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Zimbabwe sweats over US$1.75 billion payment to farmers

Published

3 years ago

August 16, 2021

HARARE – Zimbabwe is considering borrowing money directly from private investors to fund the first half of a US$3.5 billion compensation agreement with white farmers whose land was seized two decades ago, a person familiar with the situation said.

The government, which last month appointed London-based Newstate Partners LLP to help it raise the money, needs to secure US$1.75 billion

by July next year to meet its obligations.

Compensating the farmers is key to Zimbabwe’s repairing its relations with the United States and other western countries that imposed sanctions on the country after the often-violent land seizures began in 2000.

Zimbabwe’s economy subsequently collapsed as exports dwindled, and has stagnated ever since.

While the government is likely to press ahead with publicly stated plans to sell an international bond to finance the compensation accord, that option probably won’t be viable, said the person who asked not to be identified as the information hasn’t been disclosed publicly.

A bond would be too expensive and need a guarantee from a multilateral lender that’s unlikely to be forthcoming as Zimbabwe hasn’t paid its arrears on more than $8 billion in debt, meaning it can’t borrow fresh capital from them.

If money is raised from private investors, a special-purpose vehicle could be set up offshore and a portion of the country’s tax or royalty earnings from mineral exports could be diverted into it to repay them over a number of years with interest, the person said.

The SPV could also be used as a guarantee to bolster the confidence of potential lenders, they said.

Zimbabwe’s main exports include platinum-group metals, gold and tobacco.

Finance minister Mthuli Ncube and his permanent secretary George Guvamatanga didn’t respond to calls and text messages seeking comment. –Bloomberg

Lupane

Conductor killed in bus accident along Dandanda-Jotsholo road

Published

2 days ago

November 20, 2024

VicFallsLive

BY STAFF REPORTER

A bus conductor lost his life in a tragic accident along Dandanda-Jotsholo Road in Lupane after being run over by the bus he was working on.

The incident occurred on November 17, at approximately 1:30 a.m.

According to the police report, the conductor was hanging precariously on the moving bus and unfortunately slipped and fell, resulting in fatal injuries.

The police are now urging bus operators and crew members to exercise extreme caution and adhere to safety protocols to avoid such devastating accidents.

They specifically warn against allowing loaders or conductors to hang dangerously on moving vehicles, emphasizing the importance of prioritizing safety on the roads.

Bubi

Inyathi man handed community service for burning wife’s belongings

Published

2 days ago

November 20, 2024

VicFallsLive

BY WANDILE TSHUMA

A 39-year-old man from Inyathi Township has been convicted of malicious damage to property after a disagreement with his wife

The accused recently appeared before the Inyathi Magistrates’ Court for malicious damage to property.

According to the National Prosecuting Authority, sometime in September, the accused person had a misunderstanding with the complainant, his wife over the welfare of the family.

He forced the complainant and their children out of the house.

While the complainant was away, the accused person burnt the complainant’s belongings.

The destroyed property was valued at $140.

The accused person was sentenced to 24 months imprisonment, of which 3 months were suspended for 5 years.

A further 18 months were suspended on condition that he completes 630 hours of community service.

The remaining 3 months were suspended on condition of restitution.

Hwange

Victoria Falls residents at odds with roaming buffaloes, Zimparks maintains they belong

Published

2 days ago

November 20, 2024

VicFallsLive

BY NOKUTHABA DLAMINI

Residents of Victoria Falls are struggling to coexist with a large number of buffaloes that have taken over the streets of both high-density urban areas and low-residential areas.

The buffaloes seem to be everywhere, leaving residents frustrated and desperate.

Videos taken by residents and VicFallsLive, our media organization, show people trying to chase them away using sticks and rocks, but the buffaloes are undeterred.

This morning, three buffaloes blocked the road on Jakaranda Street, eating leaves from the trees and grass.

Despite the distress calls from residents, the Zimbabwe Parks and Wildlife Management Authority (Zimparks) maintains that the buffaloes are within their habitat.

“I think we need to understand who is is saying there has been a growing trend of buffalos in Victoria Falls for an example, l think the numbers we have in Victoria Falls we don’t have much problems with them and this is what attracts tourists,”said Tinashe Farawo, Zimparks spokesperson.

“It’s a tourist town and one of the major draw-cuts for tourists is those buffalos. It is definitely their habitat that’s where they stay in the wild.”

However, residents disagree. They say the buffaloes are causing a nuisance and pose a danger to humans.

“We are working hard to make a living, and now we have to deal with these wild animals in our streets,” said Khulani Ncube.

In one incident, about 40 buffaloes blocked the road on Mkhosana Street near Kazungula Road, eating vegetables. “It’s like they own the place,” said Trymore Ndolo who witnessed the scene, adding that they might cause a casualty if action is not taken.

While the Zimparks says that the buffaloes are a tourist attraction, residents argue that their safety should come first.

“We understand that tourism is important, but what about our lives?” asked a resident.