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Ncube wants to use IMF windfall to rescue Zim dollar

Published

4 years ago

August 25, 2021

HARARE – Zimbabwe will use more than half of the $961 million allocated by the International Monetary Fund in the form of special drawing rights to support its beleaguered currency.

The government abandoned a 1:1 peg between a precursor of the reintroduced Zimbabwe dollar and the greenback in February 2019.

The currency now trades at 85.82 to the United States dollar and even lower on the black market, a plunge that’s made it difficult for the government to get it accepted locally, and it’s generally not tradable outside the country.

“For the support of the currency we want to hold back about $500 million,” Finance Mthuli Ncube said in an interview on Tuesday.

The southern African nation abandoned the Zimbabwe dollar in 2009 after inflation rose to 500 billion percent, according to the IMF, and legalized trade in a range of currencies including the US dollar and South African rand.

The economy had tanked after a failed land-reform program began in 2000 that saw the seizure of White-owned commercial farms and the subsequent collapse of export earnings.

Zimbabwe’s remaining SDRS will be used to support the acquisition of Covid-19 vaccines, investments in schools, hospitals and roads and other priorities, Ncube said.

Revolving funds will also be set up to help manufacturers and mining companies buy new equipment, and to revive the horticulture industry by encouraging the cultivation of roses, macadamia nuts and blueberries, he said.

The IMF injected a record $650 billion of reserve assets to build confidence and foster resilience and stability in the global economy in the wake of the devastation caused by the coronavirus pandemic.

The reserves are allocated to all 190 fund members, with about 70% going to the Group of 20 largest economies and just three to low-income nations.

Zimbabwe won’t use any of its reserves to pay down the more than $8 billion in external debt it owes, even though its arrears have effectively blocked it from borrowing more money from multilateral lenders.

Ncube also confirmed the government was considering borrowing money from private creditors to compensate the White farmers. Bloomberg first reported on the funding option on August 16.

Zimbabwe has agreed to pay the farmers $3.5 billion, half of which is due in July next year, to settle the two-decade old dispute that’s soured relations with Western countries, including the US and the United Kingdom.

“The idea is a special-purpose vehicle out of which we can then raise resources on the back of some escrowed tax revenues from specific sources that are ring-fenced,” Ncube said, adding that the tax could be in the form of mining royalties.

Zimbabwe exports platinum, gold, nickel and chrome.

Another proposal under consideration is the local sale of a US dollar bond, the minister said. – Bloomberg

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Victoria Falls receives prestigious Ramsar wetland city accreditation

Published

1 day ago

July 28, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

The City of Victoria Falls has been recognized globally for its outstanding efforts in conserving and managing its wetlands. Recently, the city was among 31 world cities to receive the Ramsar Wetland City Accreditation at the ongoing Ramsar COP15.

According to Ntombizami Ncube, Acting Spatial Planning Director, “Efforts that we put as a city, together with our stakeholders and communities, in conserving our property, especially the Victoria Falls, have been significant.” She highlighted the city’s collaborative work with the Forestry Commission, schools, and stakeholders to manage and conserve the property, which benefits the entire city.

The city’s conservation initiatives include participating in joint site management committee meetings with the Zambians to monitor developments and conservation status. They have also developed a tourism strategy and a joint integrated management plan. Additionally, the city has implemented various initiatives, such as collaborative waste management, regular clean-up campaigns, and development control.

Ncube emphasized the importance of preserving the wilderness value of Victoria Falls, stating, “Our community depends on Victoria Falls for livelihood, so preserving it is crucial.” The city ensures that buildings near the forest don’t exceed tree height or 11 meters and plants three indigenous trees for every tree cut.

The Ramsar Wetland City Accreditation recognizes the city’s efforts in conserving and preserving its wetlands. Ncube expressed the city’s commitment to continuing its conservation work, stating, “We’ll continue working together to conserve and preserve our wetlands, ensuring wise use and remaining an accredited World Heritage city.”

The city is thrilled to receive this international recognition and looks forward to renewing its accreditation, valuing its importance and benefits to the city, stakeholders, and community.

In the community

Domestic violence takes a deadly turn: Hwange woman’s violent outburst lands her in jail

Published

5 days ago

July 24, 2025

VicFallsLive

BY STAFF REPORTER

A 19-year-old woman from Makwika Village has been sentenced by the Hwange Magistrate’s Court for domestic violence and assault after a violent incident occurred on June 2, 2025.

The court heard that the woman assaulted her husband after he confronted her over messages on her phone. She slapped him, grabbed his private parts, dragged him into the kitchen, and poured boiling water on his lower body, causing serious injuries.

A concerned neighbor who attempted to intervene was also burnt with boiling water on her chest and hospitalized.

The woman was sentenced to 12 months imprisonment for domestic violence and 24 months imprisonment for assault. However, 12 months of the assault sentence were suspended for 5 years on condition of good behavior, and the remaining 24 months were suspended on condition of performing 630 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, emphasizing that violence, whether in the home or community, is unacceptable.

“The law applies equally to all, and offenders will be held accountable,” said the NPAZ. “We encourage citizens to resolve disputes peacefully and report abuse immediately.”

In the community

Teenager sentenced to 18 months for knife attack on minor

Published

5 days ago

July 24, 2025

VicFallsLive

BY WANDILE TSHUMA

The Bulawayo Regional Court recently sentenced a 19-year-old male from Nkayi’s Maphosa Village to 18 months imprisonment for attempted murder after a violent knife attack on a 15-year-old boy at Gwamayaya Business Centre.

Allegations are that on April 18, at approximately 23:00 hours, the offender entered a shop at the business centre, causing a commotion. When customers attempted to calm him down, he became aggressive and charged at the victim, stabbing him in the left side of the stomach with a knife.

The victim was rushed to the hospital for medical attention, while the offender was arrested and charged with attempted murder.

In court, the offender was convicted and sentenced to 18 months imprisonment. However, six months of the sentence were suspended on condition of good behaviour, while the remaining 12 months were suspended on condition that he performs 410 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, urging young people to resolve conflicts peacefully and encouraging communities to play a role in early intervention.

“Violence is never the answer. Every life matters – walk away, don’t escalate,” said the NPAZ in a statement.