National

Zimbabwe courts investors with US$200m Vic Falls bond

Published

3 years ago

September 16, 2021

NEW YORK – Zimbabwe will seek to raise US$200 million in a debut domestic United States dollar bond sale on its stock exchange in Victoria Falls that trades exclusively in foreign currency, according to Finance minister Mthuli Ncube.

“We may have it in small tranches, rather than a single big issuance,” Ncube said in an interview from New York, where he is on a roadshow to attract investment into the southern African nation.

“We might put it in US$30 million tranches of about six issuances.”

Zimbabwe is targeting a yield of six percent to nine percent on the bonds, he said Wednesday on Bloomberg Television.

Yield-hungry investors in frontier markets are interested in the offering, the minister said.

Earlier this month, Bloomberg reported that the bond sale would be for US$100 million.

In August, Ncube said a debt offering could help meet the cost of a US$3.5 billion compensation bill the country is facing after it reached an agreement with White farmers evicted from their land two decades ago.

The so-called “Zimbabwe Global Investor Roadshow” has seen Ncube travel to South Africa and Dubai to court foreign investment.

In New York, Ncube will also meet with officials from the International Monetary Fund and the World Bank, ahead of an IMF visit to Zimbabwe that’s expected next month.

The government has been building up a track record of repaying its foreign debt by making token payments to creditors including the Paris Club, Ncube said.

The country defaulted on payments to the World Bank, the IMF and other multilateral lenders two decades ago.

The IMF is expected to make a decision on a new staff-monitored programme for Zimbabwe later this year, according to Ncube.

The IMF in February 2020 abruptly ended the program saying it had “gone off track.”

The Victoria Falls Stock Exchange also known as “VFEX” was launched a year ago and last week signed a pact with the United Arab Emirates to possibly establish a gold exchange. Ncube sees the exchange helping “deal with gold smuggling and arbitrage,” as well as advertising Zimbabwe’s mineral resources.

A cryptocurrency listing on the VFEX in future is also a possibility.

“We are trying to figure out how to invest in it as an asset class,” he said. The government has no plans to use crypto as a transaction currency, Ncube added.- Bloomberg

National

Cyclone Chido moves away from Zimbabwe

Published

6 days ago

December 16, 2024

VicFallsLive

BY NOKUTHABA DLAMINI

According to the latest updates from the SADC Humanitarian and Emergency Operations Centre (SHOC), Tropical Cyclone Chido has made landfall in Mozambique, approximately 35-40km south of Pemba, in Cabo Delgado Province.

The intense tropical cyclone brought heavy rainfall and strong gusty winds of up to 220km/h, causing widespread destruction in Mozambique. The system is expected to continue tracking west-southwest towards Malawi, steadily dissipating.

Zimbabwe, which was initially predicted to be in the cyclone’s path, has been spared the worst of the storm.

However, neighboring countries, including Malawi, are expected to experience heavy rainfall and strong winds over the next 72 hours.

The SHOC has issued a multi-hazard impact-based classification, warning of expected impacts, including strong gusts, heavy rainfall, and rough seas, in Mozambique, Malawi, and other parts of the region.

Member states have been urged to closely monitor official weather updates, intensify public awareness campaigns, and preposition relief supplies to enable a swift response to the cyclone’s impact.

National

Senate passes death penalty abolition bill

Published

1 week ago

December 13, 2024

VicFallsLive

BY STAFF REPORTER

The Zimbabwe Senate has passed the Death Penalty Abolition Bill, paving the way for the country to join the growing list of nations that have abolished capital punishment.

The bill, which has already been approved by the National Assembly, will now be sent to the President for assent and subsequent publication in the Gazette as an Act.

The country has 62 convicted prisoners facing the death penalty.

Veritas has congratulated the Senators, Members of the National Assembly, the President, and the Minister of Justice, Legal and Parliamentary Affairs for their role in facilitating the bill’s passage through Parliament.

Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi, who is also the Leader of Government Business in Parliament, defended the bill in the Senate, citing studies that show the death penalty has failed to deter crime.

He emphasized that the actual number of murders remained the same despite the death penalty’s existence, questioning its effectiveness as a deterrent.

Ziyambi also highlighted the bill’s potential to address the root causes of crime, which he believes the death penalty does not tackle. He pointed out the bias of the death penalty against poverty-stricken people, stating that history shows the majority of those executed are from disadvantaged backgrounds.

Zimbabwe has been on a de facto moratorium on executions for about 17 years, with the last execution conducted in 2005.

National

Cyclone Chido bears down on Zimbabwe, government issues warning

Published

1 week ago

December 13, 2024

VicFallsLive

BY NOKUTHABA DLAMINI

A powerful tropical cyclone named Chido is moving menacingly towards Zimbabwe, prompting the government to issue a warning and advise residents to take necessary precautions.

According to the Meteorological Services Department (MSD), Cyclone Chido has intensified into an intense tropical cyclone and is likely to affect Zimbabwe on December 17.

The storm is expected to bring heavy rains, thunderstorms, and strong winds to several provinces, including Manicaland, Masvingo, Mashonaland East and West, Harare Metropolitan, and parts of Midlands and Mashonaland West.

The MSD has warned of heavy rainfall exceeding 70mm in 24 hours in some areas, which could lead to floods, rockfalls, and mudflows.

Residents have been advised to plan evacuation mechanisms, avoid open spaces, secure their homes from damaging winds, and stay informed through authentic updates from the MSD and the Department of Civil Protection (DCP).

The government has assured citizens that it is taking necessary precautions to mitigate the impact of the cyclone. The DCP is on high alert, and emergency services are ready to respond to any situations that may arise.

As Cyclone Chido bears down on Zimbabwe, residents are advised to remain calm but vigilant. The government’s warning and advisory come as a precautionary measure to ensure public safety and minimize damage.

Stay tuned for further updates on Cyclone Chido and its impact on Zimbabwe.