Connect with us

Slider

Zimbabwe to more than double spending in 2023

Published

on

BY GODFREY MARAWANYIKA AND RAY NDLOVU

Zimbabwe provided the first details of how a new mineral royalty policy will be enforced, as the country considers more than doubling spending in 2023 to help revive an economy that exited a recession last year.

Advertisement

The royalty policy that came into effect in October compels miners to pay half of their royalties in minerals and the rest in cash. The plan presented by Zimbabwean Finance Minister Mthuli Ncube on Thursday breaks the payment down to half in mineral form, 40% in local currency and 10% in foreign-currency cash.

Although traditionally, royalties are remitted in cash, it is pertinent that the current formulae be reviewed in line with government policy to preserve value and mitigate against revenue loss,” said Ncube.

The southern African nation has vast mineral resources including gold, diamonds and coal deposits. It has the world’s third-largest known platinum deposits after neighboring South Africa and Russia. Miners say they will comply with the new policy.

Advertisement

Ncube projects total expenditure will more than double to 4.2 trillion Zimbabwe dollars ($6.5 billion) in the 2023 budget.

The bulk of the funds will be spent on social services and infrastructure projects, with a key focus on the mining, energy and agricultural sectors to stimulate economic growth, he said in a budget presentation to lawmakers at the new Chinese-built Parliament in Mount Hampden, 23 kilometers (14 miles) north of the capital, Harare.

Economic growth globally is being crimped by tightening financial conditions as central bankers including Zimbabwe’s try to temper high inflation, adding to the damage from the war in Ukraine and China’s slowdown.

Advertisement

Zimbabwe’s benchmark interest rate is at 200%, while annual inflation is at 269%.

The IMF last month cut its forecast for global growth next year to 2.7%, from 2.9% and sees Zimbabwe’s economy expanding at 2.8%.

Other highlights

Advertisement

Ncube expects Z$3.9 trillion in revenue.

Plans to increase value-added tax to 15% from 14.5% from Jan 1

Allocates Z$76 billion  toward next year’s general elections, in which President Emmerson Mnangagwa is seeking re-election

Advertisement

Budget deficit to GDP is forecast at 1.5%

To plug the funding gap, the government plans a bond issuance on the Victoria Falls Stock Exchange

Offers tax relief measures including cutting an electronic tax levied on US dollar transactions to 2% from 4%-Bloomberg 

Advertisement

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Slider

Zimparks defends trophy hunting of collared lion in Hwange

Published

on

BY NOKUTHABA DLAMINI 

Zimbabwe’s wildlife authority, Zimparks, has defended the killing of a collared lion, Blondie, in Hwange National Park, despite widespread outrage and criticism from conservationists.

Advertisement

According to BBC News, Blondie, a well-known lion studied by University of Oxford academics, was killed by trophy hunters just outside Hwange National Park in late June. The lion was wearing a collar sponsored by Africa Geographic, a safari company, to support long-term conservation efforts.

In a press statement, Zimparks spokesperson Tinashe Farawo said:

“Zimbabwe Parks and Wildlife Management Authority (ZimParks) confirms that a recent hunt of a collared lion in Hwange National Park was legally conducted, with the necessary approvals and having fully complied with all regulations. Contrary to ongoing speculation, there was no illegality involved in this hunt. While collared animals are marked for research purposes, this does not exempt them from being legally hunted under regulated circumstances. We urge the public to stop spreading wrong information that may cause unnecessary alarm. ZimParks remains committed to transparent wildlife management upholding the regulations in all activities.”

Advertisement

According to BBC News, Simon Espley, CEO of Africa Geographic, expressed his dismay and anger over the incident, saying that Blondie’s prominent collar did not prevent him from being hunted. Espley also noted that Blondie was a breeding male in his prime, contradicting claims that trophy hunters only target old, non-breeding males.

The incident has drawn comparisons to the killing of Cecil the lion in 2015, which sparked widespread outrage and calls for stricter regulations on trophy hunting.

Advertisement
Continue Reading

Slider

Renowned conservationist Alan Elliott passes away at 86

Published

on

BY NOKUTHABA DLAMINI

The conservation world is mourning the loss of Alan Elliott, a pioneering conservationist and tourism operator who passed away this morning around 2AM at Materdei Hospital in Bulawayo.

Advertisement

Elliott, affectionately known as “Mandebele,” was 86 years old.

Photo by Charlene Hewat

Elliott’s contributions to conservation and tourism in Zimbabwe are immeasurable. He was one of the first people to bring tourism to Hwange, Zimbabwe’s largest national park, and founded Touch the Wild, a tourism operation that hosted numerous celebrities, including the Queen and Prince Philip.

We then contacted Charlene Hewat, a close associate of Elliott’s Presidential Elephant Research Trust (PERT), to explain further about his conservation work. Hewat described Elliott as an extraordinary conservationist who dedicated his life to protecting elephants. “Alan’s legacy is imprinted on the wild landscapes he loved so dearly and protected so fiercely,” Hewat said in a Facebook post.

In an interview, Hewat elaborated on Elliott’s work, highlighting his efforts to protect elephants in Hwange. “He went and got a decree from President (Robert) Mugabe to protect the presidential elephants, and he received that decree, and they agreed that they would not shoot any elephants within the Dete Hwange area,” Hewat explained.

Advertisement

Elliott’s passing has sent shockwaves throughout the conservation community, with many paying tribute to his remarkable legacy. “He’s a legend. Everybody knows him,” Hewat said. “He was an MP in Hwange, spoke fluent Ndebele, and knew a lot of the ministers. He’s just an amazing man, a legend for Zimbabwe.”

As a testament to his enduring legacy, Elliott had asked Hewat to carry on his work with the Presidential Elephant Research Trust. “It was his vision to promote young Zimbabwean researchers, and that’s something that I share and think we can take forward for the country and for the youth,” Hewat said.

 

Advertisement

Continue Reading

Slider

UPDATE: ZimParks rangers injured in elephant attack receiving medical treatment

Published

on

BY STAFF REPORTER

The Zimbabwe Parks and Wildlife Management Authority (Zimparks) spokesperson, Tinashe Farawo has provided an update on the condition of two rangers who were injured earlier this week by elephants in the Sengwa, Chirisa Safari area.

Advertisement

The rangers, who were investigating a reported case of a snared buffalo, encountered a herd of elephants with calves that charged at them.

According to the update, one of the rangers has undergone treatment for his left arm and is currently in a stable condition.

The other ranger had a successful abdominal operation and is currently receiving surgery for his broken left arm and left leg.

Advertisement

The incident highlights the dangers faced by wildlife rangers in Zimbabwe. In a similar incident in March 2025, a Zimparks ranger was killed by an elephant in Kariba during a routine patrol in the Gatche-gatche area.

The authority has encouraged people to minimize movements at night to reduce the risk of human-wildlife conflicts.

Advertisement
Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage