBURG, SOUTH AFRICA - Jul 09 2009 10:37 
It is "nonsense" that inflation-targeting is necessary for strong and stable growth, Nobel Prize-winning economist Joseph Stiglitz said in Johannesburg on Wednesday. And the "moral depravity" of financial institutions is partly the cause of the current global crisis.

Speaking in a packed auditorium at the University of the Witwatersrand, Stiglitz rejected the idea that the most appropriate way to cope with macroeconomic shock was through inflation-targeting.

He said he strongly opposed rigid inflation-targeting in all countries, and believed that th...

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Recession is 'over' says Bernanke
16 September 2009

The US recession is probably over but the economy will remain weak for some time due to unemployment, Federal Reserve chairman Ben Bernanke has said.
"From a technical perspective, the recession is very likely over," he told a Washington think tank. He said the consensus is the economy is growing.

But he added that the economy would still feel "very weak" to Americans concerned about job security.
Stocks on Wall Street fell marginally lower following his comments.

Mr Bernanke also said that he felt "quite confident" that Congress would approve comprehensive reform of US financial regulation.
The Obama administ...

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Recovery threatened by toxic assets still hidden in key banks
02 July 2009

Recovery threatened by toxic assets still hidden in key banks
• Governments too slow to act, warn central bankers
• CBI sounds warning over 'worrying' bad debt levels

Kathryn Hopkins and Heather Stewart
The Guardian, Monday 29 June 2009

Taxpayers around the world still face potentially large losses because governments have failed to act quickly enough to remove toxic assets from the balance sheets of key banks, the world's leading central bankers warn today.

Despite months of co-ordinated action around the globe to stabilise the banking system, hidden perils still lurk in the world's financial ins...

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The legitimacy of Zimbabwe's debt: the case for a debt audit
01 July 2009

The unpalatable fact is that the Republic of Zimbabwe is virtually bankrupt. As at December 1, 2008, Zimbabwe's external debt stood at US$ 5,255 billion, with a current account balance of - US$597 million. As at May 31, 2009, Zimbabwe owed the International Monetary Fund (IMF) US$138 million and the World Bank US$676 million. As at April 30, 2009, Zimbabwe owed the African Development Bank US$438 million. These statistics are startling and there is, therefore, an urgent need to interrogate Zimbabwe's debt crisis and firstly ascertain how such a colossal debt was incurred and then strategise the way forward as to how this debt crisis is to ...

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Rising national debt raises prospects of eventual inflation
01 July 2009

By John Waggoner, USA TODAY

Inflation is as dead as the Wicked Witch of the West in a waterfall. The consumer price index has actually fallen 1.3% in the past 12 months. So why is everyone so worried about soaring prices?
In a word: debt. The government owes the world $11.4 trillion — $37,000 for every person in the U.S. In the next fiscal year, the government will add $1.8 trillion to the deficit.

The government could simply print more dollars to pay off our debts with cheap currency — a tempting but inflationary solution. Politicians wouldn't have to ask citizens to pay for the government's services, and citizens would...

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Zimbabwe's Hope
29 June 2009

Zimbabwe's Hope


Tentative signs of progress in Zimbabwe could and should pave the way for private investment.

By JAMES A. HARMON | FROM TODAY'S WALL STREET JOURNAL EUROPE
Zimbabwe is tentatively emerging from a decade of international isolation. Prime Minister Morgan Tsvangirai is currently on a tour of major capitals to drum up support for his fragile, yet promising, four-month-old unity government.
During his visits to Washington, Brussels, Berlin and London, Mr. Tsvangirai has been asking for more development assistance. The response has been variations on a theme: "We support you in your struggle for democracy...

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Leading article: Mr Tsvangirai deserves our support
29 June 2009


Leading article: Mr Tsvangirai deserves our support
Tuesday, 23 June 2009

What a difference a year makes. Twelve months ago, Morgan Tsvangirai, the leader of Zimbabwe's Movement for Democratic Change, was denouncing his country's presidential elections, which had delivered victory to Robert Mugabe, as a "violent sham" and his supporters were being attacked by Mr Mugabe's thugs.
But this weekend Mr Tsvangirai, having been sworn in as the prime minister of a coalition government with Mr Mugabe's Zanu-PF in February, was in London calling for Zimbabwean exiles to return home. And yesterday he requested an increase in aid for...

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